11 April 2016

Condo Prices in Las Vegas up 15 Percent in the Past Year

The winter months are often difficult for the property market, a time when property prices level off and sales decline.

Latest figures however, from the Greater Las Vegas Association of Realtors (GLVAR), suggest otherwise – as condominium prices rose by as much as 15 percent in the greater Las Vegas area. For example, high-rise condominiums rose from an average of $105,000 last year to $120,000 this year – up sixteen percent in one year.

The figures are consistent across the state. Single family homes in southern Nevada, for example, have risen from an average of $205,000 last year to an average of $220,000 this year – a remarkable, if unexpected rise in seasonal property prices. Rising house prices and elevated sales are expected to peak further as the spring season progresses.

Implications for the Property Market

Triumph, as the largest Las Vegas property management firm, has felt the impact of this rise. The property market sector is slowly, but steadily, recovering and this reflects greater consumer confidence. More and more investors are now in a position to capitalise on this confidence, not least in their willing to maximise income potential with real estate firms.

Property management firms in Las Vegas streamline their services in order to reduce costs and maximise income potential for property investments, something achieved by:

  • Establishing long-term leases
  • Reducing vacancy periods
  • Thorough tenant screening methods
  • Regular inspections/maintenance
  • Liaising with the property owner
  • Effectively managing legal affairs
  • Enforcing evictions where necessary
  • Managing tax/auditing

Together, these features are said to constitute what’s known as full-service property management – a service that deals with all aspects of property management from day one.

So while more and more investors turn to property management in Las Vegas, this doesn’t mean the property sector is without problems. For instance, we are still dealing with low housing supply, and an enormous number of mortgage holders whose debt exceeds the current value of their home. These are challenges which need to be met head-on.

Market highlights in Las Vegas

Though there are problems to be tackled, there are many positives on the horizon. Take monthly property sales in February, for example. Real estate transactions were worth over $500 million for standard homes and over $80 million for condominiums – values which are 15 and 9 percent higher respectively, compared to last year.

So yes, the property market in Las Vegas is moving in the right direction, but more needs to be done to secure the recovery. Market confidence needs to increase further, and lending institutions need to offer real reform to those in mortgage distress. Only then can we move out of our existing regressive phase into one that’s progressive and lasting.

As one of the leading property management firms in Las Vegas, Triumph welcomes the news that condo prices are up 15 percent. This is a small but significant sign that the property market is moving in the right direction, meaning more and more investors seek to optimise their income potential with real estate service that add value to their investment.

Call Us Now