Las Vegas Rental Prices Climb at Record Speed as Pickings Remain Slim

LAS VEGAS, NV – While the nation is keeping their eyes on the ever-evolving and expanding housing market of Las Vegas, Nevada, a directly-related market that often gets overlooked – the rental market – is also experiencing a massive period of growth. Much like homesteads in the region, rental units, such as apartments and condominiums, are in big demand, short on supply, and growing in price.

Las Vegas rental prices are increasing at one of the fastest rates in the United States, according to reports, while vacancy is at an all-time low; essentially, this means that there aren’t enough rentals to go around, and that’s driving prices up to significant levels. Developers are in the midst of efforts to create more apartment buildings and condos to satisfy demand, but at the moment they’re falling short of necessary construction goals.

Currently, the typical Las-Vegas-based apartment in the third quarter of 2018 is pulling in an average rent of $1,020, which represents a jump of 5.8 percent from the same period in 2017. While this amount is far below the average price of an apartment in other, more expensive regions of the county – which lies in the $1,300+ range, currently – it still is an increase of 5.8 percent from one year ago, which means that prices in Vegas, while still more affordable than the national average, are still going up at record speed. The availability of rental units in Vegas is a large contributor to the rental hikes as of late, reports show- currently, the vacancy rate for apartments and condos in Southern Nevada stands at 3.6 percent.

However, homes rentals are also feeling the squeeze, with prices increasing at similar rates as they are for apartments; as of press time, rent for a single-family home in Vegas for June has jumped 5.7 percent over the same period in 2017, and while it has been surpassed in recent months by other cities, in early 2018 Vegas had the fastest-climbing rental rates in the United States. Southern Nevada boasts a large number of rental homes on the market, due to the fact that investors bought numerous houses on the cheap during the recession and have since retained the majority of them (as opposed to selling) rental properties.

As the region’s economy recovered and bounced back after the recession ended, the influx of new businesses and jobs greatly increased, along with the number of newly-transplanted residents; as a result, housing demand grew…along with rental prices. As mentioned before, developers are struggling with producing new housing options for residents hungry for shelter, but until they catch up, demand – and, correspondingly, prices – is sure to continue its upward ascent.

If you are considering investing in or around the Las Vegas area give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – In keeping with current market trends that see the demand for housing options in the Las Vegas real estate market, housing prices have continued to climb in the region, recently hitting a high point not seen in over a decade, according to reports.

For the first time in 11 years, the average median price of a home in Vegas in 2018 has reached $300,000, which represents an increase of 1.7 percent from August and a whopping jump of over 13 percent from the same period one year ago, when the median price was $265,000.

The last time Southern Nevada saw house prices such as these was way back in 2007, while the region was on the cusp of the recession; at the time, prices topped out at approximately $305,000. The highest the market ever reached in terms of peak pricing was June of 2006, where the average median price of a home was $315,000.

In contrast, the bust of the housing bubble in Las Vegas saw that average hit a shocking low in January of 2012 of $118,000.

Meanwhile, condominium prices have seen similar climbs recently, as many new families and individuals moving to the area are scrambling to get their hands on anything they can; the median price of Vegas condos and townhouses hit $170,000 as of this past September, a huge leap of over 21 percent from September of 2017.

A great part of these skyrocketing prices is due to the fact that, despite the best efforts of local developers, Southern Nevada is still in the grips of a housing shortage, with realtors reporting a mere two month supply currently available. For what is considered a “stable” market, typically a six-month supply is needed in order to keep prices from driving up too quickly.

As a result, developers and contractors have been doubling their efforts and increasing hires, but the needed workforce is still not at levels that needed, despite increased salaries being offered. However, nonetheless, work is progressing – albeit slowly – and new homes and condos are being erected as a gradual pace that should serve to balance Las Vegas’ real estate market, ensuring that home prices don’t box out first-time home buyers on a budget.

Another issue contributing to the housing shortage – and the subsequent rise in housing prices – are the large number of rental homes owned by local investors that are not being put on the market for sale; if these investors decided to sell as opposed to hanging onto their numerous rental properties, it could also help alleviate some of the strain on the market.

