Las Vegas Real Estate Market – 2006 Reflections

By Joel Teo

As another year comes to a close it’s a great time to ponder what 2007 will bring to the Las Vegas real estate market. Perhaps 2006 reflections will give us a clue of what we have to look forward to.

There’s more to Las Vegas than neon lights, casinos, and late night entertainment. It’s also a wonderful place to put your roots down. Here is a state with no state taxes, low unemployment, lots of recreation and parks, and terrific neighborhoods to raise your children in. And it’s apparent that this little secret is out says the Las Vegas real estate market of 2006 statistics.

If you prefer the look and feel of a country club atmosphere just head to North Las Vegas and check out the North Las Vegas real estate market where you will find planned communities designed for active adults that want to make Vegas their home or perhaps even retire here – after all the weather’s perfect. The Las Vegas real estate market reflected just that last year.

Based on the most recent Las Vegas real estate market information collected from the MLS records it appears that the house prices in the Las Vegas real estate market are still very close to what they were in the latter part of 2005.

During 2006 the Las Vegas real estate market saw the average single family dwelling was selling around the $340,000 for a one bedroom home, $370,000 for a three bedroom home, and $520,000 for a four bedroom home.

The Las Vegas real estate market also saw town homes and condos come in around the $250,000 figure. And although no numbers are presented for commercial development there was at least a 20% increase on average over what the Las Vegas real estate market saw in 2005.

It’s interesting to note that although the selling price for 2006 was up the Las Vegas real estate market saw a decrease in the actual number of homes that sold although for those houses that did sell more than 65% sold in less than 60 days.

You might be surprised to discover that the average family income for 2005 was just over $50,000 and the medium household income average was around $45,000. These numbers would indicate that the average purchasers where not wealthy but in fact living on a modest income.

The Las Vegas real estate market caters to three different markets two of which fit the average earnings criteria – those that have retired living on a fixed income and your average younger family.

Then there is one third of the market that fits the criteria of wealthy. This group finds their home in Vegas for a variety of reasons – entertainment, business and investment opportunities, climate, and location. Whatever the reason that brings this group to the area to explore the Las Vegas real estate market they know exactly what they want.

The Las Vegas real estate market is a lucrative market that can provide a home now and an investment for the future.

Copyright © 2007 Joel Teo. All rights reserved. (You may publish this article in its entirety with the following author’s information with live links only.)

Joel Teo writes on various financial topics including Investment Properties in Las Vegas. Learn more about Investment Properties in Las Vegas in our Real Estate Investment Resource Site today.

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