Las Vegas Real Estate Prices Up Sharply-First in 3 years!

Was it the race to get the tax credit dollars or just the fact Las Vegas and Henderson real estate markets have had a tight supply for the last 9 months?  After 9 months, the effect of the basic economic principal of supply and demand actually materialized.  We have enjoyed near or below a 3 month supply of homes for quite some time. Prices of homes the average Joe would buy in the Las Vegas market place actually increased substantially in April versus Marrch.  Look Here;

1500sf house  | April 2010 $120,825 (+$5,825 vs March 2010)
2000sf house  | April 2010 $160,000 (+$5,000 vs March 2010)
2500sf house  | April 2010 $213,450 (+9,550 vs March 2010)

Condos were up substantially as well – just over 5% in some submarkets.  This is the first month we have seen a jump like this in more than 3 years.  May closings will almost certainly produce a similar effect given no change in supply with a strong demand for housing.

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