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Nevada Takes Title For Fastest Growing State Again!

Nevada is once again the fastest growing state!!! Arizona took that title the past two years.

The anticipation is being felt in the form of higher multi family building units being permitted as less people can get a loan to buy a home right now. I pull these statistics monthly and even though I know this, sometimes I don't feel this when I am working. There are markets that are moving right now and then there are others that are going to take longer to recover. In 2007, we saw a short period of new construction rolling back their prices and then weeks later a slight bounce up. I have a feeling their correction was an over correction:) Even though these prices have adjusted upward, we are talking just slightly upward.

The REO market has seen a slight lowering of prices and then mid November to now we are seeing fire sale prices. Three auctions at the beginning of December helped shove pendings up to almost double October's numbers. The closings have begun and we may see a near seller's market or a seller's market for a short period of time in January for the bank owned properties.

I am very bullish in 2008 for buyers and absorption with in the Las Vegas, NV real estate market.

Buyers will start coming out but they will be motivated by price. Since we have seen the reductions begin, units sold in 2008 will be higher than 2007. I will say with new construction and resales combined: a conservative 25% higher.
Sellers who bought or refi'd and cashed out post mid-2004 will still hurt and the short sale market will continue to suffer. Resale median prices will go down 3-5% from January 2008-end of Dec 2009.
Foreclosures will keep rising: Investors who bought on short term speculation will continue to cut their arms off (let the house go back to the bank) so they don't bleed to death waiting on a return that will take too many years.
The investors who bought (and are buying) will win in the short term by renting out their properties. We will still see a good rise of average monthly rents in the rental market from January-May 2008 and then topping off to the end of 2008.

So congratulations to the gainers: Most notably NV, AZ, TX, CA, LA (YES!) I do predict NV to be in the top 3 again next year. Let's go for more electoral votes!!!

Wishing everyone a prosperous New Year and many gains for 2008!

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Posted by Renee Burrows - Las Vegas NV Valley - Homes For Sale - SRES - SRS - AHWD - ABR on 12/29/2007 11:14 PM

Comments (13)

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Originally posted at: Nevada Real Estate >> Las Vegas Real Estate Specialist: Nevada Takes Title For Fastest Growing State Again!

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13 Comments on Nevada Takes Title For Fastest Growing State Again!

DEC

2007

Excellent! I sure hope that helps normalize the entire state's market and believe it will!

DEC

2007

Renee, I just recently saw something about North Las Vegas being one of the best places for real estate. Isn't North Las Vegas one of your areas of expertise? Do you think that is the best place to buy now in the Vegas/Henderson area, or do you have other favorites?

Renee, Congratulations again. I cannot believe the growth in North Las Vegas, Anthem, Seven Hills, Greenvalley, Centennial, etc. It has just been unbelievable really, every time I go there more of the desert is covered with new homes and shopping centers and more Starbucks and the schools, post offices and such are really challenged to keep up, it is a happening market indeed, and well, part of that is your fault, you know its true so stop trying to hide that smile of yours and admit it, Admit it Woman! - Lance

Renee, I'm curious...are you seeing 2nd home buyers coming to Vegas now that the prices are lower?

Your report clearly shows some good news for Nevada, congrats!

I hear the news on NPR the other day. Renee, you're the best cheerlleader for Nevada real estate! Seriously.

I hope the buyers realize that this is going to be the best time for them to take advantage of low prices again.

Thoughtful analysis Renee. I am a statistical junkie and I love to see how folks get to their opinions.

You predict that: Resale median prices will go down 3-5% from January 2008-end of Dec 2009.

All I can say is that is not enough. We still have a spread of about 25% between list prices and buyer affordibility. 3-5% wouldn't scratch the surfact in my market.

Good luck and have a great holiday.

Renee - I saw on a news report about the explosive growth you're having in Las Vegas. This can only be a big plus for your economy. Fort Worth is booming, too and is a great place to sell real estate.

Renee - Great post and so happy to hear the good news about your market. Happy New Year!

Ken: It has definitely kept our rental market alive!

Marlene: My favorite spots are now the southern 215 corridor which is the opposite side of NLV. NLV has had the best prices but now you can find great prices all over the city. Unless someone works in NLV, people in general do not like it because of the commute. Californians seem to love it because the commute doesn't seem to bother them :)

Lance: ROFL! Thanks for the chuckle!

Kris: We are seeing some foreign (mostly Canadian) money come down here for investing. I am working online with several soon to be retiring boomers. They are being very careful and calculated with deciding on what they want and when they want it. I do believe they will be hopping soon!

Chris: There is still plenty of inventory to choose from and there will be for awhile. If agents quit taking and started firing their overpriced listings, and I am talking stuff 10% overpriced and above, we would have a great normal market.

Neal: They do realize it and it is chugging along!

Lenn: We saw corrections in the new construction market Sept - Nov. The builders lowered prices too much and now prices are creeping back up, not horribly. We have already seen a 10% adjustment from last year and December will probably be the largest downward adjustment yet (closed prices) in the resale market so I will remain with the conservative 3-5%. Lots of multiple offers are going on with REOs and properties that are priced correctly.

Linda: Yes, I have been here 10 years and the growth is nothing short of explosive since I have been here! Unfortunately many cannot get homes without stated loans here but with some counseling from the right real estate professionals, someone wanting to buy could position themselves within 6-12 months easy. It is exciting to have the growth all the way around. This has floated our market so far!

Tom: Thanks and happy NE to you too!!

JAN

2008

Your states growth is nothing short of crazy. I have been traveling there since 2003 and I still can't figure it out. One day a dirt highway the next 3 months pavement and homes, crazy, then shacks on the west side next to new construction!

JAN

2008

Renee,

Nevada, especially Southern Nevada, is still growing at a healthy clip and will do so at least into the near future. Long-term prospects for Vegas do look good, including everything in the real estate arena. So, let's see how soon the market will rebound. Happy New Year.

JAN

2008

E Jeffrey: SO TRUE SO TRUE!

Esko: It is definitely an exciting place to live and sell real estate!

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