Real estate property development and investment trends in Nevada and Florida by David today: Are Home Prices Dropping in Las Vegas? While the median sales price of single-family homes experienced a modest decrease in December, the overall trend throughout 2023 showcased a 5.9% year-over-year increase. The dynamics of home prices will likely be influenced by market forces and the Federal Reserve’s decisions in the coming months. The potential for a reverse crash is mentioned, suggesting a surge in demand once the Federal Reserve lowers interest rates. However, the actual occurrence of a market crash remains uncertain and is contingent on various economic factors in the upcoming year. See extra information at David Frear.
It’s no surprise that Zillow ranked Tampa, Florida, as the top real estate market in the United States in 2022. Florida housing prices have witnessed some of the most dramatic increases in the country, with Miami and Tampa at the forefront of the upswing. Due to a variety of variables, the housing market in Tampa has outpaced many others, including a large number of potential buyers, a scarcity of supply, strong property sales, and an active employment market in the area. Overall, the Florida housing market is strong and is predicted to remain so in the next five years. If you’re a seller, this is wonderful news since it implies property values are rising and there isn’t much selling competition, giving you the luxury of selecting from the best offers on your schedule. Higher mortgage rates may cause unprepared house buyers to postpone their purchases.
A Las Vegas commercial property was recently acquired by a Los Angeles-based real estate investment company that plans on repositioning it and adding value. BH Properties acquired the Addison Complex facility for a fee of $2.8 million, from seller VanMeetren Family Limited Partnership. BH Properties worked with David Frear, Senior Vice President of Colliers International during the transaction, while the VanMeetren Family Limited Partnership was represented by Charlie Mack, a president and broker with Mack Realty.
VanMeetren Family LP sold the multi-tenant Addison Complex industrial building at 4680 W. Russell Rd. in Las Vegas, NV to BH Properties for $2.8 million, or about $66 per square foot. Delivered in 1984, the 42,471-square-foot building sits on 2.7 acres in the SW Las Vegas Industrial submarket of Clark County and features ten drive-ins, building signage and a fenced lot. The buyer plans to significantly upgrade the building and rearrange the property to just two tenant spaces. David Frear of Colliers International represented the buyer. Charles Mack of Mack Realty represented the seller.
The statewide median sales price for single-family existing homes in November reached $413,000, representing a 3.3% increase from the previous year. Condo-townhouse units also experienced a surge in median price, reaching $330,000, reflecting a remarkable 7.5% increase year-over-year. Inventory levels in the state have seen substantial growth, with single-family existing homes having a 3.7-months’ supply, up by 32.1% year-over-year. Condo-townhouse units reported a 5-months’ supply, exhibiting a substantial 85.2% increase compared to November 2022.
The Las Vegas real estate market has been on a remarkable journey, but in 2023, we see some notable shifts: The Las Vegas housing market is showing signs of cooling down. Sales activity decreased in 2023, and there was a significant drop in new listings. The increased months of supply also indicate a more balanced market, suggesting a cooling trend compared to previous months. The reduction in home prices also presents opportunities for buyers looking for more affordable housing options. However, while prices may have eased slightly, finding a home in Las Vegas remains a challenge due to low inventory. This means that competition among buyers, especially for properties in desirable locations and price ranges, remains fierce.
How is the Florida housing market doing currently? Florida’s housing market witnessed encouraging developments in November, marked by a notable increase in closed sales and a rise in median prices. The state’s real estate market is displaying resilience and adaptability, with various indicators reflecting positive momentum. In November, closed sales of existing single-family homes in Florida totaled 17,722, showcasing a robust year-over-year increase of 4.2%. Simultaneously, the median sales price for single-family existing homes reached $413,000, demonstrating a commendable 3.3% uptick from the previous year. These figures indicate sustained strength in the single-family housing segment.