Looking year-over-year, the number of single family escrows opened and homes closed have been more than respectable. Closings are up nearly 20% year-over-year when measured in July and the year-to-date numbers are solid also. Price increases have moderated and we believe this is a welcome pause after the consistency in vibrant price increases. We have already experienced more price amplification than we expected back in Ja... read more
Industrial development in our region is on the rise, and this is good news because it should fuel greater demand for housing as large, new clients move to the market.
When it comes to the economic development work that I and the Las Vegas Global Economic Alliance do every day, we forecast some major near-term opportunities. During the next year or two, we will see logistics and manufacturing operations locate in Southern Nevada. Much of this activity will be necessary to fill the millions of square feet of ... read more
So far 2015 is looking a lot like 2014 in terms of closings. Both single family homes and condominiums are very close to 2014 levels between January and May. However, the type of buyer has been shifting with prices ratcheting higher during the past year. Investors now make up a relevant but declining share of closings and the higher prices have likely tempered some first-time buyer interest although low interes... read more
LAS VEGAS VALLEY HIGH-RISES
LAS VEGAS HIGH RISE - Condominium Market
While we see each high-rise project as a market unto itself, for brevity, we occasionally refer to the “market” for high-rises.
The high-rise market is registering fairly flat sales rates, however pricing continues to ratchet higher in a majority of buildings. There are some notable performers. In the past couple of years, Downtown has had rather tight supply, with limited resale activity in Newport Lofts and Soho Lofts, both of w... read more