Category Archive : Economy

LAS VEGAS, NV – With high mortgage rates, decreased sales, and complications due to a currently-high inflation rate, the real estate market can be incredibly complex and competitive to navigate, and Las Vegas, Nevada is no exception to that rule. So, local experts have pitched in to offer some tips on house buying in Southern Nevada, a market which is still proving to be a hotbed of sales activity despite the financial trials and tribulations being experienced across the country. 

First and foremost, a prospective buyer should always make sure to select a qualified realtor to aid them in their search for a home; buying and selling properties without the aid of one throughout the course of the transaction is NOT recommended. 

Looking up reviews of realtors on reputable real estate websites is a good idea, and conducting plenty of research to make sure you’re finding the right person for the job is essential when it comes to the largest purchase you’re ever likely to make in your lifetime. 

Next, you should establish a budget that is both clear and realistic, taking into account how much you can realistically afford; this may narrow the options available to you, but it also helps you to avoid getting into a serious financial bind down the road. When determining a budget, a buyer should take into account numerous financial aspects, including their income, debt, any possible future expenses, and the currently high level of interest rates on home loans. 

High interest rates on mortgages have resulted in a bit of a slowdown in the Las Vegas real estate market due to the fact that many current homeowners are locked into lower interest rate loans and are loathe to sell. This has placed a limit on the amount of available housing inventory at the moment which is presenting budget challenges to buyers, with more and more of them remaining in the rental market for the time being while waiting for conditions to improve. 

However, experts recommend that for those with the financial means to do so, there are indeed a growing number of home buying options available to them in Southern Nevada – especially in the suburbs – and potential refinancing options could be available in the future if and when interest rates drop to a more manageable level. 

Home buying these days may be more difficult than it used to be, but with effort, financial savvy, due diligence, and the right realtor by your side, it’s still an achievable dream for many. 

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 Athletics’ ownership has hired the pair of industry-leading construction firms responsible for building Allegiant Stadium to build the Major League Baseball (MLB) team’s proposed new $1.5 billion ballpark on the Las Vegas Strip. 

 The A’s announced this week that the Mortenson | McCarthy Joint Venture will be responsible for handling all construction-related duties on the upcoming stadium, including estimates prior to the start of construction, scheduling and logistics planning, bidding, coordinating and managing labor, as well as engaging with the community. 

According to a statement released by A’s President Dave Kaval, the decision to go with this joint development team –  who are considered standouts in their field – was an easy one based on their previous efforts, particularly with the work they did on bringing Allegiant Stadium to life for the Las Vegas Raiders. 

Mortenson | McCarthy brings an exceptional level of expertise and experience to our project,” he said. “Their focus on innovation, safety and efficiency makes them the best in their field.” 

Despite the announcement, hiring of Mortenson | McCarthy still must be approved by the Las Vegas Stadium Authority before the deal can go down, although that is considered merely a formality. 

The new home of the Athletics – who are joining the Raiders in moving from their former hometown of Oakland, California – will be on a nine-acre plot of land situated on the 35-acre site of the Tropicana, located at Las Vegas Boulevard and Tropicana Avenue. Currently, the plan is to demolish the Tropicana to make way for the A’s stadium and to build a new 1,500-room hotel and casino on the remaining acreage. 

The A’s home stadium – a project expected to cost a total of $1.5 billion – is slated to take the form of a 35,000-seat retractable roof stadium. $380 million in public funds have been earmarked for the A’s new stadium, and the project in its current form could potentially also receive up to $180 million in transferable tax credits as well. 

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 – 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 – 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 – 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 – According to a new report by online real estate brokerage Redfin, in June 2023 Las Vegas’ real estate marketplace experienced the largest year-over-year decline in the number of new home listings when compared to the rest of the nationwide market. 

Las Vegas came in first out of the 50 biggest United States metro areas when it came to the decline of new home listings in June, with a 47.5 percent decrease when compared to the same period of time one year prior. The remaining cities in the top five, in order, were Phoenix, Arizona (41.1 percent), Riverside, California (36 percent), Oakland, California (34.9 percent) and New Brunswick, New Jersey (34 percent). 

The main reason attributing to these numbers is due to a general lack of inventory of new homes across the country, with the resulting demand beginning to reignite a phenomenon that existed during the pandemic where homes are once again starting to sell for more than their initial asking prices.  

Redfin noted that the average sale to list price ratio has hit 100.1 percent, the first time this has occurred in almost a year. 

