Report Indicates That New Las Vegas Home Listings Have Decreased by Over 50 Percent

LAS VEGAS, NV – New data released by Las Vegas Realtors indicates the number of listings for new homes within the Las Vegas Valley have decreased by approximately 52 percent year-over-year in July, representing a historically low inventory of homes currently on the market. 

The housing market in Las Vegas is currently a one-of-a-kind occurrence, experts say, due to the limited number of homes available for sale along with numerous other mitigating factors – including high interest rates on home mortgage loans – that is creating a degree of demand not otherwise reflected by the majority of the real estate market in the rest of the country at the moment. 

A major example of this phenomena, according to Redfin, is the fact that out of all of the metropolitan areas in the United States, only Las Vegas saw an increase impending home sales in July. In fact, the new Las Vegas Realtors report notes that only 3,524 single-family homes were listed for sale last month without any offers, which represents a 4.2 percent decrease from June, and a whopping 51.9 percent decrease year-over-year. 

Redfin also reports that Las Vegas had a 43.4 percent drop in new listings over the course of the past month, the largest such decrease nationwide during that span of time. 

In addition to high demand, other factors that are reportedly driving the low housing inventory in the Las Vegas valley include a forbearance program instituted by the Federal Housing Administration during the COVID-19 pandemic, which is allowing some homeowners to remain in their residences by means of reducing or outright pausing their mortgage payments. 

The number of homeowners currently taking advantage of this forbearance program potentially number in the thousands, reports say, with the period of time where mortgage payments don’t have to be made ranging anywhere from six to 18 months. 

And finally, homeowners who made purchases during the midst of the pandemic – when interest rates were historically low – are currently hesitant to put their homes on the market due to the low monthly payments they currently benefit from, especially with new interest rates at much higher levels. 

All of these factors have combined to create what experts say is a “perfect storm” in the Las Vegas housing industry, driving up demand – and subsequently, prices – of what homes are left available on the market.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have. 

LAS VEGAS, NV – The housing market in Las Vegas continued its upward trend in July 2023, with the median price of a pre-existing, single-family home increasing by over $9,000 month-over-month, showing a sustained degree of growth that unfortunately was not shared in the city’s condominium and townhome markets. 

A new report released by Las Vegas Realtors indicates that the median value of a home in Las Vegas for July was $450,000, in contrast to just one month prior in June when that number was $440,990. 

That price increase can be contributed to several factors that continue to persist despite the fact that interest rates for home mortgages remain historically high. These factors include the high degree of demand combined with a shrinking amount of housing inventory in Southern Nevada, which is serving to drive up the value of what homes are remaining available on the market. 

The all-time record for the median price of a home in Las Vegas was $482,000, which was achieved in May of 2022. 

While the prices of homes in Las Vegas continued to climb in July, the lower demand for condos and townhomes resulted in the median price dropping to $273,500, a $1,500 month-to-month difference from June when that number was $275,000. 

In their report, Las Vegas Realtors noted that 83.2 percent of homes and 85.6 percent of condos and townhomes sold within 60 days in July 2023; this represents a significant year-over-year decrease, as 95.2 percent of homes and 95.7 percent of condos and townhomes sold within 60 days in July 2022. 

Another decrease in July came in the form of cash buyers for real estate, as they made up one-quarter of all sales for the month; in contrast, that percentage was one-third during the same period of time one year ago. 

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Since the use of short term rental services such as Airbnb and VRBO were legalized in unincorporated Clark County, the ability of local officials to properly license renters and establish a series of regulations governing the industry has been slow and wrought with speed bumps, causing a great deal of frustration for those waiting to make their properties available to the many tourists that visit Southern Nevada each week. 

An initial batch of guidelines rolled out were received negatively by renters and were eventually ruled as being unconstitutional by a judge. A lawsuit is now pending with the Nevada Supreme Court against Clark County brought by the Greater Las Vegas Short-Term Rental Association (GLVSTRA), which claims that an overly complicated application process – including what they say was an inadequate amount of time to submit paperwork, prompting the county to extend deadlines – has been financially damaging to their members. 

In their process of writing these new regulations, they just threw anything and everything they could think to make it as difficult and as hard for people to get a license and to operate even after you have a license,” said GLVSTRA President Jacqueline Flores. “We really didn’t have a seat at the table.” 

