Las Vegas Real Estate Market Update
April stats show a slight uptick in median home prices. HOWEVER, the data is skewed primarily by the more expensive “bling bling” homes that our investors don’t dabble in. According to the Las Vegas Sun, more than 3,700 single-family homes were listed for sale without any sort of offer by the end of April. The number of condos and townhomes listed without offers jumped almost 90% compared to April 2022.
Sales of single family properties were down 34.6% compared to the same time last year. There is no question in my mind we peaked May of last year. We predict further declines in the market. This slow decline should persist for a few more years. A new report from Vanguard predicts home prices nationally to decline by 5% going into the second half of 2023, triggering a mild recession.
We have been hired to get rid of a naughty tenant by a new customer. Sadly, this guy tried to manage this thing himself. His tenant has not paid rent in 5 months. Our next court date is in August! The courts are so backed up it’s nearly impossible to get rid of a naughty tenant in less than 4 months. To top it off, our legislature is trying to pass new laws to make it even more difficult. Therefore, our standards for screening new tenants have increased significantly. Excellent credit, multiple landlord references and more in depth background checks are being used. This also means properties will be vacant longer unless a property is on the market at less than market value.
The increase in supply in rentals and the more stringent screening processes are causing rental prices to drop this year.
Vacant Property Solutions
There has been a sudden surge of customers who have hired us to get rid of their naughty tenants. This video describes what we do to prevent homeless people from getting into properties.
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!
Looking for a quick getaway in Las Vegas?
We manage a dozen short term rentals. Our customers get discounts for staying with us and we would love for you to visit!! Click here to see what we have available.