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First of all, I am obviously not a disinterested 3rd party. I will however try to be. My advice: Pick an agent that has been in the business a few years and is full time. Pick an agent that does between 12 and 20 transactions a year. Why the range? First, it establishes the agent as a successful full time professional. Why the upper limit? Because any more than 20 transactions and they probably need auxiliary staff. Why is this a problem? This question brings up one of my pet […]

There are considerable differences in elevation, sq. ft. above sea level, at different locations inside the valley. The highest area for residential construction is in Summerlin, west of the I215 beltway and north of Charleston. It tops out at around 3,560 ft. above sea level. The lowest would be surrounding the lake at Lake Las Vegas at probably around 1,450 ft. That is a 2,110 ft. difference. Elevation is not everything with respect to temperature and climate excepting that all the above locations are in the Mojave Desert. Here, elevation […]

In the calendar year of 2021 condos, townhomes and high-rise properties accounted for accounted for 23.1% of residential sales inside the Las Vegas valley. Single family residences appreciated at a rate of 24,6% over the last year. Condos at a rate of 33.5%, townhomes at 30.2% and high-rise properties at 7.3%. Condo and townhome construction has been minimal since around 2002. At that time, most of the local condo/townhome developments had been subject to construction defect litigation. This made it difficult for builders to secure insurance to protect them against […]

The high-rise market has been flat, stable over the course of the pandemic. That is opposed to the free-standing home, condo and townhome market which has shown increases in prices and decreases in inventory over the last year. There is approximately an 8 1/2 month inventory of high-rise properties for sale, at the current rate of sale. That is about average for over the last few years. The median selling price per square foot as of March, 2021 for sales over the last 6 months, was $321.00. That is a […]

There are 3 new age restricted options coming online in the Las Vegas area in the next few months. Trilogy Sunstone is a Shea Homes development building in the northwest Las Vegas Valley. 930 homes will be built. Heritage at Stoneridge is another new project, built by Lennar in Summerlin. 421 homes to be built. Home sizes for these communities will range from 1,232 to 2,872 sq. ft. Terra Bella in Anthem will build an additional 167 mid-rise condos.  Original builder went bankrupt several years ago. Sizes should range from […]

The effects of the COVID-19 pandemic on Las Vegas Real Estate have been substantial, but not catastrophic, at this point in time. The figures below reflect all property types in all areas serviced by the Greater Las Vegas Association of Realtors. Closed sales, comparing May 2019 to May 2020 were down some 48%. Comparing June to June, they were down 18.5%. Some improvement there. Listings, comparing June 2019 to June 2020, were down 33% Supply of homes for sale has decreased substantially. June 2019 we had a 4 month supply. […]

Sales of  resale homes, as well as listings in April were down around 30% from the previous month. New home contracts written, were down 50% from the previous month. We currently have a 4 month inventory of free-standing homes, at the current rate of properties going under contract. The inventory for condos and townhomes is at 5.6 months. High-rise properties have an incredible 33 month inventory, again given the number of listings and the rate of sale. Only 16 high-rise properties went under contract in April. Looking at age restricted […]

Las Vegas is a factory town, perhaps the last factory town in the country.  The industry is the resort complex with the associated gambling, shopping, entertainment and dinning.  It depends on patrons having discretionary income.  It also depends on a lack of social distancing.  Social distancing is fatal to this economy.  The local real estate market will be heavily impacted by the coronavirus pandemic. The best I can do at this point is give you an update on current market activity.  By that I mean activity since April 1.  March […]

PulteGroup will be developing a new age restricted community in Lake Las Vegas. 400 home will be built on 120 acres. It should have typical Del Webb amenities, proportional to the size of the community. The homes should range in size from 1,500 to 2,800 sq. ft. It is scheduled for opening Fall, 2019. I have no other specific information at this time. This community has not been announced by PulteGroup yet, but this information comes from three reliable sources. This is relatively big news, in that Del Webb and […]

  The Las Vegas real estate market continued to accelerate through April, 2018 with price increases that exceeded any other metropolitan area nationally.  From May on, however, the market has been relatively flat.  New home construction increased. Approximately 10,000 homes were built in 2018.  That figure is high relative to the past few years.  Keep in mind though, that at its peak in 2006, over 35,000 homes were built. Also keep in mind that prices are really nowhere near the actual prices at the peak of this market, in July […]