Housing experts say Las Vegas home prices rebounding
A sign near Gibson and Horizon Ridge advertises homes beginning in the $300,000 range, something that hasn't been seen in years. (Ashley Conroy/FOX5)
Take a drive down Horizon Ridge in the Green Valley south area, and quickly you will find homes being constructed. Some neighborhoods are close to brand new, and values in some areas are starting in the low $300,000's.
"Our statistics at GLVAR says we're up 33 percent as of a 12 month prior period," said Dave Tina, Greater Las Vegas Association of Realtor President.
Tina says the values are quickly getting back to normal compared to the housing bust that caused a flood of foreclosures to hit the market from 2008 to 2010.
"The reason I think we're up there is because we're coming to a normal market where the median price now is $175,000, at the high it was $315,000," said Tina.
In June last year, the average price of a house was about $130,000, and today it's at $175,000. Tina along with other realtors say the demand for pricier homes has increased.
"We are seeing more inventory, so that gives the buyers that are maybe first [or] second time move up buyers more to choose from," Cheryl Smith, Urban Nest Realty said.
Tina says master planned communities in Summerlin and Green Valley are seeing the biggest boost in home values as well as home sales.
Hilario Danlia moved to Henderson over a year ago from Florida. He purchased a home off of Horizon Ridge, and says the value has appreciated significantly.
"They say the value of this house is probably around $300,000 or up, and we bought this house for around $230,000," said Danlia.
Meantime, the GLVAR says there aren't as many homes available in the $175,000 to $250,000 range compared to last year, because a lot of these homes have already sold.
As for overall home values, GLVAR says if you paid more for your house, then the value may not appreciate as much compared to home values in the lower price range.
Copyright 2013 KVVU (KVVU Broadcasting Corporation). All rights reserved.
Thursday, August 21 2014 1:54 AM EDT2014-08-21 05:54:23 GMT
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