The number of home sales in Las Vegas this year are similar to years past. The difference in today's market over past markets stems from one major event along with other factors. These factors as a whole have caused a rise in current housing inventory throughout Las Vegas and other areas of the country. As the summer season draws to a close inventory levels may continue to rise creating even better opportunities for buyers during winter months.
The events of 9/11 affected Las Vegas real estate. 9/11 was likely responsible for much of the recent trends in Las Vegas real estate. Major home builders had gobbled up the smaller builders and got cold feet after 9/11. They put a halt on new housing start applications. After a couple of years when these starts would have been finishing up few developments had ample properties for buyers. People who would have bought new now gobbled up the resale inventory and a huge shortage occurred.
Investors came in by the droves. They added to the shortage. Then, interest rates and a renewed inventory of new homes restored the inventory. With so many new homes and investor properties purchased the inventory has taken a huge swing even though the number of buyers has remained relatively consistent.
There are typically more purchases made in summer months yet this year the inventory has continued to rise. Las Vegas home buyers are getting all sorts of great incentives and deals as Las Vegas home sellers and Las Vegas real estate agents get creative to find ways to attract them. As the summer cools off inventories may continue to rise and buyers will have many great opportunities.