A lack of homes for sale is the main reason homes are selling above their asking price, with new listings down 25 percent from a year ago and the total number of homes for sale down 12 percent as homeowners hang onto relatively low mortgage rates,” the report says. “Despite the double dilemma of low inventory and high prices, early-stage homebuyer demand is picking up.” 

In addition, Las Vegas also came in second among metro cities in terms of the biggest year-over-year drops of home sale prices in June; first place in that category was Austin, Texas, which saw a 9.8 percent decline when compared to June 2022, followed by Vegas (7.6 percent), Detroit, Michigan (6 percent), Oakland, California (5.9 percent)m and Fort Worth, Texas (5.7 percent). 

The top cities that saw the largest year-over-year home sale price increases were, respectively, Milwaukee, Wisconsin (11.2 percent), Providence, Rhode Island (8 percent), Newark, New Jersey (6.3 percent), Miami, Florida (6.2 percent) and West Palm Beach, Florida (5.5 percent). 

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 by national property broker Redfin, Las Vegas, Nevada is currently among the top three destinations for family relocations in 2023 so far. 

The report notes that currently, a record number of metro-based homebuyers – 25.4 percent, to be exact – across the country are looking to pull up their roots and move to a different metro area, representing an increase year-over-year from 23 percent in 2022 and less than 20 percent prior to the COVID-19 pandemic. 

The main driving force behind the increase in migration for American families is the fact that mortgage rates are currently at record highs, driving up prices of housing and greatly increasing the need for many to move to more affordable areas where they can get more bang for their buck. 

The order of the top three areas where families are relocating to, according to Redfin, are Phoenix, Arizona; Las Vegas, Nevada; and Miami, Florida. These three cities have grown greatly in popularity because the average home is significantly less expensive than in major coastal metropolises such as New York or San Francisco, where the cost of housing has made life almost impossible for many middle-class families. 

However, despite Phoenix, Las Vegas, and Miami topping the list of the most attractive places for families to relocate to in 2023, Redfin notes that the overall number of homebuyers looking to relocate to new metro areas has actually decreased year-over-year by 7 percent – the biggest decrease on record so far – due to the fact that current skyrocketing mortgage rates have put off many Americans from actually purchasing new homes these days. 

However, the report notes that if people are willing to relocate, then they’re willing to move as far as it takes in order to score a bargain; in contrast, the number of homebuyers looking to relocate within their own home city or town has decreased also by a record-breaking level, in this case a whopping 18 percent.

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 released by Las Vegas Realtors (LVR) notes that while they still remain below the all-time record high level achieved one year prior in 2022, home prices in Southern Nevada are continuing to creep back up month to month. 

LVR notes that the median price of existing single-family homes sold in Las Vegas during the month of May was $442,120; this represents a 2.8 percent increase from April, when that price was $430,000. However, home prices nonetheless remain 8.3 percent lower from the period in which their all-time record was set, which was $482,000 in May 2022. 

The median price of condominiums and townhomes sold in Las Vegas in May was $275,000, which is a 1.9 percent increase from April but a 3.5 percent decrease year-over-year, when once again the all-time record price of $285,000 for sales of this type was achieved in May 2022. 

According to LVR President Lee Barrett, the steadily increasing prices of homes, condos, and townhomes suggests that the Las Vegas real estate market appears to be on the comeback trail following the recent downturn it had been experiencing. 

Prices have now increased for a couple of months in a row heading into what is usually our strongest selling season,” Barrett said. “It seems safe to say that we’re bouncing back from the bottom of this recent downturn.” 

LVR reported that 3,645 single family homes were listed for sale without any sort of offer at the end of May, which is an increase of 2.1 percent year-over-year. In addition, there were 925 condos and townhomes listed without offers in May, which is a 16.1 percent jump from the same period of time one year prior. 

Currently, Las Vegas has approximately a two-month supply of properties available for sale, which represents a slow and steady crawl towards a more balanced market, experts say, as one year ago the region only had a one-month supply.  

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 – Numerous listings for rental properties in Las Vegas are showing that landlords and property managers in increasing numbers are offering various incentives to draw in tenants, a situation that until recently was not the norm. This situation is begging experts to question if Southern Nevada is slowly transitioning into a renter’s market after years of skyrocketing rents and low vacancy,

Kiara Ringgenberg and her boyfriend were moving in April from Helix on Alta Drive to Ely at Fremont Street in downtown Las Vegas, and were surprised to discover that their new landlord was only too happy to go out of their way to accommodate their moving schedule.

