Las Vegas Real Estate Blog

Las Vegas, Nevada - December, 25th, 2003 -

Home prices in Summerlin, the master-planned community on the western rim of the Las Vegas Valley, appreciated by 21 percent in the third quarter compared with the same period a year ago.

The median price of a Summerlin home is now $230,000, up $40,000 from last year, said Larry Murphy, president of SalesTraq.

The citywide median price is $168,000, a 14 percent increase from $148,000 in third quarter 2002.

Broken into submarkets, Henderson had the valley’s highest appreciation rate at 16 percent ($206,000 in 3Q 2003 vs. $178,000 in 3Q 2002).

All Sectors Appreciated
The north ($150,000 vs. $131,000), south ($168,150 vs. $146,000) and southwest ($195,075 vs. $169,000) housing submarkets appreciated at 15 percent.

The northwest ($175,000 vs. $155,000) was at 13 percent and the east ($130,000 vs. $122,000) at 7 percent.

Waiting to buy a home will cost thousands of dollars

Waiting six months or a year to buy a home, especially in hot areas like Silverado Ranch, Summerlin, SouthWest, will cost people thousands of dollars in purchase price and hundreds in Monthly payment! If you are thinking of purchasing in the next six months now is better than later.

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Jeff Smith
MillionSaverHomes.com is local Las Vegas real estate broker
(702) 296 7835
jeffsmith@millionsaver.com

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NAR: Economy to Boost Commercial Real Estate in 2004

Occupancy rates in the office, retail, warehouse, and multifamily real estate markets can be expected to improve gradually over the next two years, according to the NATIONAL ASSOCIATION OF REALTORS®’ Commercial Real Estate Quarterly. David Lereah, NAR’s chief economist, said a number of indicators provide an optimistic outlook for the major commercial market sectors.

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Most Top Housing Economists Are Bullish on 2004

RISMEDIA, Dec. 11-All the right ingredients are in place for many top economists to predict that the residential real estate market in 2004 will be a close second to 2003. Here’s what they say:

Frank E. Nothaft, chief economist for Freddie Mac says there will be a “powerful housing market” in 2004. He explains that the overall economy will grow. Mortgage rates will remain low. Employment is expected to increase.

“It will translate into just an excellent year,” he says.

“I don’t think we’ll set another [home sales] record,” Nothaft adds about 2004. “[2003] was just off the charts.”

The situation for first-time homebuyers continues to be promising, too.

There already have been significant gains among first-time lower income and minority buyers between 1994 and 2003, he says. But there remains a big difference between the white homeownership rate of 75 percent and the minority rate of just under 50 percent, he says.

Financial education, advances in underwriting, new technology, and bilingual programs will all lead to significant gains in homeownership over the next several years among traditionally underrepresented groups, he says.

“There’s still much more progress that can be made,” Nothaft says.

Susan M. Wachter, professor, Wharton School, the University of Pennsylvania, and assistant secretary of Housing and Urban Development during part of the Clinton administration, says, “It will be another incredible year for residential real estate.”

For New and or Resale housing information in Las Vegas click here.

Jeff Smith

MillionSaverHomes.com is local Las Vegas real estate broker
(702) 296 7835
jeffsmith@millionsaver.com

Popularity: 17%

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