Las Vegas Home Inventory Climbs 71%
The Las Vegas Sun reports that prices are still going up in strong double digits. "Statistics released this week by the NAR showed the median home price in the Las Vegas area rose to $291,000 in the first quarter, an increase of 29.4 percent over the same period a year ago."
But the inventory is growing. "Analysts say existing homes have seen relatively small price increases, about 4 to 6 percent since January, because of market saturation. The Greater Las Vegas Association of Realtors had 14,830 single-family homes listed in April, up 71.4 percent from the same month a year ago. The association also had 2,676 condo and townhouse units listed last month, up 53.2 percent from April 2004."
Four percent in three months is still bubble territory. Is it a surprise with talk like this? "Lee Barrett, realtor said, "Las Vegas doubles in size every 10 years, and the market's performance is a combination of that population growth and the fact that we became an area where investors saw good opportunities in our community."
This chart of Harrah's and Pulte Homes suggests these 'investors' may want to take some chips off the table.