Still Climbing, But Not Quite as Fast
RISMEDIA - Rumblings of tumbling real estate prices in California have many experts predicting that Las Vegas will incur some of the brunt.
Possibly, but don’t expect the tide to turn quickly in Southern Nevada, said Larry Murphy, president of Las Vegas-based housing research firm SalesTraq.
The 40 percent and 50 percent Las Vegas appreciation rates that led the nation for much of 2004 were a “once-in-a-lifetime thing,” Murphy said. Coming back with a 19.2 percent overall gain in 2005 is not a bad follow-up act.
As long as Las Vegas continues to post strong job and population growth, the real estate market will remain healthy, said John Restrepo, principal of Restrepo Consulting Group.
“We’re not going to see the high double-digit growth rates of ‘04 and ‘05, largely because speculators have left the market,” he said. “We’re headed toward a more normal market, maybe 10 percent (appreciation) in terms of housing. It’s just cooling off.”
For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513.
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