Demand for new homes continues as population grows
Las Vegas population is exploding. Today it is number one in the nation in terms of population growth. People are coming from around the world attracted by Las Vegas economy, no taxes regime and the no-holds barred entertainment capital of the world. All these people have to live somewhere. They need homes to live in. So the talk of a real estate bubble is little out of place in Las Vegas.
Some real estate agents are claiming that Las Vegas market is about to burst. The reason many homes remain unsold is that that they are way overpriced and poorly marketed, as greedy owners/agents want to make a fast buck in the hot market. But these homes are not selling mainly because they are priced much higher then similar units that have recently sold.
The reality is that over 6,000 people a month are still moving to Southern Nevada but they are not going to overpay for a property unlike this time last year because there is a lot of inventory for them to choose from. More inventory = more competition to compete for the buyers.
