Existing Las Vegas home prices at the end of this year will be about the same as they were in 1996, while new home prices will be about the same as they were in 2003.

From 1990 thru 2007, a new home cost about 11% more than a resale home, and from 2008 thru 2010, a new home cost about 56% more than a resale home.

From 1993 thru 1997 more Las Vegas new homes sold than resale homes, something that has never happened since.  From 1990 thru 2007 we sold about 20% more resale homes than we did new homes:  From 2008 thru 2010 we sold over 600% more resale homes.

Question: How are new homebuilders in Las Vegas surviving today?

The Answer: Not all homebuilders have survived!  Today we have about 50 builders active in the Las Vegas market, and in 2007 we had over one hundred.

Todays surviving homebuilders have succeeded in rolling back prices to 2003 levels; half the new detached single family homes today are selling for less than $100 per square foot.  These homes are in new neighborhoods, latest in design, high in energy efficiency, and come with the builders new home warranty.

Compare that with the typical resale home (which is either a bank REO foreclosure or a short sale) and youll see the difference.  And the purchasing process is relatively quick and straight forward, whereas with a Foreclosure/REO or short sale, there are often offers and counter offers, and can take several months or longer to close escrow.

Source:  Larry Murphy, Salestraq.com

Search all Las Vegas New Homes NOW!

Are you looking to purchase property in the Las Vegas area?

Now is the time to buy Las Vegas Homes.  Contact Us directly at 702-608-5260.

Search for Las Vegas Foreclosures

Use our Interactive-Map Search for all Las Vegas Homes for Sale

Search Our Las Vegas NEW Homes Database

http://www.lasvegasforeclosureconnection.com/genre/All-Las-Vegas-NEW-Homes