The 2007 Southern Nevada Housing Day

Prudential Americana Group Branch Manager Kathryn Bovard attended the single largest gathering of the Greater Las Vegas real estate industry on February 21st and provides this report on market conditions and market realities.

This years Southern Nevada Housing Day (sponsored by the Southern Nevada Home Builders Association) “told it like it is” by providing insightful information to the nearly 1,300 attendees about the market for new Las Vegas homes. We’ve all heard about the “housing bubble” that the media has been hyping relentlessly over the last 12 months. I can’t tell you how refreshing it was to hear the positive facts about the true and realistic market picture for Southern Nevada. It’s worth noting that we shouldn’t be overly optimistic about the small decrease in (year to year) median resale pricing to $280,000. All indications are that this “flattening out” of the Las Vegas real estate market reflects a trend that will continue until well into the third quarter of 2007. However, it’s worth considering the one true thing about land…..they’re not making any more of it in our valley! Based on the current rate of building permits, the only economically viable option in 5 to 6 years will be to go vertical residentially. These last few months have shown strong mid/high rise closings, although this is based on sales figures stretching back over the last 24 months. Panorama Towers Condos leads the pack with 242 closings in January, but this is by no means reflective of our current overall sales activity. Nevada Governor Jim Gibbons (one of the distinguished keynote speakers) addressed some of the current issues and challenges facing the Las Vegas housing market. Among the topics highlighted by the Governor; the pressing issue of affordable housing, future water supplies and resources and the possibility of acquiring more BLM land for residential and commercial development.

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