Housing prices in Las Vegas have been increasing at the fastest rates in the United States over the past 12 months. If you are considering investing in or around the Las Vegas area give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Development on new hotels and resorts in Las Vegas has reached a fever pitch in recent months, with reports noting that approximately $17 billion in projects are currently slated to be worked on from now until 2020; this will result in an estimated 14,000 new guest rooms – for a city-wide total of 160,000 – in entertainment and vacation establishments concentrating on the Las Vegas Strip area. This expansion is expected to greatly add to the City’s reputation as a one-of-a-kind, world-known destination that has clearly bounced back after the mid-2000’s recession.

One of the most notable new resorts is The Drew, a 68-story hotel slated to have almost 4,000 rooms, has its development being headed up by Marriott International. The project, currently under construction, is calling the former Fontainebleau Las Vegas tower home, an endeavor that was abandoned back when the recession hit but has recently been given a new lease on life. The Drew will offer space to host events, entertainment, and conventions, in addition to a retail space, numerous restaurants and bars, and a pool.

Next up is the Wynn West, a hotel that will be built upon a mid-Strip site that originally was to be the 38-acre home of New Frontier, another project that fell by the wayside during the recession. Wynn West is planned to have between 2,000 and 3,000 rooms and will feature a bridge over Las Vegas Boulevard for guests to utilize.

Close to Wynn West will be Paradise Park, a 25-acre development which will be situated on the previous location of the Desert Inn Golf Course. The 47-story Paradise Park will serve not only as a 1,500 room hotel resort with a boardwalk, beach, and lagoon, but also as a high-scale meeting and convention hall with state-of-the-art amenities.

Finally, the recent completion of Park MGM – a completely remade and re-imagined luxury-based take on the famed Monte Carlo casino hotel – features 2,700 rooms, swimming pools, a full casino, and much more, and is slated to open its doors for business this autumn.

However, hotels aren’t the only new additions to Las Vegas’ skyline in the near future- a variety of entertainment attractions are currently in the works as well. One of the most notable of these projects is the Sphere, a fantastical concert and entertainment complex housed within a mammoth LED shell with seating for 18,000, scheduled to open in time to ring in New Year’s in 2020.

Those seeking a thrill will be in luck, as MGM’s New York New York Hotel will be offering a new, virtual-reality Big Apple Roller Coaster; the LINQ Promenade will premiere the Fly LINQ zipline this year, an attraction that launches from the top of a 122-foot tall tower; and the MGM Grand will debut the Zombie Apocalypse virtual reality experience, a 30-minute entertainment complex that allows guests to battle with the undead.

With Las Vegas seeing an unparalleled and unprecedented degree of construction relating to the rejuvenated tourism and entertainment trade, the fact that the city is back on the map – in terms of tourism, economy, real estate, and more – is one that cannot be disputed.

If you are considering investing in or around the Las Vegas area, which clearly is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and tenant related questions you may have.

LAS VEGAS, NV – With the post-recession boom currently occurring in Las Vegas as a whole, the real estate market and business industries are feeling the positive effects of this development more than they have in years. But recently, North Vegas in particular – the region hit hardest by the recession – has been coming to the forefront of development efforts now that the nation’s economic woes appear to be fading into the past, and is currently one of the fastest-growing communities in the United States.

Local North Vegas officials have recently been making waves that their city is ready to turn up the heat, so to speak, and are interested in devoting ample resources to increase the amount of housing and commercial properties within their borders. With land available that sat literally unused after the burst of the housing bubble in the mid-2000’s, city officials are looking to finally capitalize on the vast potential for development that North Las Vegas displayed prior to the recession.

Currently, numerous high-profile conglomerates and corporations are setting their sights upon North Vegas, opening up the promise of increased availability of well-paying jobs that, in turn, will spur on housing development in anticipation of new hires moving to the area. In particular, internet retail giant Amazon will be constructing an massive, 2.5 million square-foot fulfillment center that promises well over 1,000 full-time positions when it opens doors for business at the tail end of 2019. That alone will be more than enough to put North Vegas on the map in a serious way, but it’s actually only the tip of the iceberg in terms of what’s to come.

Another company setting up shop in North Vegas is noted cosmetics company Sephora, who will be building a distribution center coming in at over 700,000 square feet that is also slated to open in 2019; the establishment is expected to add yet another 400 jobs once it gets fully up to speed.

In addition, according to city officials, additional businesses have already opened up in recent months, including medical clinics, restaurants, and retail, and a potential master-planned community is currently in the works, although details are currently not available for that project.

