If you believed what you read in the media, you’d assume the answer to the above question was a resounding “down!”. But, if you read FrothingDeveloper, you’d probably guess differently. Either way, you’d be partially right.
The Ryness Report, which compiles stats from 280 new home sales centers in Las Vegas, shows that while sales in sales in Las Vegas’ North Central, Northwest, and Southeast regions show declines, Southwest, Central and Northeast Las Vegas all show substantial new home sales increases year-to-date over 2007.
Think about that for just a second.
It’s startling data. What it means is that despite the negative media blast, the credit crunch, and dismal consumer confidence, half of Las Vegas has actually sold MORE new homes on average this year than last year. A lot more.
We’ve talked about this same trend in the MLS, and now it’s showing up in new homes. While not all regions have turned yet, this is another great example of how perception and reality diverge in today’s markets.