Las Vegas Nevada Real Estate Blog

The most recent analysis of Las Vegas real estate, reported by UNLV in October, shows that the Las Vegas economy continues to hold its own during a national housing slowdown.  The Southern Nevada Index of Leading Economic Indicators moved upward in October.  The residential real estate market is down from eighteen months ago, but other segments of the real estate industry are positively affecting the market.  Job growth has increased, the population has increased and local homebuilders continue to pull permits for new developments.  The construction of unique properties, especially Strip high rise and resort properties is growing at the highest levels seen in Las Vegas.  Average prices per square foot for high-rise luxury condominiums are at $600-700 per square foot.  More than $30 billion of development is planned for the Strip over the next 10 years.  Local analysis’s report that economic expansion will continue over the next six to twelve months, which will keep Las Vegas on a strong growth pattern.  Travel and tourism expansion continues, gaming revenues have increased over last year and hotel occupancy has been more than 90% year to date.  Construction employment increased with more than 2,000 new jobs, which shows that Las Vegas is growing strong. The investment arena of  Commercial and industrial property segment is stronger than ever, with rental rates for office buildings and apartments the highest seen in Las Vegas.