Listings dropped 50% in September
The Review Journal reported there was even less inventory in September and prices remain the same since 2022. Roughly 4,066 single-family homes were on the market for sale at the end of September. You would think the prices would go up with this limited supply. However, there are very few buyers. Mortgage rates have killed off the primary buyers AND we are headed into the dead zone of winter. The average long-term U.S. mortgage rate jumped to 7.49 percent this week, the highest level since December 2000. Primary buyers also have Turkey and Santa Clause on the brain. This leaves only investors who just low ball everything that comes on the market. It’s the only way for them to make the investment work. Purchasing anything on the market at list price right now does not make financial sense from an investor’s prospective.
It is likely prices will drop in the winter like historical records prove. However, the price drop will not be significant enough to warrant investing.
Rents Starting to Recover and Hold Steady
According to Zillow Rental Manager, the median rent for all property types for Las Vegas is $1,982, which is a +$7 change month over month, but still -$78 less from a year ago.
Rent in Las Vegas, NV is 0.65% lower than in North Las Vegas, NV (median rents $1,982 vs. $1,995). Rent in Las Vegas, NV, is 10% lower than in Henderson, NV (median rent $1,982 vs. $2,195).The median rent for houses in Las Vegas, all beds, is beginning to rebound at $2,295 median rent or a +$70 year over year increase as we move past the drop in median rents starting last year. North Las Vegas, however, is continuing to feel the effects of a lower rental return with a -$55 year-over-year drop in medium rents. The Henderson rental market is a bit stronger with only a -$5 year-over-year change in medium rents.
Rents will probably be relatively flat through 2024. The influx if Californians are being absorbed with new inventory. There are dozens of new apartment projects in the works including this 417 unit in North Las Vegas. Want more data? Bob Kinniburgh will set you up.
Mid Rise Development Downtown Las Vegas To Be Built
These folks are bold to be building a high end mixed use property near downtown. The market is flooded with luxury rentals and rents are declining. They will also have to contend with all the zombies that lurk downtown.
According to the Review Journal, this project will be completed in phases and the first phase of the Midtown project looks to add five buildings around the English Hotel that would add a total of 651,000 square feet of space to the area and 856 residential units to the area, according to Midtown’s website. These buildings would be a mix of apartments, condominiums and mixed-use facilities that would offer both retail and office space.
Quick snapshot of our staff.
We have more folks to help manage our properties now. Vennetta and Victoria will be managing some of our portfolio. Our goal is to provide even better customer service than before. Recent customer reviews on Yelp and Google have been excellent!
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