According to a website that tracks properties listed on short term rental sites Airbnb and VRBO – known as AirDNA – the Las Vegas metropolitan area has approximately 13,000 active rentals, and officials in Clark County have said that they are attempting to “methodically” fine-tune their licensing process to ensure they are taxed properly. 

The issues originally stem from the passage of AB363 in 2021 by the Nevada State Legislature, which mandated that municipalities create licensing processes and regulations for short term rentals; previously, such rental units were illegal in Clark County, although enforcement of this ban was practically nonexistent.   

Since the passage of AB363, cities such as Henderson, Las Vegas and North Las Vegas have created procedures covering application, inspection, and enforcement, but many renters in Clark County have claimed their process in particular has been needlessly convoluted and overly strict. Some points of contention include a 1,000 feet minimum distance between rentals, a 10 p.m. curfew for outdoor activities, and radios, stereos and sound speakers being relegated to indoor use only. 

Issues with the application process – which included a pre-application lottery and tight deadlines the submission of paperwork – have resulted in extreme frustration on the part of renters, according to Flores, who claimed that Clark County has “purposefully created this convoluted mess” as a means to purposely discourage short-term rental owners from applying for licenses, reportedly in response to quality-of-life complaints issued by residents that have short term rental hosts as neighbors. 

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Following the expiration of a specific COVID-19 expiration this past June, landlords in Las Vegas are now allowed to proceed with evicting tenants who have not been paying their rent, even if said tenant has applied for and is awaiting approval for participation in rental assistance programs.  

As a result of the expiration of these tenant protections – in addition to Nevada state Governor Joe Lombardo recently vetoing two similarly-themed bills – courtrooms across the Las Vegas Valley have encountered a surge of eviction cases recently, and are bracing for yet still more in the coming weeks. 

To compensate for the increased number of cases on the docket, the courts have been forced to add additional days and hours for hearing eviction cases in order to keep up with the huge workload. 

According to the Legal Aid Center of Southern Nevada, the increase in eviction cases they are handling has jumped from 300 or so on what would normally be termed a “busy day” to now over 400 to 500 a day. 

In addition to the expiration of COVID-19 protections, the main contributing factor for the rise in eviction rates in recent weeks comes from two bills that Governor Lombardo vetoed after they passed in the Nevada Legislature. The first one, AB340, would have changed the procedures governing evictions in order to give tenants an extended period of time to respond to an eviction notice; the second bill, SB355, would have placed a moratorium on evicting disabled and senior tenants who had applied for aid in paying their rent. 

Both of these bills were summarily vetoed by Lombardo, who said that AB340 would have made the eviction process unnecessarily longer than needed and would prove harmful to landlords statewide. 

AB340 would restructure Nevada’s summary eviction process in a manner that would impose additional and unnecessary delays and costs on those seeking to remove individuals who unlawfully remain on their property after the termination of their lease,” he said. “This bill would make our summary eviction process more time-consuming than our peer states and would create ambiguous threshold standards which could be ruled upon by a judge without any formal hearing, providing insufficient protections for Nevada property owners.” 

And while Lombardo agreed that SB78 would add transparency to the rental process, he objected to the bill’s “wide-ranging changes to accounting practices, traditional fee collection, certain disclosures and various notice requirements for landlords,” adding that it would have made the current shortage of rentals in Nevada even worse. 

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – UnCommons – a 40-acre mixed-used facility currently under development in southwestern Las Vegas – recently announced an expansion of the experimental project with the addition of The Assembly, a 5,000-square-foot conference and event pavilion scheduled to open in September. 

Upon completion, UnCommons – located at Durango Drive and the 215 Beltway in the southwest valley – will essentially be a mini-city within a city, consisting of 500,000 square feet of offices, as well as restaurants, health and fitness studios, relaxation options, and over 830 residential units, in addition to the aforementioned event pavilion. 

The Assembly is being touted as a one-of-a-kind addition to the mixed-use development that can host a variety of event types, including talks, community events, and weddings; the space can even be utilized as a hub for the facility’s office tenants when needed. 

The concept behind the $800 million project is that it will be a space where the various employees working for businesses located there will have numerous solutions to all of their needs – living space, entertainment, exercise, and more – right there at their fingertips. 