North Las Vegas Mayor John Lee noted that the main goal of his administration is to help promote his city as a destination for business and real estate development, and to put North Vegas back on the lofty path it was set to traverse before the recession hit the nation.

“My thing is to change the reputation of North Las Vegas,” he said. “Fifty percent of North Las Vegas hasn’t been built out yet, but people think it’s the same North Las Vegas that it was 20 years ago. Now we’re going to take it to the next level.”

If you are considering investing in or around the Las Vegas area, which clearly is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and tenant related questions you may have.

LAS VEGAS, NV – After a lengthy reign of 21 months in a row, Seattle Washington has been kicked to the curb by Las Vegas, Nevada as the number one real estate market in the United States, according to a recently-released report. Las Vegas took first place in the latest release of the monthly Case-Shiller home price index with a jump in property sales of 13 percent in August, an increase over the previous month’s of 12.6 percent.

After a devastating hit to the housing market in Southern Nevada during the mid-2000’s recession – homes lost as much as 60 percent or more of their value and foreclosures were at six times the national average – Las Vegas has bounced back significantly in recent years as the local economy has improved and the job market has stabilised and grown. Shrinking real estate inventory coupled with growing demand and rising prices have resulted in home prices increasing to double what they were during the depths of the recession, with few signs of that upward trajectory slowing down any time soon.

Las Vegas also ranks highly nationally in terms of population and employment growth while low in unemployment, which also plays a factor in terms of home prices and sales. The price of a median single family home in Las Vegas is currently $290,000 – in the neighbourhood of average when compared to national statistics – which represents a massive bargain when compared to a place such as Seattle, where a family can expect to pay up to a whopping $805,000 for the very same type of property.

Another reason for Vegas’ rapid growth as it relates to its current Case-Shiller index ranking is that its real estate market had been devalued so greatly during the recession that any growth would have a comparatively large impact on its gains in terms of overall national rank. However, that in no way takes away from the impressive significance of Vegas’ current status as the king of the housing hill in America, as there are numerous other factors at play that determine the overall national ranking.

Seattle’s market had been the second longest-running on the monthly Case-Shiller home price index in the 31 years they have been tracking the real estate market nationally; the only city coming in higher had been Portland, Oregon with 23 straight months in the 1990’s. However, Seattle has been experiencing a drop both property prices and sales recently, and experts expect this trend to continue when the next Case-Shiller index is released, as the report reflects a three-month average. Las Vegas, in comparison, has been experiencing an upward climb for a significant amount of time now, so it is likely that the next Case-Shiller index will continue to reflect its number one national ranking for some time to come.

If you are considering investing in or around the Las Vegas area, which clearly is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and tenant related questions you may have.

LAS VEGAS, NV – House flipping – the act of purchasing a home, fixing it up, and putting it back on the market in order to turn a profit – has been a popular way to make money in the real estate field for many years, but recently the market has seen its profit margins slipping nationally… almost everywhere except in Las Vegas, that is, where the practice remains both lucrative and very popular.

According to reports, approximately 7.7 percent of the homes sold in the Las Vegas region in the second quarter of 2018 consisted of flips; compare this to the overall national average of homes sales, of which flips accounted for 5.2 percent and falling, real estate experts say. Only a mere handful of other cities in the United States come in at higher levels, among them Memphis, Tennessee with 9.7 percent; Clarksville, Tennessee at 8.2 percent; and Atlantic City, New Jersey, at 7.9 percent.

However, none of those regions have experienced the rapid and consistent growth that Las Vegas has in recent years, which can be attributed to the ongoing economic uptick in the area, with money, businesses, and jobs flowing into the area, spurred on by a rapidly-recovering real estate market after a near decade of dormancy following the mid-2000’s recession.

However, even before and during the burst of the housing bubble, house flipping had been big money in Las Vegas; before the recent recovery of the economy, flipping was nonetheless big thanks to the ease of acquiring bank loans, which many flippers took advantage of. But with the resurgence of the market in the last few years, flipping has taken on a new significance in Southern Nevada, and with time the practice could overtake other areas and make Las Vegas number one.

On average, house flippers in Las Vegas during the second quarter of 2018 saw a healthy return on their efforts to the tune of approximately $54,000 or more in terms of profit for houses sold, or a nearly 28 percent return on their investment. This amount accounts for the money spent acquiring the property, but not for any subsequent expenditures encountered while renovating and/or improving the house itself before it had been sold. But with careful work done with economy – and quality – in mind, flippers can minimise their costs while maximising their profits.

