There is not a housing shortage in Las Vegas......yet, but according to an article in "In Business Las Vegas" the local and respected consulting firm Applied Analysis is predicting there will be a work force housing shortage by 2009. The report was done for the Southern Nevada Home Builder Association last month, and may partially explain a 114% jump in residential and a 211.9% in commercial permits in November.
Another analyst firm, Restrepo Consulting, is also doing a study on this same scenario to see if it will really unfold. With the $30 billion in construction just on the Vegas Strip, I'd imagine they'll come to the same conclusions.
According to Greater Las Vegas Association of Realtors®, there are a little over 30,000 homes, townhouses and condos on the market today. Some analysts predict that because of all the resorts opening on the Strip, the tens of thousands of jobs created will cause people to migrate to Las Vegas. This will obviously create the need for more homes.
Despite all the talk of Las Vegas foreclosures that have been in the media, there's another interesting sign that the local market may have bottomed out or is close to it. Inventory has been slowly shrinking for several months in spite of a sluggish market with these REO's added to it.
That being said, now is the time to buy especially if you are looking for a good deal! There is still a large selection of homes at great prices......but they may not last long.
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