2009 Las Vegas Housing Outlook

By
Mortgage and Lending with Citywide Home Loans NMLS 852210

 

 

Several Factors Indicate Positive New Year

 

  • Local economists anticipate Southern Nevada’s housing market will see a turnaround in 2009. They predict positive growth in nearly all economic factors except for forecasted negative growth in personal income. UNLV Center for Business and Economic Research

 

  • The local population continues to grow at 5,000 new movers per month, providing demand for the increased housing inventory and in turn supporting a rebound of property values.

 

  • The supply of well-priced bank-owned and short sale properties is expected to continue, opening the prospect of home ownership to a wider segment of the population.

 

  • Even with the projected 10 percent decrease in tourism in 2009, hotel occupancy rates will remain as much as 25 percent higher than most markets. Las Vegas Convention & Visitors Authority
  • Unemployment rates are expected to maintain or improve as a result of the opening of Encore Las Vegas and the projected opening of CityCenter in 2009.

 

 

 

 

 

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