Category Archive : Market Updates

LAS VEGAS, NV – North Las Vegas has been experiencing a boom when it comes to the number of residential homes available over the course off the past 20 years, with U.S. Census Bureau data predicting the city’s population could reach as many as 400,000 people by 2050.

Since 2005, the municipality – which currently boasts 290,144 residents – has seen a 50 percent increase in the amount of available single-family homes within its borders, which amounts to 40,000 units having been added during that span of time. North Las Vegas’ Director of Land Development and Community Services, Alfredo Melesio, notes that the “tremendous growth” the city has experienced could be contributed to a number of factors.

For more than a decade, we have consistently looked for ways to improve and streamline our development processes,” Melesio said. “By moving at the speed of business and maintaining direct communication with developers, we’ve capitalized on the region’s strong growth while ensuring thoughtful community development. Our team works closely with builders and developers to provide answers and solutions, making the development process as efficient as possible.”

When the total amount of housing options is taken into account, North Las Vegas’ growth over the past 20 years is even more impressive; in 2005, the city had 44,882 single-family homes, 3,714 duplexs, 838 mobile homes, 5,949 apartments, 1,025 townhomes and 1,560 condominiums, for a total of 57,968 units overall. Fast-forward to the end of 2024, and there were 73,310 homes, 5,010 duplexs, 771 mobile homes, 12,072 apartments, 3,819 townhomes and 2,217 condos for an overall total of 97,199 units, which represents an impressive increase of 67 percent.

Melesio said that North Las Vegas’ population boom can also be attributed to the growth of its industrial and retail sectors, as well as having cultivated a reputation for being business and developer-friendly, a status that city leaders are working hard to maintain and grow even further.

Right now, we’re focused on transforming neighborhoods and building community spaces that make North Las Vegas a destination where people want to live,” he said. “Our vision extends beyond new buildings, we want to create vibrant neighborhoods where residents can work, live and gather.”

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 – Summerlin West, a master-planned community located in the western part of the Las Vegas Valley, will soon be welcoming a new community within its borders in the form of a pricey, ultra-luxury neighborhood, thanks to a Japanese developer.

The fifth-largest homebuilder in the United States, Sekisui House, will be selling Shawood-branded homes in Summerlin West’s new Arcadia community at the northwest corner of Sky Vista and Fox Hill drives. Home sales are set to start on March 1, with prices to range between $1.4 million and $1,6 million, according to the developer.

The project, Sekisui House’s first-ever endeavor in Las Vegas, initially began construction in July.

The homes that will be on offer in the community will comes in three different layouts with three- and four-bedroom configurations, and will range in size from 3,176 to 3,399 square feet.

The residences will have “Zero Energy” classification, which denotes a structure with net zero energy consumption, meaning the total amount of energy used by the building on an annual basis is equal to the amount of renewable energy created either on or off the site utilizing technology such as heat pumps, high efficiency windows and insulation, and solar panels.

In addition, in a clear nod to the developer’s Japanese roots, the homes will have a “Kokage lounge” option; according to the Shawood website, “the Japanese word Kokage means ‘under the shade of the big tree,’ and the lounge features soaring ceilings, expansive glass doors, and sloping eaves reminiscent of radiating branches, filling your home with light, air, and tranquility. A perfect place for connection and reflection.”

In 2024, Summerlin was ranked by national real estate consultant RCLCO 5th in the nation among best-selling master planned communities, having sold 1.055 homes last 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 – Over 161,000 home sales in the Las Vegas Valley since the beginning of 2011 have consisted of all-cash transactions, according to a new historical data obtained from residential real estate brokerage and mortgage origination service Redfin.

All-cash buyers have purchased 161,084 homes in the valley over the course of the last 15 years, with Robert Little, a real estate agent with Re/Max Advantage in Henderson, noting that there are several reasons this particular style of transaction has been a constant in Southern Nevada in the last decade-and-a-half.

Many buyers are relocating from higher-priced markets like California, Seattle and Hawaii, Little said. “Many of these individuals are retiring and selling more expensive homes, allowing them to downsize and purchase less expensive properties in Las Vegas with cash.”

