Category Archive : Real Estate

LAS VEGAS, NV – As always, the real estate market in the United States can be a highly competitive one, but when looking back at the year 2018 in review, one territory stands out clearly above all the rest as the hottest market in the county: Las Vegas, Nevada.

Based on home price growth alone, Vegas reigns supreme as the biggest housing market of the past year, and part of that status can be directly attributed to its relatively low cost of living not only when compared to much of the country – Vegas remains one of the cheaper metropolitan areas in the country to live – but especially when directly compared to its immediate neighbor: California. California boasts some of the highest home prices and cost of living in the nation, and it’s that crucial fact about its housing market that makes Southern Nevada that much more attractive not only to tourists, but to people and families looking for a new place to live that is affordable.

However, it’s not just the affordability factor that made Vegas’ real estate market so hot in 2018; a number of other factors functioning in tandem helped with that. Major job creation, coupled with diversification in multiple industries in the region, is another contributing reason. After the recovery from the housing market crash of the mid-2000’s, Vegas saw a variety of companies and businesses settle down within its borders; companies and businesses that need qualified workers, and because of that the city quickly saw an influx of new transplants from across the country, effectively kick-starting the local real estate market that has been otherwise sitting dormant for nearly a decade. With that demand, housing prices started to quickly climb in the region, although nonetheless remaining at levels comparatively lower than the much of the rest of the country.

For example, let’s compare median single-family home prices in Las Vegas to California. In the third quarter of 2018, a home in Vegas came in at approximately $294,600; when compared to the same home type in Los Angeles – $628,900 – and San Diego – $650,000 – and Orange County-Anaheim – a whopping $830,000 – it’s easy to see why Las Vegas suddenly becomes a very attractive alternative, even with its own real estate market currently on the rise.

Vegas also overtook Seattle, Washington as the king of the fastest-growing home prices, with 13 percent jump in September 2018 over the same month one year before. Vegas’ real estate market had previously peaked back in 2006 before the burst of the housing bubble, and while prices locally have recovered and grown significantly since then, they are still 20 percent below 2006 levels. If ever there was a time to buy in a rapidly-growing marketplace, now is clearly the time and Las Vegas is clearly the place.

Thinking about relocating to Las Vegas? Need some ideas on what areas fit your family best? New home recommendations? Las Vegas apartments, condos even nightlife and entertainment? Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Las Vegas boasts a diverse and wade array of residents, and one of the segments of this population that is growing at an especially rapid rate is Asian-American contingent; currently drawn to the Southern Nevada region from areas of the country including California, New York, and even Hawaii, Asian-Americans are making up an ever-increasing segment of Vegas’ residents due to the many opportunities that are being offered by the city’s rapidly-rebounding economy and job market.

Developers are looking to take advantage of this demographic by recently announcing an increase in construction in Vegas’ Asian-American district, particularly in the form of new retail and business-related projects on Spring Mountain Road. Recently, local dignitaries turned out for a groundbreaking event in that will signify the kick-off of work on a 33,000 square-foot plot of currently-vacant land that, once development is complete, will offer new office space, restaurants, and more to local residents.

Special effort will be given to making maximum use of the available space, the developer noted, as land is scarce for new projects in this area; Spring Mountain Road represents a very busy roadway that travels through the very heart of Vegas’ Chinatown district, and as a result conditions are tight.

The event included a festive scene as Asian-themed celebrations incorporating dancers, dragons, and authentic music ushered in the commencement of work on the project, located in the vicinity of Spring Mountain and Jones. Developers noted that the design of the upcoming business and retail complex will make use of a modern yet distinctively Asian aesthetic in an effort to attract both younger and older members of Vegas’ growing Chinese population. The new retail and business opportunities are expected to lure in one of the most desired demographics in the region – traditional families as well as tech-savvy millennials.

The new project, according to the developer, should usher in a fresh new vibe to the region and attract a younger, hipper demographic; in addition, the fresh construction and design elements should inspire neighboring businesses – including some that have become somewhat run-down over the years – to follow suit and invest in a serious facelift.

After the recent groundbreaking, project managers for the development have said that construction should start kicking into gear within several weeks. The first new business tenants are tentatively expected to move in and open their doors by December of 2019, if all goes according to plan.

LAS VEGAS, NV – After a series of construction projects throughout 2018 aimed at increasing its appeal, Lake Las Vegas has emerged at year-end as a place for people to call a full-time home, finally shedding its reputation as merely a weekend retreat for those able to afford a second home ‘away from home’.

