Archive for June 21st, 2005

Las Vegas Economic Conditions: Record Setting Job Growth

Tuesday, June 21st, 2005

Nevada’s jobless rate remained at 4 percent in May, in part because of a job growth rate that is four times the national rate, state officials reported Friday. Clark County job growth has been at least 7 percent in each of the past 12 months. The Reno and Carson City metropolitan areas are also producing new jobs at a rate much faster than the national average. Nevada’s seasonally adjusted 4 percent unemployment rate is 1.1 percentage points lower than the national average and 1.4 percentage points lower than that of California. In Clark County, the unadjusted unemployment rate in May was down two-tenths of a percentage point from April to 3.7 percent. Regular readers of this Las Vegas real estate blog are well aware of the strength of the southern Nevada economy. The market for Las Vegas homes continues to perform solidly in 2005 after a phenomenal 2004.

Las Vegas Real Estate: The Rising Cost of Land

Tuesday, June 21st, 2005

The average price paid for an acre of vacant land in the Las Vegas Valley in the first quarter was $423,800, a 55 percent increase from $274,200 an acre in the same quarter a year ago. There were 4,178 acres sold in the first quarter, compared with 1,817 in the fourth quarter of 2004 and 3,875 in the first quarter of 2004. Land prices on the Las Vegas Strip have skyrocketed, with land demanding more than $20 million an acre. Several midrise residential Las Vegas real estate projects are being developed on the south end of Las Vegas Boulevard, including the Manhattan, Loft 5 and Boca Raton condos and the mixed-use Urban Village. With almost 40,000 condominium Las Vegas homes in the pipeline and a massive new mall, South Las Vegas Boulevard will develop into a major residential hub over the next five to seven years. Contact MS Las Vegas Real Estate at 888-349-2595 for more information.