While Las Vegas yearly gains continue to gain momentum, the market is still lagging behind. Current prices remain 57.1 percent below the peak and would need to rise a whopping 133.3 percent to reach peak values.
“May home price trends confirm the recovery continues to mature,” says Dr. Alex Villacorta, vice president of research and analytics at Clear Capital. “While there’s no questioning the validity of the recovery at this point, performances at the local level remained mixed when considering strength, sustainability and relative positions to 2006 prices. For example, Las Vegas’ strong yearly gains represent a rebound from a severe correction rather than bubble-like price growth.”
The real estate regrowth in Las Vegas—and all of Nevada—hints at not only a healing housing market, but a recovering economy overall.
“Southern Nevada as a whole is poised perfectly for recovery with both sales volume and prices steadily increasing over the past three years,” says Mark Stark, CEO Prudential Americana Group. “As we recover and create jobs, REOs and short sales have become a significantly smaller part of our business. In fact, more than 90 percent of all currently available homes in Southern Nevada are non-distressed, traditional homes with equity.
