Monday, August 16, 2021 / by Ken Couture
You don't have to look carefully for signs of the hot real estate market in Las Vegas.
This week, a home in the Spring Valley area sold for $ 22,000 more than the asking price, a home in Summerlin sold for $ 75,000 more than the list price, and a home in Henderson sold more than a few years ago. It was sold at a price of almost 160,000 US dollars higher, according to the trading records
Overall, house prices in the Las Vegas area hit record highs every month, but somehow these values ?? are still below the peak of the bubble 15 years ago.
In July, the median sale price of single-family homes owned by most of the previous markets was a record $405,000, a staggering 22.7% higher than the previous year, and for the first time soared above the $400,000 mark, Las Vegas The Real Estate Brokers Trade Association reports.
Before last year, the median house price in Las Vegas peaked in mid-2006 at US$315,000. After adjusting for inflation, it was US$423,834 in today’s US dollars.
The gap of more than $ 18,800 between then and now highlights just how inflated the housing bubble is in Las Vegas. Although we have seen the frenzy in the past year, there are still some key points between today's insanity and current insanity. The difference ended in financial disaster.
The current Las Vegas frenzy will end at some point, although no one knows how or when it will end. For now, thanks in large part to low borrowing costs, which allow buyers to expand their budgets, prices continue to climb and homes are selling rapidly.
In the mid-2000s, the market soared due to loose change. In fact, anyone can get a mortgage because the lender often opens the vault without verifying the borrower's income.
Las Vegas builders have built much more houses than they do now. Developers envisioned a forest of apartment buildings in the valley. House renovation is an easy way to make money.
When the bubble burst, Las Vegas was ground zero for America’s real estate wreckage. People throughout the valley lost their homes to foreclosure or saw their property values plunge, leaving them deeply underwater, and the region was littered with abandoned, partially built projects.
Today, analysts have noticed the difference in the real estate boom, so they believe that the current one does not apply to another suffering facial plant.
We will find out if they are correct at some point. However, when looking at Las Vegas real estate prices, the current value is not always far behind.
In September 1930, an advertisement in the Las Vegas Evening Review offered "nearly 160 city acres on the Los Angeles Freeway" at a price of $ 75 per acre.
After adjusting for inflation, the asking price at that time, a small outpost in the desert, is still $1,233 per acre today.
The Los Angeles Freeway, of course, is now called the Las Vegas Strip. In busy casino halls, land values ??have reached tens of millions of dollars per acre.
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