Redfin reports that 30.7 percent – or one-third – of all homes bought in the nation are currently carried out by cash buyers. And while all-cash transactions are still a regular occurrence in Las Vegas, they originally reached their peak in 2013, at which time they made up a whopping 63.8 percent of all home purchases.

The slight decrease over time in cash purchases in the valley can be contributed to several factors, Little said, such as rising home prices – January saw a new record broken in Vegas as the median price of a single-family house reached an all-time high of $485,000 – and high interest rates on home mortgages, in addition to the steadily-increasing demand for rental units in the region.

Las Vegas offers strong investment opportunities in rental properties, supported by landlord-friendly laws and a high demand for rentals,” he said. “Investors also find appeal in the region’s newer construction, lack of state income taxes, fewer natural disasters and the overall growth potential, which makes for an attractive return on investment.”

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 average sales price of condominiums in Las Vegas in 2024 reached an all-time record high of nearly $700,000, despite the fact that sales dropped to their lowest level in the past five years, as per a new report released by research firm Applied Analysis.

Condo prices in Las Vegas in 2024 reached an average of $697,890, which is a record-setting amount for Southern Nevada; this represents a year-over-year increase of 19 percent over 2023’s $587,823, which is a whopping jump of approximately $110,000.

The previous average high condo price of $598,383 was originally set in 2022.

2024’s average price per square foot of $537 was also higher when compared to the year prior, when that amount was $501, a year-over-year increase of seven percent.

The upwards trajectory of condo prices in Sin City aren’t showing any signs of abating any time soon, either; Applied Analysis currently tracks the listings of 21 high-rise condo buildings in Vegas, and noted that the average price of the 297 listings currently available is a whopping $989,506, with a square foot price of $637.

But despite the increasing condo values, their overall sales appear to be dropping. There were 604 sales that were closed in 2024, which is an 18 percent drop over the 736 sold in 2023. Following an increase in sales after the end of the COVID-19 pandemic, a record number of condo sales was achieved in 2021, when 1,159 were purchased; sales have been trending downwards ever since, however, with 944 changing hands in 2022.

According to luxury condo realtor Frank Napoli, condo sales have declined recently because owners are increasingly holding onto their units for a variety of reasons, leading to an overall reduced inventory in Vegas.

What I’m noticing, now, is a lot of these people who have bought high-rises in the recent years are buying these for long-term hold, either for a Nevada address, occupying full time or as an investment property,” Napoli said.

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 first half of 2025 will see more than 100,000 Nevada residents hit with increases to their homeowners and renters’ insurance, with some experiencing huge spikes of up to 25 percent over what they’re currently paying now.

The Nevada Division of Insurance (DOI) has approved twelve insurance companies to institute rate changes through the month of May; most of these companies already bumped up their rates in January, but more – and potentially costly – changes are yet to come for some of their customers.

Before a rate change can go into effect, all insurance companies must run the proposal past the DOI for a detailed and in-depth review. The DOI notes that it only approves rate change requests if they are deemed not to be “excessive, inadequate, or unfairly discriminatory.” Likewise, the agency also makes sure that insurance companies are afforded a degree of protection as well.

The mission of the Nevada Division of Insurance is to protect the rights of Nevada consumers in their experiences with the insurance industry and to ensure the financial solvency of insurers,” said the DOI.

Root Insurance had originally requested to raise tenant insurance rates by 55.3 percent for several hundred Nevadans; however, only a 25 percent increase was ultimately approved. Other insurers that requested rate increases for sundry policies of varying amounts included Hartford, Trumbull, Mercury Casualty, American Modern Property and Casualty, Foremost, Acuity A Mutual, Nevadans with Travellers Property Casualty, Country Preferred, American Economy, and Privilege Underwriters Reciprocal Exchange.

The reason for this round of homeowner and renter insurance rate changes in Nevada, as per the DOI, is due to multiple reasons, not limited to inflation driving up costs related to real estate – such as building, repairing and maintaining residences, including the materials and the labor associated with doing so – as well as older homes in the state needing more upkeep, and the potential threats of natural disasters.