The 830 apartment units are spread out amongst 3 towers, and already have 40 residents who have moved in; in addition, six office tenants have also set up operations in their respective spaces, including companies such as Draft Kings and CBRE Group Inc; companies such as Deloitte and Newmark will also be coming in soon. 

On the storefront side, six food and beverage locations have already opened – such as Urth Caffe, Teaspoon, and Amari – and two retail businesses have opened their doors, one being a luxury candle maker and the other a hair salon. 

Las Vegas ‘s intense desert heat has been taken into consideration as far as the UnCommons’ design goes, with all buildings on the grounds built around the concept of providing maximum shade to the maximum amount of outdoor square footage possible, ensuring that tenants and visitors are rarely required to be exposed to direct sunlight for any great period of time. 

The final phase of the UnCommons project – which originally broke ground in 2021 – is slated to begin in early 2024. 

For more information on availability and more, visit https://uncommons.com

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – A sale of a home in Summerlin’s Summit Club community – dubbed the “Sky Summit” – topped Las Vegas residential real estate sales for the month of July, fetching a cool $15 million for its sellers. 

The Sky Summit was originally constructed in 2020 and is located on Vegas Hill Court; the residence comes in at 8,936 square feet in size – about twice the area of a basketball court – and boasts seven bedrooms, six full baths, two partial baths, a five-car garage, and is situated upon an 0.8 acre plot of land. 

The home features a French contemporary design and impressive views of mountains and a neighboring golf course. The kitchen has a granite island with bar seating, and the primary suite located on the first floor has two custom walk-in closets and a master bathroom that extends from the house and into the outdoors; it is surrounded by dense landscaping to maintain privacy. 

The second floor also features an additional living area with a kitchen and dining area, in addition to a private balcony and two bedrooms. 

This modern, open concept design truly embodies and captures the best of desert living,” the listing says. “With its floor-to-ceiling windows, pocket doors, private Zen courtyard, extensive shaded patios, pool deck and balcony, it truly is a resort unto itself. With smooth white stucco exterior and stone columns, the entrance ushers you into a grand foyer. A great room holds a seating area ringed by beautiful stone, and first and second-story windows allow gorgeous mountain views.” 

The home was purchased by Sweet World Delta LLC from homeowners Candace Carr Easdale and Jack Clarke. 

In addition, a MacDonald Highlands home in Henderson came in as the second-highest sale of July at $12.9 million, with third place going to a residence in Henderson’s Ascaya neighborhood that sold for $8.95 million. 

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – A new mid-year report released this week by Maryland-based RCLCO Real Estate Consulting has listed the master planned Las Vegas community of Summerlin among the top five best-selling in the entire nation. 

Summerlin, located on the western edge of the Las Vegas Valley, came in at number five on RCLCO’s list of the best-selling communities in the United States, having achieved that prestigious ranking by having sold 544 homes through the end of June. But despite that impressive number of sales, it actually represents an 8 percent drop year-over-year, as reportedly 592 homes changed hands in Summerlin by the end of June 2022. 

Frank Stephan, Nevada region president for The Howard Hughes Corp. – the company that began development of the community in 1952 after business tycoon Howard Hughes bought the 25,000-acre parcel of land for $3 an acre – said that the popularity that led to its inclusion in RCLCO list is driven by Summerlin’s all-American family appeal. 

We believe Summerlin’s long-term success is due, in large part, to its thoughtful master plan that established design guidelines that have stood the test of time,” he said. “Planning for schools, shopping centers, cultural centers and office buildings as places of employment have also been integral to the community’s success, creating a place where residents can live, work, learn and play.” 

Stephan noted that Summerlin currently has 15 active neighborhoods – comprised of 120,000 residents – and still has almost 5,000 acres remaining to develop. In addition, it also boasts a bustling downtown that includes retail, restaurants, office space and major sports venues such as the City National Arena and Las Vegas Ballpark. 

With thousands of acres left to develop, Summerlin will continue its trajectory as the best place to live in Las Vegas,” Stephan said. “There is significant ongoing development in Summerlin West. We remain excited about Summerlin’s future and its insatiable momentum.” 