Initially, after the Southern Nevada region began to recover from the mid-2000’s burst of the housing bubble, Lake Las Vegas was one of the slowest Master Planned Communities to show any sign of a rebound; as of 2014, developers shied away from constructing homes there initially, but as time went by and more and more demand for housing began to grip the area, builders began to give Lake Las Vegas a second look. Currently, there are now ten communities within Lake Las Vegas that have homes on the market, ranging from moderately-priced dwellings to luxury custom lots. In addition, there are even plans in the works to construct a 55+ community, slated to potentially open by the end of 2019.

Clearly, developers have turned around when it comes to what Lake Las Vegas has to offer the Southern Nevada real estate market; the 3,600-acre development – complete with a 320-acre, man-made lake – is in the midst of a construction boom, and a lot of that new success is due to efforts by owner John Paulson to change Lake Las Vegas from a vacation spot to a legitimate community where families and individuals would live year-round.

Part of the plan to rehab Lake Las Vegas’ image is to make it more family-inclusive were the development of numerous amenities that would illustrate the community as more than just a weekend resort town, and developing homes that catered to a variety of different income levels in order to make it more inclusive and attractive to buyers. As a result, more and more buyers are seeing Lake Las Vegas as a place for their primary residence as opposed to simply a getaway.

Another large factor that has opened up Lake Las Vegas to serious home buyers is the linking of U.S. Highway 95 to an extension of East Galleria Drive, opening up an easier, more direct access to retail shopping and entertainment options for residents. In addition, the construction and opening of Stevens Elementary School along that route has also proven to be an allure for families with children. The addition of new businesses such as a supermarket and sports club have also helped to draw new buyers in.

Indeed, things at Lake Las Vegas as 2018 comes to a close have taken a 180 degree turn over the previous year; whereas the region was formerly seen as a weekend retreat for wealthy individuals, Lake Las Vegas is now a permanent home to more and more people than ever before. In fact, many individuals are purchasing homes there and turning to areas such as Utah and Idaho for second home options. And as more development continues as Lake Las Vegas, its reputation is expected to continue to draw in buyers looking to make it their primary residence.

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 – Construction projects in Las Vegas have been ramping up in recent months through an effort to satisfy the growing demand for both housing units and new space for the city’s business sector, and developers in the region – especially when it comes to the in-progress Las Vegas Stadium – have been turning to U.S. military veterans in order to get the job done.

When asked why vets were figuring so heavily into the expansion of Las Vegas’ housing and industrial communities, developers cited several aspects that military training typically instills into its members – most notably, a soldier’s intense sense of leadership and teamwork, reports say. There are no specific laws or requirements governing the hiring of those who have engaged in military service, but nonetheless employers in the construction field have been actively seeking them out in large numbers to assist in completing their many projects…especially the Las Vegas Stadium, future $2 billion home of the Las Vegas Raiders NFL team.

The contractor behind the stadium – Mortenson Construction Company – noted that three percent of man hours of work put in by subcontractors on the site by the end of September 2018 were by veterans and as time goes by and more veterans are hired, that number is expected to rise significantly. After all, the strict discipline and structure that military men and women was taught while serving their country can be a big part of achieving success once they rotate back to their civilian lives.

A-1 Concrete Cutting and Demolition, a Las Vegas-based firm that is involved with work on the stadium, currently boasts of a team made up of approximately 30 percent ex-military members; the company’s owner, Joe Monteiro, notes that it’s one of the main things he looks for when it comes to potential hires, citing the innate toughness displayed by many vets and how it translates into the quality of their work.

“In construction work, you need team players. You don’t need a guy that thinks he knows it all and can do it all, because you can’t,” he said. “If you don’t have your co-workers working alongside of you, they’ll bury you, and how they bury you is by not performing or making you look bad.”

The Caesars Forum convention center, a $375 million project, is currently in the midst of construction; PENTA Building Group, the general contractor responsible for it, features a workforce made up of over 15 percent of military vets, and is on the lookout for more at any given time, according to PENTA’s marketing manager Tim Putnam.

“We understand there’s great talent in the military,” he said. “It’s great being able to say we’ll help them transition to civilian life, and hopefully we gain a great employee in the process.”

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 – 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 – 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 – Since the end of the recession and the recovery of the Las Vegas housing market after the the mid-2000’s housing bubble, real estate – and prices – have been steadily climbing, fuelled by intense demand as money and businesses continue to flow into the Southern Nevada region to take advantage of the opportunity that lies within.

