Nevada Residential Real Estate Industry

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Latest Nevada Residential Real Estate Industry Feature

A Place to Call Home: Nevada’s Residential Housing Market

By Jennifer Rachel Baumer

Originally Published: https://www.nevadabusiness.com/2021/09/a-place-to-call-home-nevadas-residential-housing-market/

In southern Nevada, between 13,000 and 14,000 new home permits have been pulled in 2021, up 11 percent from 2020, said Nat Hodgson, CEO, Southern Nevada Home Builders Association (SNHBA). “We thought we were going to get about the same as last year, so an 11 percent increase when we were factoring zero is pretty good. We’re actually tracking over 14,000 right now, but I don’t think we can build them, so I’m trying to be conservative.”

“Builders are pulling permits faster than they have for quite a while,” said Forrest Barbee, corporate broker, Berkshire Hathaway HomeServices Nevada Properties. One resource showed 1,200 pulled in July, and they’re closing more homes than closed in 2020. At the heart of the pandemic, as unemployment rose, southern Nevada builders experienced a 40 percent cancellation rate on contracts in new developments. “Even though they closed over 10,000 new homes, they still had about a 30 percent cancellation rate on contracts last year.”

Then something changed. If homes were built, they were absorbed. The absorption rate in southern Nevada is now better than 100 percent.

[Read the Full Story]

Recent Nevada Residential Real Estate Industry Features

Industry Focus: Residential Real Estate
July 2021
Nevada’s housing market has seen a boom in the past year as sellers receive multiple bids above asking price and buyers scramble to find homes within their budget. [Read More]

Luxury Demand: Opulent Homes Selling in Nevada
Recently, a home in MacDonald Highlands in Henderson sold for $5.35 million. While significantly higher than the median sale price, it’s representative of a typical transaction these days, according to real estate brokers and developers in Nevada. [Read More]

Uncertain Times: Multifamily in Nevada
April was set to be yet another busy month for sales of apartment complexes in Nevada, one of the hottest multifamily markets in the country. [Read More]

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Nevada’s residential housing should be stabilized and sustainable throughout 2020. [Read More]

Living Large: Nevada’s Luxury Home Market
In late 2018, a condo in the Waldorf Astoria Las Vegas sold for a record-setting $1,633 per square foot. Despite this being an impressive luxury home record sale, it could be eclipsed if a home listed at Crystal Pointe, Lake Tahoe, sells – that listing is for $75 million. [Read More]

A Home Run – Nevada’s Residential Market:
It’s a simple law of Nevada economics: When folks are working, they buy houses. And when they’re making good money, they buy better houses. Those economics are driving stronger residential sales and construction across the state, and executives see little reason for worry about the continued health of the residential sector. [Read More]

A Place to Live: Nevada’s Residential Market: Call it flattening or softening or just call it a leveling off – Nevada’s housing market seems to have found an even keel in the second half of 2016, and most professionals in the industry are calling that a good thing. [Read More]

Nevada’s Top Residential Real Estate Agents: Residential real estate agents in Nevada know, better than most, that the last several years have posed a variety of challenges to their industry. [Read More]

A “Fixer Upper”: Navigating the New Residential Market: These days, Nevada’s residential real estate market is a maze to be navigated, with buyers and sellers alike having to juke and swivel around such things as turbulent national and state economies, a saturated market, rampant unemployment, underwater properties, foreclosures, short sales, out-of-state investors, reluctant banks, government regulation and a small but stubborn demand for even more new houses. [Read More]