Condos & Townhomes Surge In Price

Channel 8 and the Las Vegas Sun has reported condo and townhome prices have soared to an all-time high in April. The median has been pushed to $290,000 – up nearly 8% since 2023. Single-family homes have priced many out of the market as well. The median sale price of existing single-family homes in Las Vegas in April was $469,000, an almost 10% increase from the same time last year. Numerous investors and first time home buyers have been squeezed out of the single family market.  That’s an increase of several thousand dollars from the previous record set in 2022.

 Sadly, most of these new investors forgot to do the math before purchasing these condos & townhomes. Nearly all of our new clients who purchased one are bleeding cash every month. These newbies will be bleeding cash for a couple of decades.

There is a remote chance that inflation will push rents up to alleviate the pain of these new investors. However, there are thousands of luxury rentals coming on the market and I see no end to their suffering.  There is simply nothing worth purchasing right now in Las Vegas.

Las Vegas Rental Market 

Bob Kinniburgh has reported Las Vegas median rental price has hit its last year’s peak of $2,100 which also occurred in May 2023. It will be interesting to see if it moves any higher than last year. Zillow is forecasting renter demand for Las Vegas to cool compared with the national average. There are a total of over 3,500 rentals currently on the market for Las Vegas. These numbers are based on all home types and all beds.

The median rent for single family homes, all beds, are running significantly higher. The median rent is $2,378 vs. $2,295 a year ago. The median rents for condos and apartments continued to rise in the second quarter and now are $1,383, about the same as last year. Currently there are 1,339 available condos/apartments for rent.

North Las Vegas has seen increases in the median rent on all home types and all beds. There was a $25 increase on the year-over-year median rent, which is $2,100. As with Las Vegas, Zillow is forecasting the renter demand to be cool compared with the national average.

Henderson has stayed flat for median rental prices, all home types, all beds for the past two months and has had a modest $3 increase in year over year change. As with both Las Vegas and North Las Vegas, Henderson’s rental market is cool when compared to the national average.

For up-to-date information from Zillow, please click here.

The Summer Battle Has Begun

We are hitting 100 degree temperatures now. This means HVAC units are failing every single day. Let’s cover the basics so you can be prepared for WHEN your HVAC fails.

According to state law, we have just 48 hours to repair an air conditioner. The majority of our tenants understand meeting this requirement is nearly impossible. However, we have some tenants who know the law and have dependents who require relief quickly.  

• Home Warranties – These are essentially worthless because most can’t dispatch a tech within a week. If you have a home warranty, we will give your company 24 hours to respond with a technician. If your home warranty is MIA for 48 hours, we are going to step in and repair your unit. If it’s a simple fix like replacing a compressor or fan motor for less than $1000 we are just going to fix it. 
• HVAC Units Less Than 20 Years Old – This is a tough call but generally, if we can fix it for less than $1000 we are just going to do it. This time of year, it costs about $150 for someone to even look at a failed HVAC unit. There is no benefit to you to spend another $150 to get the same answer. 
• HVAC Units Greater Than 20 Years Old –  We will give you just a few hours to respond. If you are MIA and the cost is less than $1000, we are just going to fix it. If the cost to repair a unit is more than  $1000 and you are MIA, your property manager is going to make a decision without you. We offer financing for anyone struggling. 
• Multiple Estimates – Multiple estimates are not practical this time of year. Sorry. Not going to happen. When it reaches 120 degrees, there are tens of thousands of HVAC failures. Every HVAC technician in Vegas is running around with their head cutoff. Some techs literally have a melt down and turn off their phone. We will not be spending a week dilly dallying with your HVAC. 

If you have been with us a while, you know we are not here to make money off of maintenance. We offer repairs as a courtesy to our customers. The majority of our preferred vendors have been with us for years and offer good service at a reasonable price. We trust them with our own personal properties and they give us a discount because we pay promptly.  If you have a preferred technician for your HVAC, give us that number today so we can update our notes.