Real estate and home values have risen. Inflation, construction materials costs, and skilled labor availability are driving up the costs of rebuilding and repairing properties,” a DOI spokesperson said. “Nevada’s housing stock is aging, which means key home components – such as roofing, electrical systems, and plumbing – may require updates or maintenance.”

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 – After several months in a row of ebbing and flowing and coming precariously close, Las Vegas home prices in January finally set a new all-time record for the region.

According to a new report by industry group Las Vegas REALTORS, the median price of an existing single-family home in Las Vegas reached $485,000 in January; this represents a whopping $10,000 increase over the previous month’s price and a jump of nine percent year-over-year.

The previous record high in Vegas was $482,000, set back in May 2022.

Brian Gordon, Principal with Applied Analysis, said that following a degree of stagnation in the local home market that saw inventory rise, recent renewed demand driven by an influx of out-of-state transplants – and a subsequent increase in sales – led to January’s significant jump in housing costs.

Prices have continued to rise. We’ve seen a decent amount of home sales take place over the last month,” Gordon said. “The demand side of the equation has continued. We continue to see people migrating in. We’re seeing people move in from California and other markets that are demanding housing.”

However, increased demand isn’t the only driving force behind rising home values; Gordon also noted that the costs associated with building homes have also been going up as of late.

The cost of land that’s ultimately required. The cost of building materials or labor,” he said. “All of that sort of factors into prices on the new home construction side and that tends to ripple through the real estate market. I think the resale market is also seeing some of that upward pressure on pricing as demand continues to persist.”

But, while this may create unfortunate barriers to affordable housing for some, the good news is that Vegas residents fortunate enough to already own a residence are enjoying a sizable jump in the equity that their home has been building up over the years.

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 potential trade war still brewing between the United States and Canada, Mexico, and China could have a negative impact upon the housing market – both in Las Vegas and nationwide – if it comes to fruition, real estate experts say.

President Trump had originally planned to implement 25 percent tariffs on goods imported from Canada and Mexico, along with a 10 percent tariff on Chinese imports, all of which were originally slated to begin on February 4. However, the tariffs against Canada and Mexico were placed on hold for 30 days after the two countries agreed to enter into discussions with the Trump Administration; the Chinese tariffs were not postponed, and went into effect on Tuesday as scheduled.

That said, experts say that the tariffs on China – and the ones on Canada and Mexico, if they eventually go into effect – could impact the U.S. housing market, with the costs of building materials expected to increase, and a subsequent and likely spike in inflation will cause mortgage rates to go further up.

Research Director of University of Nevada, Las Vegas’ Lied Center for Real Estate, Nicholas Irwin, said that it’s too early to tell what the overall effects of a trade war could be on the housing market, but it would probably have negative consequences given the slowdown issues it is currently facing due to high mortgage rates.

A wait-and-see approach is a good idea right now. I think also we could think better about the effect of tariffs on house prices if we were in a lower mortgage rate interest environment,” Irwin said. “If mortgage rates were 3 percent, then I would think a lot of these extra costs coming in for [building] materials would be passed on to homebuyers. But now with mortgage rates so high there is less ability to pass on the full costs, they might just have to absorb more of it. And it’s not just lumber from Canada, it’s cement, vinyl plank flooring from China, and all the other things that figure into that.”

However, Las Vegas mortgage advisor Matt Hennessy said that Trump’s initial announcement of tariffs had a noticeable positive impact upon the nation’s economy; but a prolonged trade war, if it comes to pass, would have the opposite effect.

Initially we are seeing a flight to quality as money flows out of the stock market and into bonds. Mortgage bonds and mortgage rates will be beneficiaries,” Hennessy said. “While the immediate impact may be perceived as good news for housing, it may be temporary. If inflation heats up as a result of tariffs, mortgage rates will rise. There are valid concerns surrounding the potential impact and renewed fears of an uptick in inflation as an unintended consequence by tariffs.”

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 community comprised of nearly 400 new homes is slated to be developed on an 88-acre plot of land along Lake Mead Boulevard in the Las Vegas neighborhood of Summerlin West by homebuilder Taylor Morrison, one of the largest such companies in the United States.