Topping RCLCO’s list of best-selling communities was The Villages in Florida, with 1,960 sales so far this year. 

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – A new report from UNLV’s Lied Center for Real Estate confirms an ongoing trend in Las Vegas as of late where rents are increasing in poor and middle-class neighborhoods, where in contrast they are consistently lowering in more affluent areas, with several factors contributing to this developing issue. 

Las Vegas-area realtor Michelle Gamble said that many of her lower-income clients are facing a hard time out there in terms of the increasing amounts of money they must devote to rent, noting that currently, “the market is tough.” 

I’ve had clients who came into Nevada, they moved here about four years ago where they were paying like $900 a month,” she said. “Now their rent is up to $1500 and $1600. And no upgrades.” 

Another realtor, Steve Hawks, confirmed the ongoing issue where lower and middle-class rents are rising, whereas rents in rich areas are dropping; this is a phenomenon that he attributes to the low home mortgage interest rates that many buyers took advantage of during the COVID-19 pandemic. 

The higher-end rents are coming down quite a bit. The lower-end to mid-range rents are staying steady. Maybe going up a little bit,” he said. “Many sellers are no longer selling their home to buy another. Instead, they’re renting their home out because their interest rate is so low and their payment is so low.” 

In contrast, Hawks said, the recent price increases at the lower end of the rental spectrum can most likely be attributed to out-of-state hedge funds that snapped up a great deal of affordable housing in the region who are now looking to turn a quick profit. 

They pretty much control the rental market in that arena under $500k. They have by far the most rentals,” he said. “This is what happens when you have big corporate America buy single family houses where people can’t rent. People can’t buy. What does that do? It causes prices to go up. It causes rents to go up. That’s the number one problem right there.” 

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Amid Clark County’s numerous delays issuing licenses for short term rentals within its borders, more and more homeowners are illegally listing their properties for rent on services like Airbnb and VRBO, risking serious fines if they are caught. 

Homeowners who are prospective short-term rental operators have been vocal in their complaints about the county’s slow licensing process as the typically busy summer season is passing them by; many are also worried about missing out on tourists visiting the region for upcoming Formula 1 races.  

Currently, Clark County officials have not provided a timeframe for when the first licenses will be issued, only initially stating that applications must be submitted by late June; this date was later pushed back to late August after some homeowners complained that they did not receive pertinent information in the mail following a March 29 pre-application lottery. 

According to Greater Las Vegas Short-Term Rental Association (GLVSTRA) President Jackie Flores, due to the delays some homeowners have resorted to clandestinely listing their rental properties online in order to help cover the costs incurred by their currently empty units. 

They’re stuck in a situation where they have bills to pay,” Flores said. “We have told [county officials] many, many, many times.” 

Homeowners who were previously operating short-term rentals were required to stop doing so in order to apply for a license. Leslie Doyle, 83, said that she has lost 50 percent of her income by doing so, and the delays are crippling her financially. 

Some of us will die waiting,” she said. “We [seniors] are the ones who need it most.” 

If caught, the penalties for running unlicensed short-term rentals in Clark County are stiff, ranging from $1,000 to $10,000 a day and even a potential visit from the Las Vegas Metropolitan Police Department. 

Currently, GLVSTRA is in the process of suing Clark County over the proposed regulations governing short term rentals, claiming that some of them are unconstitutional. Barring any delays, the Nevada State Supreme Court may hear the case in December. 

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – At a recent meeting of NAIOP Southern Nevada’s Henderson Commercial Real Estate panel, a great deal of talk was dedicated to what many of its members were referring to as an “up and coming area” in terms of hot real estate: West Henderson, which many of the meeting’s attendees were saying is currently “the place to be” in terms of the region’s housing market. 

Panelist Neil Sansone of Henderson-based Sansone Companies noted that he was born and raised in the area and said he’s always felt that West Henderson had massive untapped potential that was only now just becoming realized. 

There is a lot of opportunity out there,” he said. “I don’t know why they called it ‘Old Henderson’, it was always just Henderson, so I guess it’s now West Henderson because it’s the last part of Henderson to develop out.” 

West Henderson’s footprint, as per reports, is considered as running “from Las Vegas Boulevard to the west, St. Rose Parkway to the north, the master-planned communities of Seven Hills and Anthem to the east, and the Sloan Canyon National Conservation Area to the south.” 

