Last year the housing market in Las Vegas saw a dramatic price increase due to the lack of inventory for new homes, causing buyers to flock to the resale market and driving prices up. This year a large quantity of homes are on the market that were purchased last year most likely by by investors who are looking to cash in on their investment.

But prices are continuing to rise due to the constant influx of people relocating from other parts of the country, about 7000 new residents per month, as well as from the lack of available raw land to build new homes on.

Land prices are running into millions for a few acres in the fast growing areas of town, such as the southwest part of the valley.The land prices and the lack of availability of vacant land to be developed have caused prices on the strip and around Las Vegas to just skyrocket.

Developers are trying to utilize the parcel of land to its maximum potential by building up and offering a high volume of units which alone makes financial sense.

This entry was posted on Friday, July 29th, 2005 at 5:11 pm and is filed under News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.