Tenacity, innovation and growth characterized the Las Vegas Valley in 2017. Already world famous for entertainment, other sectors also garnished interest. Las Vegas based Switch, a leading technology infrastructure company, had the second largest initial public offering within the technology sector in 2017. Virgin Hyperloop, formerly Hyperloop One, has been having successes at its test track in North Las Vegas, sending a magnetically levitated pod to 240 miles per hour. A 152,000 square feet office buil... read more
Looking year-over-year, the number of single family escrows opened and homes closed have been more than respectable. Closings are up nearly 20% year-over-year when measured in July and the year-to-date numbers are solid also. Price increases have moderated and we believe this is a welcome pause after the consistency in vibrant price increases. We have already experienced more price amplification than we expected back in Ja... read more
So far 2015 is looking a lot like 2014 in terms of closings. Both single family homes and condominiums are very close to 2014 levels between January and May. However, the type of buyer has been shifting with prices ratcheting higher during the past year. Investors now make up a relevant but declining share of closings and the higher prices have likely tempered some first-time buyer interest although low interes... read more
“Is the market still struggling?” If we had a nickel for every time that question was asked, we could….go buy a piece of real estate. The answer to that question is a resounding, “no!”
The Las Vegas real estate market has been resurging for the last three years or more with strong sales, a drastic decrease in distressed inventory and steady home price gains in both the residential and the commercial markets. This trend is not stopping any time soon and is ... read more
As we continue further into the seasonally strong selling season for residential real estate, many buyers are encountering a limited supply of homes, competition through multiple offers (many cash) and a muted level of new product entering the market. This is not only occuring in Las Vegas but is a condition known in other locals as well.
Buyers are reacting to both affordability and investment returns on rental properties so you have two large buyer types directed at the same property types and price ranges. Th... read more