The resort living community, dubbed Esplande at Summerlin, is to be made up of 398 homes ranging in size from 1,500 to 3,200 square feet. Construction is scheduled to commence in the first quarter of 2026, followed by sales of the residences beginning in the second quarter of the same year, according to an announcement made by the Scottsdale, Arizona-based developer.

Upon completion, Esplande at Summerlin will boast numerous high-end perks and amenities for its residents, including a 10,000-square-foot clubhouse with a restaurant, spa, golf simulator, fitness center, pool, pickleball courts; in addition, there will also be walking trails with scenic views.

In September, the 88 acres for this project – originally owned by Summerlin’s developer, Howard Hughes, and spread out over three parcels of land – were bought for $107 million by a land banker representing Taylor Morrison.

The company’s Las Vegas Division President, Kent Lay, said that Esplande at Summerlin will evoke the modern, tropical feel of California’s Plam Springs, a lush city known for its hot springs, stylish hotels, golf courses and spas.

We are looking forward to bringing new housing to the Summerlin area and expanding our Esplanade brand to the Las Vegas market, while providing residents with signature resort-style amenities and wellness programs,” Lay said.

There’s a very good reason why Summerlin is a hotbed of activity when it comes to developers; according to a report released by national real estate consultant RCLCO, it ranked fifth nationwide in 2024 in terms of best-selling master planned communities, having sold an impressive 1,055 homes during the span of that 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 proposal implemented by the former Biden Administration’s Federal Communications Commission (FCC) that would have banned mandatory bulk billing arrangements for internet services in apartment buildings – allowing tenants to opt-out of their landlord’s Internet Service Provider (ISP) choice in favor of their own – has been withdrawn by the Trump Administration, effective immediately.

Originally in March 2024, former FCC Chairwoman Jessica Rosenworcel had put forward the proposal that would have mandated tenants not be required to pay for specific internet services by their landlords in an effort to increase consumer choice in the broadband market.

The ban would not have been sweeping or all-encompassing; instead, it was meant to increase competition in the market by simply allowing tenants in apartments, condominiums and public housing to opt-out of arrangements and seek out their own ISP, potentially allowing them to find more affordable internet access plans.

At the time, the proposal encountered a high degree of blowback on the part of the internet service providers and the multifamily community, and to date had not yet come to a vote.

However, new FCC Chairman Brendan Carr – appointed to the position by President Donald Trump – has withdrawn Rosenworcel’s proposal from the FCC’s consideration. When queried about his decision, Carr said that bulk billing arrangements can actually result in making high-speed internet more accessible and affordable to consumers, especially elderly people living in affordable housing or low-income renters.

Experts note that ISP costs when using bulk billing can potentially be up to 50 percent lower for tenants who use it; in addition, barriers such as credit checks and installation fees are often removed from the equation as well.

In contrast, opponents of bulk billing arrangements say they stifle competition in the market; in a previous effort to address this, the FCC in 2022 issued a ban on exclusive revenue-sharing agreements between landlords and ISPs in multi-tenant buildings.

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 luxury housing market in Las Vegas is already off to a very strong start in 2025, with January’s biggest sale coming in at a whopping $13.5 million for a high-end property located in the affluent The Ridges master-planned community in Summerlin.

Simply Vegas owner and listing agent of the sale, Gavin Ernstone, said that Las Vegas is off to one of the best years that its luxury housing market has seen in some time.

It’s a very busy start to the year,” he said. “We’re just seeing a very solid influx of people buying. The market is the strongest it’s been in about three years.”

Situated in The Ridges’ Azure neighborhood, the 12,445-square-foot home – originally built in 2013 – is located on a 0.89-acre plot of land boasting breathtaking scenic views and features five bedrooms, five full baths, four half baths and a four-car garage.

Situated on a huge, near-acre lot with utmost privacy and amazing mountain views, this home has style, finish and build qualities that are second to none,” Ernstone said. “It has a fantastic floor plan with dual primary suites with one up and one down. Both suites have gorgeous spa-quality baths and spectacular walk-in closets.”