Laurie Norkus, a broker with NewMarket Commercial Real Estate, said that many developers consider West Henderson to be incredibly “hot” right now, and many of her clients have been asking her about the possibility of expanding its residential development, which people are increasingly willing to pay top dollar for. 

West Henderson is the place to be right now,” she said. “The landlords (in West Henderson) keep asking for pricing and I will give them the average pricing for Vegas, and they’re basically doubling it and they’re running with it and people are paying it. So I’m kind of excited about it and hopefully it doesn’t skew our comps (comparable real estate in the area) too badly, but we’ll see what happens.” 

Currently, West Henderson has a population of approximately 332,000 people, with experts estimating that number to increase to at least 500,000 or more by 2035 as development of currently unused land continues. 

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – An incredibly unique new home has hit the Las Vegas real estate market whose eye-catching pirate theme should nonetheless catch the attention of the desert city’s landlocked landlubbers, boasting an affordable price that ensures it will most likely not remain up for grabs for any great length of time. 

The home, located at 501 Sam Jonas Drive near Alta and Buffalo drives and currently listed for $349,999, features 4 bedrooms and three bathrooms spread out over 6,969 square feet. From the outside it’s a fairly normal, run-of-the-mill looking residence; however, once you walk through the front door, you’ll find yourself transported to a nautical paradise that Blackbeard the Pirate himself would be proud to call home. 

The living room has a coffee table with a built-in ceiling-high mast with a sale attached to it; rustic wood accents are everywhere you look; there is a pirate ship-styled DJ booth complete with a cardboard cutout of Johnny Depp’s Captain Jack Sparrow character from Disney’s “Pirates of the Caribbean” movies; there’s a decorative wooden plank bridge; atmospheric mood lighting; and numerous helms, skulls, plants, and 3-dimensional painted murals abound. 

Have you been tirelessly scouring the seven seas in search of a legendary treasure? Well, look no further, for your quest ends here,” the listing says. “Prepare to set sail on an extraordinary journey as every inch of this home is intricately customized to fit the captivating pirate theme.” 

Despite the steadfast reverence to the old days of high sea piracy, the home is not lacking in modern amenities as well, including a recently updated roof and air conditioning unit. 

If your creative soul is seeking a truly unique and unparalleled abode, set your course for a true treasure that awaits your claim,” the listing says. 

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – What’s the point in buying yourself a swanky new mansion in a high-end Las Vegas neighborhood if you don’t have a fancy sports car to park in front of it? That’s the marketing approach that one seller is taking, offering a free Ferrari along with the $4.8 million Henderson mansion he’s selling if the buyer in question meets or exceeds the residence’s listed price. 

Realtor Jordan Betten said that offering the fancy Italian sports car as an added bonus is an experiment; if successful, it’s something that he plans on expanding upon with his future luxury real estate offerings. 

This is definitely a thinking-outside-of-the-box approach towards selling Las Vegas luxury homes,” he said. “If this marketing technique is successful, we plan on including a Lamborghini with our next luxury listing coming up in MacDonald Highlands for $7 million.” 

The estate up for grabs is located at 22 Anthem Pointe Court, comes in at an impressive 8,414 square-feet in size, and boasts seven bedrooms and eight bathrooms. It also features a number of lush amenities, including a movie theater, climate-controlled wine cellar, outdoor pergola, sports bar, steam room, and a secret hidden library. 

22 ANTHEM POINTE COURT, HENDERSON – $4,800,000.00

The seller of the house also owns the Ferrari that is being offered, which is a 2010 California model with low mileage that is estimated to be worth anywhere between $100,000 and $115,000. This is certainly an enticing bonus item, and the idea for its inclusion in the sale was inspired by a question from a prospective buyer during an early showing of the residence, according to Betten. 

They asked when they saw the owner’s Ferrari parked in the garage, ‘Does the car come with the house?’ My response was, ‘Give us a cash offer at list price or higher, and we will get you the Ferrari included.’” he said. “We decided that even though the luxury market has been competitive with low inventory for buyers, especially for modernized and remodeled homes, why not add some icing on the cake to make our listing stand out?” 

See full listing details for 22 Anthem Pointe Ct, Henderson

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.