Heather Mongie Group

Notes from Lawrence Yun’s, Chief Economist of NAR at the Rocky Mountain Regional Conference:

  • Population growth in the West is above average
  • Nevada is consistently getting new residents due to low taxes and the business environment
  • US economic growth in GOP is under performing long term averages by $4,760 per person
  • America, for now has become a renter nation. Renter population has increased by 9 million while homeowners are down by 1 millions households
  • Homeowners have an average wealth of $195,000
  • Renters have an average wealth of $5,500
  • Nationwide builders are struggling due to a labor shortage, construction costs and a credit crunch among small builders looking for local lending
  • There are 37 million new Americans ready to “pop out” into the market
  • Right now in Nevada, the market is even, but there is a looming inventory shortage due to several years of little new construction
  • Currently tight loan underwriting and qualifying standards should begin to transition to normal in 2015
  • With the increase in demand, price increases are nearly guaranteed with the inventory shortage

A new report from Realty Trac says the Las Vegas Valley will lead the nation from 2015 through 2022 for its share of boomerang buyers. Realty Trac says Southern Nevada will be home to 220,650 potential boomerang buyers in the next seven years.

Here are How Many Homes that are Currently on the Las Vegas Market as of Today:

Single-Family Residences: 7,305 (REOs 319; Short Sales 935)

Townhomes: 629 (REOs 35 Short Sales 92)

Condos: 1238 (REOs 60 Short Sales 138)

Posted on February 12, 2015


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