There is not a housing shortage in Las Vegas......yet, but according to an
article in "In Business Las Vegas" the
local and respected consulting firm Applied Analysis is predicting there will be
a work force housing shortage by 2009. The report was done for the Southern
Nevada Home Builder Association last month, and may partially explain a 114%
jump in residential and a 211.9% in commercial permits in November.
Another analyst firm, Restrepo Consulting, is also doing a study on this
same scenario to see if it will really unfold. With the $30 billion in
construction just on the Vegas Strip, I'd imagine they'll come to the same
conclusions.
According to Greater Las Vegas Association of Realtors®, there are a little
over 30,000 homes, townhouses and condos on the market today. Some analysts
predict that because of all the resorts opening on the Strip, the tens of
thousands of jobs created will cause people to migrate to Las Vegas. This will
obviously create the need for more homes.
Despite all the talk of Las Vegas foreclosures that have been in the media,
there's another interesting sign that the local market may have bottomed out or
is close to it. Inventory has been slowly shrinking for several months in spite
of a sluggish market with these REO's added to it.
http://www.search4lasvegashomes.com/2307225.jpg
That being said, now is the time to buy especially if you are looking for a
good deal! There is still a large selection of homes at great prices......but
they may not last long.
If you are interested in relocating to Las Vegas or would
like information on Las Vegas
real estate, please contact
me here
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