This week the Seattle Times published an article proclaiming Las Vegas is now the #1 real estate market in the US.
No doubt at Luxury Realty Group our agents have been seeing this coming with rapidly shrinking inventory being chased by many buyers. Is this Deja Vu for Las Vegas for 2008? We don’t think so but we do believe given the other major US cities that are seeing a house price plateau that Las Vegas will head towards a more normal resale market in early to mid-2019.
For new homes, the Las Vegas real estate market we believe won’t reach a more balanced market for many months due to extremely strong demand for contemporary architecture homes against the backdrop of decades of Tuscan and Mediterranean style resale homes.
There is an inventory shortage of these new contemporary homes and if the new home builders are smart they will now level off what has been a too aggressive raising of home prices. We would welcome a more normal new home market so buyers would have a better chance of owning a new home. Some builders who are requiring auction bids on lots are turning off potential buyers and those buyers most likely won’t return to our market anytime soon.
Here’s the Seattle article: Seattle Times