With demand currently far outstripping demand, Las Vegas is threatened with eventually losing its attractive status as a city with a very affordable standard of living when compared to much of the United States these days. At the moment – and for the foreseeable future – property prices in Las Vegas are among the fastest-rising in the country, and developers have seen rapid and massive profits as available homes have been snapped up in record time.

In order to combat these concerns, local builders have been attempting to ramp up construction in an attempt to increase the available number of homes and apartments on the market; it is hoped that such efforts will stabilise the rapidly climbing costs of real estate in Vegas as of late. And in order address those concerns specifically, builders have begun to place a greater emphasis on lower-cost housing options when it comes to their construction plans, according to reports.

Of the communities that have been completed and opened in 2018, approximately 25 percent of them have advertised base asking prices below $300,000, which represents an increase of 12 percent in projects with such price points over the same period one year ago; the median sale price of a home as of the end of this past May was $369,990 – an 8 percent jump from 2017 – so it’s easy to see that any home that starts under $300,000 can be seen as a boon to new families attempting to get a fresh start in the Las Vegas region.

Part of the business plans that have resulted in these cheaper home prices center around less expensive land prices as areas that had been previously overlooked by developers toughing it out during the recession are being snapped up for bargains today. In addition, greater numbers of apartments and condominiums in circulation – increasing completion for the dollars of those looking for a new place to live – are also helping to stabilise new home prices.

Las Vegas’ skyrocketing economy and real estate market are a large part of what’s putting it back on the map after over a decade of dormancy during the recession; experts are starting to worry that its sudden and rapid growth and expansion may be a case of too much, too soon, so the fact that local developers and builders are taking note of this fact and – adjusting their output accordingly in order to curb this trend and help retain the affordability that Las Vegas has come to be known for – ensures that the region’s upward financial climb will only continue unabated.

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 – Las Vegas real estate has continued to astound the nation, with demand – and prices – still climbing ever since Southern Nevada spectacularly rebounded from the devastating recession of the mid-2000’s. Properties that were previously vacant and unwanted are now being snatched up at a record pace, and according to experts those prices will soon reach levels the region has not seen in over a decade, with no signs of slowing down.

2018 could very well see Las Vegas home prices, which have been rising steadily due to ever-increasing demand, reach their pre-recession peak; media house prices hit their zenith in 2006, coming in at $315,000, but after the housing bubble burst in 2012, that price dropped drastically- all the way down to $118,000.

The Vegas market is currently zeroing in on those pre-recession numbers. For instance, May of 2018 saw the median sales price of single family homes coming in at $295,000, which represents an increase of 2.1 percent from April and a jump of 18 percent from the same period one year prior.

The median sales price of previously owned single-family homes was $295,000 last month, up 2.1 percent from April and 18 percent from May 2017, according to the Greater Las Vegas Association of Realtors (GLVAR). In addition, the number of homes sold increased from April to May – 3,140, up 9.1 percent. This showcases the rapid and continuing growth of the Vegas real estate market, although the increasing scarcity of inventory in 2018 is resulting in a slightly lower number of sales when compared to April of 2017, which saw an additional 10.7 percent in sales over this past April.

However, the amount of homes on the market has been steadily increasing as construction has been working overtime to meet the wants of new transplants to Nevada seeking job opportunities and an affordable lifestyle, in addition to more investors putting their properties up for sale. At the end of May 2018, 4,118 homes were for sale without offers, an increase of 7.9 percent from the month before; however, that number is still down 17.2 percent from May of 2017, showing that inventory is still not quite matching demand yet.

The ever-increasing home prices in Las Vegas are functioning as a double-edged sword; property owners and investors are accumulating a great deal of money as homes sell, but with the increasing number of new residents in the region looking for homes, a question of affordability will soon figure into the equation. Experts, however, don’t foresee any price decline in the Vegas real estate market over the course of the next several years, although some are hoping for price growth to at least slow down to a degree that goes more in line with the income level of local residents. Achieving that slower price growth will be possible, experts say, when local Vegas construction projects introduces more housing units upon the market – slightly curbing demand and giving buyers more options – anticipated to happen in 2019.

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 – With the recent economic upturn experienced by Las Vegas – fueled by an ongoing real estate boom, massive job growth as a result of an influx of new businesses and tourism increasing, and a more affordable cost of living, among other factors – the region has become quite attractive for location-first movers, with a recent study noting that Vegas currently claims the largest percentage of them in the nation. Location-first movers are defined as an individual or family that makes their selection in purchasing a home on the attractiveness of living in a specific area, sometimes before even securing a job there.