House flipping in Las Vegas is maintaining its reputation as a profitable and sure-fire way to turn a quick buck in one of the hottest real estate territories around, so if you have the money, time, and wherewithal, it’s something that anyone interested in hard work and high rewards should seriously consider undertaking. With homes in the Las Vegas market still in high and ever-increasing demand, it only makes sense to get in on the action while it’s still hot in one of the fastest-climbing housing markets in the country.

If you are considering investing in or around the Las Vegas area, which clearly is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and tenant related questions you may have.

Resorts World to be First “Mega-Resort” on Vegas Strip in Over Ten Years

LAS VEGAS, NV – Genting Group, a developer based in Malaysia, recently announced that they are on-target for the late 2020 completion of construction on the Resorts World Las Vegas Casino, despite some experts expressing doubts that such a goal is currently not realistic given the overall lack of progress since work began on the $4 billion project in 2017.

Genting originally purchased the 87-acre property – situated on the famed Las Vegas strip at the former site of the Stardust Casino – five years ago, but ran into issues that delayed the start of construction; the developer blamed the problems on logistical construction difficulties and negative fluctuations in Malaysian currency, known as the Ringgit. However, Genting has noted that they have resolved all issues pertaining to Resorts World Las Vegas and, in 2017, began work on the casino in earnest.

However, while some progress has been made at the 87-acre construction site as far as the overall structure is concerned, some are expressing doubts that Genting’s stated 2020 goal is attainable as certain major aspects have yet to be completed, such as the proposed glass siding. Some have said, given the lack of progress thus far, that a more realistic estimate would be 2021 at the very earliest, if not later.

Resorts World Las Vegas – anticipated as the first mega-resort to open its doors on the strip in over ten years – is slated to feature traditional Chinese architecture, with a red and white color scheme and a giant Chinese lantern hanging from the top of a tower. It will feature over 3,400 rooms divvied up between three towers, with a 100,000 square foot gaming floor, numerous restaurants with traditional Chinese cuisine, an amphitheatre, swimming pool, and many more amenities.

At this point, Genting’s website notes that the project will be  completed in phases – the company has stated that the project does not need to be 100 percent completed in order to open for business – and will target mid-market Chinese visitors, although the current and escalating trade war between the United States and China may throw a wrench in the works as far as discouraging tourism from that country, experts say.

“The first phase of Resorts World Las Vegas will be done in stages and will include a hotel; multiple restaurants including a variety of authentic, regional Chinese cuisines; over 100,000 square feet of innovative gaming space, numerous retail offerings; and a top-tier nightlife venue” states the Resorts World Las Vegas website.

Resorts World Las Vegas is Genting’s first project in Las Vegas; the developer also operates resorts in the Bahamas and the United Kingdom, as well as Malaysia, Singapore, South Korea.

If you are considering relocating in or around the Las Vegas area, which clearly is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.

NEVADA – The Las Vegas real estate market has seen massive growth in the last several years on a slow and inexorable path back to its pre-recession levels. This growth, in turn, goes hand-in-hand with the huge growth of the local economy, with people and businesses moving en masse to the region in hopes of a more prosperous future. And among these new transplants are an ever-greater amount of Californians looking to leave their highly-taxed state for the far more affordable Southern Nevada area.

Real estate experts are reporting that a growing number of wealthy California residents are engaging their services for luxury properties, lured by facets of the area’s low cost of living when compared to their homes state. An especially big draw for Californians is Nevada’s lack of state tax, as well as a great deal more in the way of elbow room when compared to many densely-populated areas of California.

However, it’s not only elite Californians who are flocking to Las Vegas in search of a better deal; experts say that even the middle classes are doing so as well in record numbers, and when you look at home prices in California and Nevada, it’s easy to see why. In Los Angeles, for example, the median home price is currently in the neighborhood of a whopping $630,000, compared to only $262,000 for a similar property in Las Vegas. Who can blame a hard-working family for wanting more for much, much less?