We were going to move in May since that’s when our lease was ending, but we wanted to move sooner rather than later,” she said. “Ely offered us two weeks of no rent to get us moved in on the timeline we wanted.”

In addition to the free rent, Ringgenberg also noted that Ely now also offers tenants free passes each month to local events that provide food and entertainment, a growing situation in Las Vegas as of late.

Listings for multifamily developments in Las Vegas recently are offering more and more perks to lure in or retain tenants, reports say, such as a free month’s rent or parking, echoing trends that are occurring across the United States.

According to real estate listing company Zillow, approximately 27 percent of rentals who advertise via its platform are offering at least one concession or more, representing a 6 percent increase when compared to the same period of time in 2022.

In Las Vegas rents decreased by 2.2 percent year-over-year during the first quarter of 2023; the average rent in the valley is now $1,430 per month.

According to the Nevada State Apartment Association (NSAA), renters in Las Vegas are currently getting a bit of an edge in the housing market due to high interest rates that have resulted in a “decrease in rent prices with growth in available units.”

Reasons for this shift include upcoming inventory increases, current vacancies and changes in renter patterns,” the NSAA said. “It is not uncommon, when these trends exist in a market, for landlords to offer concessions to renters to incentivize them to renew their lease or to attract new tenants to a unit. These concessions could include a free month of rent, reduced security or rent deposits, upgraded parking or more.”

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 holding steady for several months, the prices of homes in Las Vegas finally began to rise in April, even as sales of homes continued to dip amid rising inflation and high rates on home mortgage loans.

According to a new report released by Las Vegas Realtors, in April the median price for an existing single-family home in Southern Nevada was $430,000, which represents a 1.2 percent increase from March, at which time the median price was $425,000.

Despite the price finally rising after several months of meaning flat, that number nonetheless remains well below the same period of time in April 2022, when the median price was $475,000.

When it comes to condominiums and townhomes, April’s medium price was $270,000, which is a 3.8 percent increase over March but still down 1.8 percent year-over-year.

Lee Barrett of Las Vegas Realtors said that Southern Nevada is beginning to experience what many cities across the country are: a recent downturn in the housing market after several years of rising prices and prosperity. However, the uptick in prices in April indicates that the market is on the verge of bouncing back yet again.

“With local home and condo prices rising slightly from the previous month, this may be another indication that we are either at or maybe even past the bottom of this cycle,” Barrett said. “Until April, local home prices hadn’t really changed since December. It had been more than four years since local home prices stayed flat for that long.”

Approximately 2,500 existing homes, townhomes, and condominiums were sold in Las Vegas in April; that number represents a 34.6 percent decrease for homes year-over-year, and a 31.1 percent decrease for condos and townhomes.

There were 3,737 single family homes listed for sale in Southern Nevada without any offers at the end of April, an increase of 53.1 percent from the same period of time one year prior. Meanwhile, there were 964 condos and townhomes without any offers, which is a 90 percent year-over-year increase.

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 released by a national moving company indicates that Las Vegas, Nevada currently ranks as the second-highest location in the United States that both people and businesses are moving to.

In its 13th annual top moving destinations list, Penske Truck Rental noted that – for the second year running – Las Vegas was the second most popular city for customers to rent its moving trucks for a one-way trip in 2022, indicating that these travelers were intending to stay at their destination permanently.

Houston, Texas topped the company’s list as the country’s most popular one-way moving destination for the second year in a row. Third, fourth, and fifth places were held by Orlando, Phoenix, and Atlanta – the city’s first appearance on the list since 2020 – respectively.

In 2022, approximately 27.3 million people moved in the United States according to the U.S. Census Bureau, representing a 4 percent year-over-year increase.

In recent years, Las Vegas has been experiencing a great influx of new residents from neighboring states such as California who are looking to escape high taxes and exorbitant cost of living increases; a new report also indicates that more and more individuals from a wholly unexpected state – Florida – are also making the decision to relocate to Southern Nevada as well, for a variety of reasons.

One of the reasons that Southern Nevada is growing in popularity with Floridians, reports say, is that it offers the same business-friendly environment as their native state – as well as similar low cost of living benefits – but without the regular threat of natural disasters such as hurricanes and tropical storms threatening both property and well-being.

The fact that Las Vegas has slightly cheaper real estate prices overall when compared to Florida – allowing new transplants to get more bang for their buck – is another strong motivating factor, according to experts.

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.