Brand New Las Vegas Homes: Still Looking Up!

Numbers released earlier this week by Salestraq show that the demand for new homes in Las Vegas is outpacing supply. In the last 12 months, new-home sales exceeded new-home permits by nearly 1,500 units, and current monthly demand for Las Vegas new homes is about 900 units ahead of what builders are delivering. The mismatch between supply and demand isn’t likely to abate in coming months: Salestraq also reported that permits for new Las Vegas homes are down 29 percent in the first five months of 2005 when compared with the same period in 2004 — from 17,074 permits a year ago to 12,104 permits this year — a lagging indicator that could mean dwindling supply in coming months. Salestraq’s statistics showed a median new-home price in the Las Vegas Valley of $293,829 in May, a 22.9 percent increase when compared with $239,047 in the same month a year ago. Contact MS Las Vegas Real Estate to get in on the action at 888-349-2595.

Comments are closed.