When I first came to Las Vegas, I was immediately enthralled by its dazzling nature — not only because of its attractions but also of the features and amenities that define standard living here. It’s safe to say that Las Vegas is one of the finest cities in the world.
Nevertheless, even the finest city isn’t safe from dreary economic failure. Who would forget the Great Recession in 2008? Even the largest cities were then inches away from complete downfall. In Las Vegas, jobs and the massive inventory of on-sale properties were gone, and foreclosures of homes were rampant.
I arrived in Las Vegas in 2006 with my wife so she could complete her pharmaceutical residency. Since then, I knew the city was a place to establish a luxury real estate business because it’s undeniable — Las Vegas was vibrant, full of verve and, dare I say, more innocent back then. It was a great city where buyers could start investing in luxury real estate. While the Great Recession took its toll, I witnessed how it rose as a city with a high demand for luxury properties again.
The Current Las Vegas Real Estate Market
Realtor.com hailed the city as the No. 1 real estate market in the country this year, a feat that the city failed to achieve before. The year 2017 already showed strong numbers that make this recognition truly inevitable.
There were 184 existing homes priced $1 million dollars sold in Las Vegas during the first half of 2017, according to Salestraq, a Las Vegas realty research firm and the residential research firm of Applied Analysis. That was a great improvement compared to the 139 existing homes sold on the same period in 2016.
By January this year, there was both a dip and increase in sales. According to Greater Las Vegas Association of Realtors (GLVAR), 2,261 single family homes were sold in January, a decrease of 13.7% from the December sale and an upsurge of 5.5% from January 2017. Based on a report released by GLVAR, the median price of single-family homes sold in the city for April this year is $289,000, a 3.2% growth from the median price of the previous month.
The Las Vegas housing market continues to be steady and many real estate experts are expecting for the figures to climb higher by the end of the year.
Factors Driving The Real Estate Market
Real estate might be a tough business, but it’s an important one. The fact that the luxury real estate industry of Las Vegas is notching good numbers either proves that something good is happening in the city or that its forces are doing something right.
The positive sales onslaught could be very well attributed to many factors, like plenty of people from different states seeking to relocate or open businesses in the city. Many California property-owners could possibly relocate to Nevada because the football franchise Oakland Raiders will be moving to Las Vegas.
Another factor is the ongoing progression of the metro area. There are bigger and better establishments on the rise like the 65,000-seat NFL stadium, Resorts World and Wynn’s Paradise Park. Innovations like these are poised to open more jobs to the growing population, and paying jobs mean people buying homes.
In addition, there are city inhabitants who are downsizing and up-scaling, thus the great number of resales and purchases of new homes. Remember that with the current state of the Las Vegas luxury real estate market, consumers can afford competitively priced luxury homes even if they are downsizing.
While these are all good and true, the major driving force of the booming market of luxury homes is the unified cooperation of everyone to revamp the city and revert it back to its glorious roots. It might be unspoken of, but every resident in the city has his or her contribution. For example, as a real estate agent, I believe in a “taking no excuses” approach and I’m positive that I share the same trait with countless real estate agents across the city. There are great results when ideologies of taking risks, building trust, having fervor in serving clients and expertise in the field are combined.
In my years of experience in the luxury real estate industry, I have found a characteristic that makes Las Vegas a cut above the rest. It’s more than a hub for perpetual business; it’s a city that balances a fast-paced living and an authentic, upscale and quiet lifestyle. Both can be experienced when living in one of the highly demanded offerings of luxury properties in the city.
Las Vegas showed its capability to rise above an economic setback and it’s not dependent on pure chance, but rather on the hard work of its citizens, the ability to attune to real estate trends and the improvement of the overall substructure of the city. I’m a witness to all these.