The home also has many posh amenities, such as a large chef’s kitchen with Wolf and Sub-Zero appliances, a great room with a showcase wine cellar and large bar, and an upstairs game room that converts into a movie theater.

Multiple pocketing doors create the ultimate indoor/outdoor vibe and lead to an oasis-like backyard,” Ernstone said. “There’s an enormous pool, chic cabana, full outdoor kitchen and putting green that transform the yard into the ultimate private resort.”

The residence, located on Flying Cloud Lane, was a unique sale in the sense that it involved a transaction between two LLCs; according to Clark County records, Azure 53 LLC was the seller, whereas the buyer is listed as being Red Global 4 LLC, managed by noted entrepreneur, venture capitalist and philanthropist Darin Feinstein.

While much of the real estate market in Vegas has seen a slowdown amid skyrocketing interest rates on home mortgages; however, the luxury market has not faced such issues, as many of the deals carried out in that segment involve wealthy individuals who typically close their deals with cash.

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 – Martinique Bay, a 256-unit apartment complex located in Henderson’s Green Valley North master-planned community, has been purchased by a New York-based real estate management firm for a currently undisclosed price.

Clarion Partners Real Estate Income Fund Inc. (CPREX) made the announcement of the acquisition late last week, with Rick Schaupp, the firm’s Managing Director and Fund Manager, saying that the multifamily property was an attractive buy due to it being located in an up-and-coming neighborhood that is adjacent to numerous desirable local amenities.

The purchase of Martinique Bay, in the thriving planned community of Green Valley, is not only ideally located near the Harry Reid International Airport and major shopping and employment hubs, but it is also a great property for families with its above-average unit sizes and access to some of the best public schools in the greater Las Vegas metro,” Schaupp said.

Martinique Bay, according to its website, is a garden-style, luxury apartment building offering tenants two-and-three-bedroom units with numerous high-end perks that are sure to “turn your dream home into a reality.” In addition, the complex’s closeness to the entertainment and dining options of the city of Las Vegas is touted as a major plus as well.

Inside, modern comforts like ample closet space and full-size laundry appliances help simplify your lifestyle, while premium finishes like stainless-steel appliances and bay windows provide plenty of aesthetic appeal,” the website reads. “As a bonus, you’ll be able to take advantage of a robust amenity package and a vibrant location near the very best of the city.”

CPREX currently has over $11 billion invested in the multifamily housing industry throughout multiple major metropolitan marketplaces across the country – including $2 billion in Las Vegas alone – and boasts decades of experience in property management.

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 – According to a new report released this week by multinational financial services company Wells Fargo, 2025 will be a difficult year for the residential real estate market in the United States, and Las Vegas will not be exempt from experiencing this in the coming months.

Vice President and Economist for Wells Fargo, Jackie Benson, noted that the currently high level of interest rates on home mortgage loans – which are at 7 percent at the moment – will most likely discourage prospective buyers from acquiring properties and sellers from listing them until rates hopefully go down.

Mortgage rates probably aren’t going to come down too much,” she said. “And we think the Feds are going to end up at 3.75 percent for interest rates, so that’s elevated far above where we were before the pandemic when rates were zero percent and because of that economywide interest rates are expected to remain elevated, so we don’t expect mortgage rates to get below 6 percent frankly.”

Wells Fargo, in their report, included data specific to the Las Vegas Valley that indicates that while the rate at which home values are appreciating in the region has been slowing in recent months, they are nonetheless increasing faster than what is considered the average nationally.

For example, while the U.S. average home value increase year-over-year is currently 3.4 percent, in Las Vegas that rate is nearly 5 percent, as per consumer and business information and analytics firm CoreLogic.

Slowed sales in Southern Nevada have resulted in an increase in inventory, but housing supply is nonetheless lower than ideal due to the currently high level of mortgage rates; Las Vegas metropolitan area active listings, while 42 percent higher than they were year-over-year, are 17 percent lower than they were prior to the COVID-19 pandemic.

However, some experts are anticipating that President Trump – who is viewed as business-friendly and has expressed a desire to address the housing crisis in the country – could contribute to the situation improving to some degree in the near future.

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.