Demand continues to be steady for new homes.
In January/February 2005, markets appreciated by 12-15% for the Las Vegas housing prices while last year for the same month the rate was a whopping 36 percent. Double-digit appreciation is outstanding in any market. These are rare times. Real estate markets generally appreciate at a much lower rate. Don't expect that markets will have similar appreciation year after year.
At the same time the prediction of the doomsayers of a real estate bubble for Las Vegas is little far-fetched. More and more people are migrating to Las Vegas and they need homes to live in. Added to these are retirees who seek to buy second/holiday homes in places like Las Vegas. There is steady demand for homes and supply is just about keeping pace with demand. There is roughly about 54 days supply of homes
As such the bottom is not going to suddenly fall out of the Las Vegas real estate market. But sellers need to be more realistic, and price their homes reasonably and not some exaggerated sum pulled out of hat and hope to sell their homes like last year. This year people are willing to buy homes but at present market rates.
