Las Vegas Market Wrap-Up: March 2022

March Sales Shows Signs of Recovery Amid Rising Prices

 

Las Vegas real estate sales in March 2022 showed definite signs of recovery after a slow start in January. Although real estate prices rose an average of 23% in March 2022, buyers remained steadfast. Las Vegas homes and condos virtually flew off the shelf, remaining on the market an average of 21 days. Sellers received an average of 101.1% of their asking price. A shortage of inventory is keeping overall sales from climbing, as folks are demonstrating reluctance when it comes to listing their homes.

Las Vegas Single-Family Home Sales: March 2022

March 2022 Single-family home sales in the Las Vegas area are down -12.6 from March 2021. While the demand remains high, lower sales are atrributed more to shortage of inventory, less than 1 months supply, and increasing prices (Average Sales Price up 22.7%). Homes in Las Vegas are only remaining on the market an average of 21 days before being sold. Buyers aren't haggling over prices, single-family homes in Las Vegas are selling at an average of 101.2% over the list price.

Las Vegas homes with a casita are incredibly popular, especially with rising prices and higher rents, a guest suite makes the ideal mortgage helper.

Las Vegas Condo & Townhome Sales: March 2022

The March 2022 condo and townhome market in Las Vegas has started to recover, but still down slightly, -7.2% from March 2021. New listings are coming gradually, but there is only about 2 weeks worth of inventory. There is a huge demand for condos and townhomes in the Greater Las Vegas area, with listings only remaining an average of 15 days before going under contract.

We're also seeing a big demand for Las Vegas condo hotels. These are expecially popular with out-of-town buyers.

Current as of April 4, 2022. All data from Greater Las Vegas Association of REALTORS® MLS. Report © 2022 ShowingTime.

What's Building in Las Vegas?

Highlights of some of the featured projects in the Las Vegas area for March 2022.

"If we build it, the NBA will come"

In response to the rapidly growing sports industry in Las Vegas, Tim Leiweke’s Oak View Group has announced plans to construct a $3 billion, 20,000-seat sports arena, hotel and casino. Leiweke is hopeful that a sparkling, new billion dollar arena will be just the carrot needed to attract and NBA franchise in Las Vegas.

Located conveniently near the new high-speed rail station, near Las Vegas Boulevard and Blue Diamond Road, the venue is about ten minutes from the Las Vegas Strip. Construction is scheduled to begin in 2023.

New Vista Undergoes $200k Renovation Funded by Las Vegas Builders

New Vista is a South Nevada non-profit that provides residential services and support to people with intellectual and developmental disabilities. They do great work providing residents with a caring place to live, life skills training, group recreation, job development, and much more. From their humble beginnings in 1986 with just 4 homes, they have expanded to over 20 homes. Recently they received a much needed upgrade with $200,000 in labor and materials donated by local builders Woodside Homes, Shea Homes, Toll Brothers and D.R. Horton.

Creative Solution Underway for Southern Nevada Affordable Housing Crisis

It's no secret that home prices have gone through the roof. The average home price in Las Vegas is up 44% since 2019. Commissioner Justin Jones claims "the county is short about 70,000 affordable single-family homes". Todd Stratton of Kavison Homes has a vision that will help combat this problem. It involves a public-private partnership with Clark County to provide the land and subsequent affordable home ownership opportunities.

The project involves 150 houses on a 15-acre tract, just a short drive from Mountain’s Edge Regional Park. Homes will sell for about half the going rate in Mountain's Edge. Applicants would require a household income of about $64,000 to qualify. Any sale of the property for a minimum of 30 years would need to be made to an income-specific buyer. This would maintain the integrity of the project and prevent spec buyers or house flippers. If approvals go through as planned, Kavison Homes could begin construction in as early as 10 months. There will be a formal application process through the county's website.

Ultra-Luxury Community at Red Rock Canyon

Situated at the former site of Bonnie Springs Ranch, the luxury Reserve at Red Rock Canyon will feature 16 estate lots ranging from two to four acres. The community is adjacent to Spring Mountain Ranch, in the heart of the Red Rock National Conservation Area. This means a home immersed in the raw beauty and natural wonders found in this desert landscape. In addition to the individual homesites, the 65-acre Reserve at Red Rock Canyon will feature a luxury resort, an outdoor amphitheater, a farm-to-table gourmet restaurant and an event barn.

Just 16 estate homes, nestled across 65 acres of desert landscape enables the buyer to pick their perfect vantage point for their unique, custom home. View available listings at the Reserve at Red Rock Canyon