But the downside to this phenomenon is that the constant influx of new arrivals from California is serving to drive up the prices of homes on the Vegas market, which in turn can make things more difficult for a family just starting out to find a new home of their own. However, with a far greater emphasis on construction efforts in the region in order to meet the ever-growing demands of new arrivals, experts are anticipating that the real estate market will eventually stabilize and retain its affordability.

Previously, due to shortages of workers, contractors were having difficulty keeping up with demand, and any available property on the market would often go for vast sums of money. With this issue seemingly resolved – builders have resorted to offering impressive incentives to attract help, with great success – more homes and apartments are appearing on the market, which should allow Las Vegas to retain its low cost of living amid its record-breaking growth spurt.

The increasing number of new homes being constructed, however, will now take away from the value of properties on the Las Vegas real estate market, however, with experts giving assurances that the region is – and will remain – very much a “sellers market,” albeit a slightly more reasonably-priced one.

If you are considering relocating in or around the Las Vegas area, which clearly is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.

LAS VEGAS, NV – Steel tariffs instituted by the United States government have begin to make their presence felt upon several high-profile, ongoing construction projects in the Las Vegas area, driving up costs of many beyond the scope of their original estimates, according to reports.

Northwest Vegas’ Centennial Bowl construction has seen some issues related to the tariffs; an estimated $12 million has been added to the project’s original projected costs of the newest phase of work, a huge amount that the Nevada Department of Transportation has attributed to the newly-imposed taxes placed upon imported steel from several foreign sources. It is unknown if attempts were made to procure steel from domestic sources in order to avoid additional cost overruns.

The Centennial Bowl initially began construction in August of 2015, with the stated purpose of the project being a widening and upgrade to a six-mile segment of U.S. Highway 95 in northwest Las Vegas in order to reduce traffic congestion and provide a more efficient and safe corridor of travel for local residents. The project will expand the highway from its current four lanes of travel to an eventual six lanes, running from Durango Drive to Kyle Canyon Road. That work, coupled with a new series of entrance and exit ramps, is expected to create some much-valued breathing room for area motorists.

Currently, over than 52,000 vehicles traverse this section of highway with that amount of motorists anticipated to increase by at least 50 percent in the next 20 years. Needless to say, an upgrade was sorely needed. The first phase of work was finished in 2016; the next phase is due to begin at the end of 2018.

The Department of Transportation selected Las Vegas Paving as the main contractor for the new phase of the Centennial Bowl project, which involves building an additional three parkway ramps that will serve to join the 215 Beltway and U.S. Highway 95, in addition to two flyover bridges.

All of this construction involves a great deal of steel-reinforced concrete, and the initial estimate of $49-$59 million was bumped up to approximately $61.5 million, with the increased costs being attributed to the new steel tariffs. When the project cost was first estimated, structural steel was approximately costing $3.25 per pound and reinforcing steel $.80 per pound; officials now note that structural steel comes in at $9 per pound and reinforcing steel $.94 per pound.

The current deadline for completion of the new phase of the project is 2020.

Considering relocating to Vegas? Give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.

LAS VEGAS, NV – Ground has officially broken and construction is underway on the first of at least 12 buildings that will encompass the Harry Reid Research and Technology Park at the University of Nevada, Las Vegas (UNLV), a $30 million project that the university says should generate as many as 25,000 jobs once it has been completed.

The first building, is expected to be completed next spring and is slated to come in at four stories and take up approximately 115,000-square feet. Developers working on the project are still in the process of finalizing when the entire twelve-building park will be completed, which is slated to consist of as many as 12-15 buildings with up to 1.5 million square feet of office space. The university anticipates that the facility will attract numerous technology businesses to the Las Vegas region.

Located adjacent to Durango Drive and the 215 Beltway, UNLV acquired the 122-acre property for the park in 2005 but was forced to delay construction efforts until now due to financial hardships brought on by the recession. Once completed, the park will offer UNLV students ample facilities to conduct research and engage in business and economic development projects; in addition, the park will also have space available for numerous businesses and partners, although who these specific enterprises are have yet to be divulged.

One complete and fully operational and with full occupancy, the par is expected to provide a vast array of employment opportunities for local residents and boast of an anticipated economic impact upon Las Vegas in the neighborhood of $2.6 billion. UNLV, considered a research university, has stated their goal as becoming a notable research institute and indents to pour approximately $120 a year into their efforts by 2025, focusing on research into technology and increasing the number of patent applications they submit on an annual basis.

