With all of the new homes being built and master planned communities coming back to life, many people have wondered and have asked us if another bubble is on the horizon. While new home construction has ramped up, it is not near what it was a decade ago. Also, builders have started taking advantage of the price range that has the most demand. It may seem like a lot of new construction, but you also have to factor in how many new people move to Las Vegas everyday. If Las Vegas wasn't growing, then yes, we may have a problem, but the inventory is so low right now that we need the homes. Currently, the low inventory is causing prices to go up and sellers have the advantage.
If you have any questions about buying, selling, or new homes, feel free to contact either of us and we'd be happy to answer any questions. We have over 20+ years of real estate experience that we can share, and would be happy to!
Check out this Review Journal article for an interview excerpt from Home Builders Research founder Dennis Smith about the market outlook.
"Las Vegas homebuilders are off to a robust start this year, fetching near-record prices and fast-rising sales totals.
Driving around the valley and seeing all the new subdivisions taking shape, locals still wary from last decade’s housing crash might wonder if another bubble is inflating. But builders aren’t selling nearly as many homes as they did in the go-go years of the mid-2000s or even in the 1990s, before the U.S. housing craze took off."