Vegas Market Research

Rental Property Investor · San Francisco, CA · Member since 2017 · 2 posts · 0 votes

Hi, my wife and me will be coming out to Vegas from San Francisco next week to do some market research on single family homes. We're looking to meet local real estate agents / investors to learn as much as possible.

We're looking for areas with the right balance between appreciation potential and rental rates.

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Bill B.

Investor · Las Vegas, NV · Member since 2013 · 8k+ posts · 10k+ votes

@Ian Tan

3bed/2bath or 4/2 let’s you rent to families and families who want an office/den/adult space but not larger families which may or may not be more destructive to your properties. 4/3 is pry ok.

I personally prefer 3 car garages in my residences, but only 1/3rd of my properties have 3 cars as it really limits your selection. Most (80%?) of vegas homes have 2 car garages. (That soooo many people fill with crap and then park in their driveways for some reason?)

Let me run the numbers on my properties at current values and see if any of them would cash flow. (Ps. I think if you break even today you’d still be a net winner in 5-10 years with higher rents, appreciation, loan pay down etc...most people I talk to can’t change their life with $100/mo cash flow or even $250/mo so if it’s $0-$250 it’s virtually the same.)

Are you planning on using property manager? What kind of mortgage rates are you being quoted? Lmk those 2 things and I’ll run a couple properties for you.

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Bill B.
Investor · Las Vegas, NV · Member since 2013 · 8k+ posts · 10k+ votes
8y
Las Vegas August numbers are out. Median sales prices up 17.5% year over year. IMHO, a Better number, price per SF, (ignores a bunch of cheap or expensive houses being sold.) up 18.5% year over year. Days on market down 40%.
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Account Closed
Member since 2018 · 214 posts · 175 votes
8y
@Bill B.
Although the August median price of $295,000 look the same as May median price ($295k), the August average price of $349,591 is higher than all the previous months in year 2018, year 2017. That being said, the housing price in Las Vegas has been going up continuously. Great news.
August 2017 average price: $294,711
May 2018 average price: $340,653
June 2018 average price: $337,969
July 2018 average price: $332,331
August 2018 average price: $349,591
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Bill B.
Investor · Las Vegas, NV · Member since 2013 · 8k+ posts · 10k+ votes
8y
yes. Sorry. I could have included the month over month numbers as well.
Plus 1%, plus 0.5% and minus 28% month over month, respectively.
Good numbers for a “slow month” with school starting in August, earlier in Nevada than many states.
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Phillip Dwyer
Real Estate Agent · Henderson, NV · Member since 2011 · 1k+ posts · 550 votes
8y
Inventory has been rising, but we're still at only about 2.4 months of supply overall.
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Account Closed
Member since 2018 · 214 posts · 175 votes
8y
I just ran the numbers (SFR, condo, high-rise, 2-,3-,4-plex together) on redfin this morning.
Active on SFR, condo, high-rise, 2-,3-,4-plex together: 8268
Pending sale on SFR, condo, high-rise, 2-,3-,4-plex together: 4716
Sold (last 30 day) on SFR, condo, high-rise, 2-,3-,4-plex together: 3832
Acive / last-30-day-sold = 8268 / 3832 = 2.15 months supply
Active / pending = 8268 / 4716 = 1.75 months supply
pending sale is 4716, 23% higher than last 30-day-sold number (3832).
While the inventory is increasing, the sale is increasing at the same time.
More people have a chance to buy/win a property due to more inventory/less competition to choose from.
Great news!
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Account Closed
Member since 2018 · 214 posts · 175 votes
8y
By the way, my search criteria on Redfin is the entire "Clark County, NV" area.
On 9/1/2018,
Active on SFR, condo, high-rise, 2-,3-,4-plex together: 8003
Pending on SFR, condo, high-rise, 2-,3-,4-plex together: 4038
Active / pending = 8003 / 4038 = 1.98 months supply
On 9/13/2018,
Active on SFR, condo, high-rise, 2-,3-,4-plex together: 8268
Pending on SFR, condo, high-rise, 2-,3-,4-plex together: 4716
Active / pending = 8268 / 4716 = 1.75 months supply
In the last 12 days, Clark County inventory has increased by 265 (8268 - 8003), however, at the same time, the pending sale has increased a much higher number by 678 (4716 - 4038). Therefore, the pending supply is shrinking more from 1.98 months supply to 1.75 months supply in the last 12 days.
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Ian Tan
Member since 2018 · 15 posts · 0 votes
8y
@J Torres, @Phillip Dwyer
Thank you both for the recs!
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Robert AdamsBusiness Member
Real Estate Broker · Henderson, NV · Member since 2009 · 1k+ posts · 373 votes
8y
We are seeing the overpriced listings reduce to where they should be. More inventory...more sales...homes still moving but with less offers. Increased inventory but more healthy supply and demand levels. I like what I am seeing.
For those of you that missed this thread there is a lot of good info about the inentory levels increasing in Vegas here: https://www.biggerpockets.com/forums/712/topics/607087-inventory-rising-in-several-areas-of-the-country-including-vegas
[email protected]702-349-9175
The Adams Team at Rothwell Gornt Companies4.970 Reviews
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Mary Jay
Glendale, AZ · Member since 2017 · 1k+ posts · 236 votes
6y
Originally posted by @Brandon Carriere:
Vegas inventory update.. We're up to around 7100 single family homes currently active on market.. Thats increased from about 4500 just a couple months ago.. We were between 3000-4500 for years.. The shift appears to be starting..

Thank u for the update! Very useful info!
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