Apartment List noted in their study that a whopping 82 percent of movers selected Las Vegas based on numerous factors related to the lifestyle of the region, without even having secured a job before doing so. This is a huge number, and it far outpaces the number two location-first area in the U.S., Phoenix, which comes in at 69 percent.

These decisions are typically driven by a number of reasons related to living in Southern Nevada, including the general lower cost of living when compared to many other neighboring areas. A good example is the large amount of transplants from California, a state revered for its wealth and glamour, but infamous for its extreme cost of living; there has been a recent glut of movers from California to Vegas for the overall cheaper lifestyle, including the price of homes. While property values in Vegas have been steadily climbing due to incredible demand and lack of supply, they are still much lower, proportionally speaking, than in California; while local home values have risen 12.4 percent in the last 12 months, the median home price is still $230,800… this is in stark contrast to California, where the average price is $542,900, well over double. And although Las Vegas itself does have a sales tax of 8.15 percent, that number is nicely counteracted by the fact that Nevada has no state sales tax and very low property taxes.

Again, the reasons for this are clear- Vegas currently has an exploding job market that is offering a record number of placements for people both with and without college degrees; in addition, the revitalization that is taking place in the downtown area is not only offering additional employment opportunities, but it’s also offering an enticing number of entertainment options for local residents who are always on the lookout for something fun and exciting to do. And when they tire of the bright lights and big city, newcomers to Vegas can venture just out of town to experience the vast natural beauty that Nevada offers in abundance.

In addition, the rental market is also thriving and attracting similar numbers of location-first movers, at well over 60 percent; the closest competitor in this regard is San Antonio, with the rest of the field lagging well behind. And while again, demand and scarcity are in the process of driving up prices – currently, a one-bedroom apartment fetches an average of $910, with two bedrooms going for $1,130, with a year-over-year growth of 3.8 percent – but again, the overall lower cost of living, combined with a flourishing job market and numerous attractions and amenities afforded by life in Southern Nevada, have made Vegas THE place to call home these days.

LAS VEGAS, NV – According to recent reports, the real estate market in Las Vegas is still on an upwards trajectory with little sign of slowing down; substantial year-to-year gains in terms of the value of properties in Southern Nevada are eclipsing almost every other region in the United States, speaking volumes to the fact that Vegas is a hotbed of housing activity in 2018.

Overall, real estate in the United States is skyrocketing, and even in such an environment Las Vegas is standing out; currently, it is ranked number two nationally in property value appreciation, up 6.3 percent in February 2018 from the same period of time one year prior. This is equal to a previous jump in December, which represented the biggest gain in home appreciation in Vegas in almost three years, making it second only to Seattle, Washington. Coming in third is San Francisco, California.

The gains in home values in Las Vegas can be attributed to a number of factors, with experts mainly citing the improving economy resulting in steadily-increasing jobs – which, in turn, is attracting new transplants to the area – as well as an increased amount of young millennials leaving home and getting their own places. And, of course, there is that old adage that supply and demand sets the price; March 2018 saw an increase in home sales over February, although that overall number was lower than a year ago simply due to the fact that there currently aren’t enough properties on the market to satisfy the growing need.

As far as the prices of homes overall, April recorded a whopping 2017-2018 year-to-year increase in April of 16.1 percent, with the median sales price of a single-family home coming in at $289,000; this represents a 3.2 percent jump from March. As for actual sales, 2,878 homes were sold in April, which was a decrease of 8/7 percent from the month prior but still an uptick of approximately 0.4 percent from last year. As for inventory, 3,816 single-family homes in Las Vegas were up for sale but were without offers in April, representing a drop of 0.5 percent from March, and 24,9 percent from the same time one year ago.

But while this is all good news for dabblers and investors in the real estate market, it spells potential issues for actual home buyers, as the gains to home values reported for February signify that they are rising at a level that is currently greater than respective gains in terms of both inflation and the average pay level for the region. While this obviously doesn’t make buying property for the average family impossible, if appreciation continues at this level for the foreseeable future buyers may have to make more frugal choices in terms of lodging. For example, due to increasing mortgage rates, more and more people in the United States are opting to renovate their homes as opposed to selling them, and less families are selling their properties because – especially in areas like Las Vegas – the supply currently hasn’t caught up to demand, yet, although many developers are doing their best to try.

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.