After starting off the year at a very slow pace, real estate sales in the Las Vegas Valley are picking up. With interest rates .6% lower since November, buyers are no longer standing on the sidelines. Inventory is high with 7,091 single family homes on the market today – looks like the market is no longer favoring sellers for now. The median home price of $300,000 means those coming from California can still get a lot more house for their money.
(Image and story courtesy of the Las Vegas Review Journal)
Rents are rising – whether this is good or bad depends on whether you are an investor/landlord or a tenant. Apartment rents are up 7.7% – the highest increase in 79 metro areas over the past year.
(Image and story courtesy of the Las Vegas Review Journal)
Jobs are growing at a faster pace than the population growth in Henderson. Hmmm – will higher pay follow when employers need to compete for employees?
(Statistics courtesy of RCG Economics Las Vegas.)
On a sad-but-not-unexpected note, downtown’s Eclipse Theater is facing foreclosure. I love this place, but it generally feels like a ghost town. At $18 per seat, you need to offer more variety than just superhero movies. Beautiful theater, and perhaps the investor who is able to pick it up once it’s REO will be able to drop the price to attract more locals.
(Image and story courtesy of News 3 Las Vegas.)
I would love to discuss where these circumstances leave you in your real estate world. Call or text me. 702.279.2466 – Robin
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