Is There Another Real Estate Bubble Coming in Las Vegas?
With all the chatter about the Vancouver (CAN) real estate “bubble” getting ready to burst, and the fact that certain cities have been identified as having overvalued real estate markets including Reno (NV), Austin (TX), Boise (ID), and Bend (OR) to list a few, we have been spending some time in our “war room” studying the current state of Las Vegas real estate market. Stable? Another Bubble? Future Growth? During our research and analysis phase, we have come across a few great reads. This Washington Post article is one we felt worthy of sharing. Here are some mentions about the Las Vegas real estate market:
"Miami, Las Vegas, and parts of Arizona and California, all poster children for the real estate bust that began in 2006, are now seeing gains that far outpace the national average, according to the National Association of Realtors.
A decade after becoming the epicenter of the crash, Miami’s property market is seeing the highest price jumps since 2006 — the peak of its last housing boom. Steadily rising home prices in Las Vegas in the past few years are bolstering that market’s high-end sector, with sales of homes priced at more than $1 million nearly doubling in 2015 compared with the previous year, according to data from the research firm CoreLogic. And in Phoenix, which endured one of the hardest crashes during the recession, homeowners who sold their properties in March saw a 29 percent gain on average, according to RealtyTrac, a California company that tracks housing sales. Home prices in Phoenix rose 12 percent year over year in June, RealtyTrac data show."
"In Las Vegas, where housing prices fell more than 60 percent from mid-2006 to 2012, prices have seen double-digit gains in the past three years, says Scott Beaudry, president for the Greater Las Vegas Association of Realtors. Though the pace of sales has slowed a bit this year, he says, fewer speculators and a less robust building pace are driving the market higher but at a much more moderate pace."
Click to read the entire article at Washington Post: Areas hit hardest by the real estate bust are now seeing the highest gains
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