The initial building currently under construction is known as an “innovation building,” and will feature offices, research space and lab space, in addition to amenities such as a basketball court and electric vehicle charging stations. UNLV and a corporate sponsor – to be announced in the near future – will be situated on the top two floors of the four-story building, with the bottom two floors being made available to businesses to lease.

Tenants are currently being sought and will be announced once signed, UNLV officials said.

If you are considering relocating in or around the Las Vegas area, which clearly is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.

LAS VEGAS, NV – The Las Vegas Convention and Visitors Authority has filed a rezoning request and noise ordinance waiver with the Clark County Board of County Commissioners as part of their plan to accelerate progress on the Las Vegas Convention Center expansion, a project that officials say is vital as the current facility is at maximum capacity.

If the Convention and Visitors Authority have their way, construction on the $1.4 billion project would be carried out 24 hours a day, seven days a week. This would include from 10 p.m. to 6 a.m., a period of time during which work is usually not allowed due to the impact of noise upon the local populace.

The expansion is slated to add 1.44 million square feet of space to the convention center, which will be built upon the adjacent property of the former Riviera and Landmark hotels. As of now, the project is expected to be finished by the close of 2020, with the goal being to host the 2021 International Consumer Electronics Show, an annual event scheduled to take place in January of 2021.

In its current form, Convention and Visitors Authority members stated, the convention center is unable to grow and evolve to better serve the may trade shows, conventions, and special events that take place in Las Vegas on a regular basis. Given the increased growth in the local economy and job market in the last few years, more and more exhibitors are seeking out the city to hold events, and due to that fact, the convention center desperately needs to expand in order to meet the ongoing demand.

The expanded facilities of the convention center will take the form of a three-story building with the first floor encompassing exhibition halls, a main lobby, a food court, kitchen, office space, and storage; the remaining two floors will house meeting and conference rooms, support spaces, and roof-based 25,000-square-foot outdoor terrace that can host a number of different events, a feature that members of the Convention and Visitors Authority are reportedly quite excited about.

The expansion is also subject to a Federal Aviation Administration review to ensure that its proposed height does not interfere with air traffic in and out of McCarran International Airport. Other uses for the expanded convention center are to include food carts, restaurant and bar facilities, and retail sales, as well as live entertainment, among other uses.

If you are considering relocating in or around the Las Vegas area, which clearly is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.

LAS VEGAS, NV – The Las Vegas real estate market is in high gear and showing no signs of slowing down; however, while the sales of property, both private and for business purposes remains at a level not seen in the region in over a decade and focus on the type of property is in a constant state of flux. While sales of single-family homes remain in the lead by far, recently an uptick has been seen in condominium and townhouse sales, proving that when it comes to homes of any type in Las Vegas, if you build it, they will come.

In June of 2018, Clark County saw yet another increase in home purchases to the tune of 944 home sales, representing an increase of nearly 12 percent over June of 2017; for the year to date, that comes to 5,156 home sales in total, a jump of 19.4 percent from year-to-year. According to reports, however, experts noted that a larger-than-usual number of those sales were comprised of condos and townhouses, illustrating a larger than usual jump when compared to recent figures.

Condo and townhouse sales represented a total of 11 percent of the new home sales during June of 2018, a total of 3 percent over the same period in 2017; June’s home sales median price came to $379,648, an increase of 11.9 percent year-to-year.

Sales numbers are expected to increase going forward, and construction of these types of dwellings are expected to increase in response; communities in particular that are expected to see additional options in terms of condos and townhouses are those set in Henderson, including Tuscany and Cadence, as well as Valley Vista in North Las Vegas.

Competition for affordable housing in Las Vegas has reached a fever pitch over the course of the last year, with the booming economy and job market attracting numerous businesses and newly-transplanted residents, all set on taking advantage of Southern Nevada’s low cost of living. However, the demand for housing for new arrivals to the region has seen home prices swell, especially as demand continues to outstrip supply by a wide margin.

Builders have struggled to keep up, and the latest numbers suggest they are finally beginning to get a foothold; the number of building permits issued in June of 2018 was 946 – bringing this years total up to 6,106 – a dip of 8.6 percent from the same period last year, but a year-to-year jump of 30 percent. With those numbers, experts predict that Las Vegas is on-pace to see over 12,000 building permits issued by the end of 2018.

Considering relocating to Vegas? Give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.