January REITview
Las Vegas Home Prices End Year Near All-Time High
Local home prices continued to rise as the year came to an end, and fewer existing homes were sold in Southern Nevada during 2019 compared to the previous year, according to a report by the Greater Las Vegas Association of REALTORS® (GLVAR). GLVAR reported that the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during December was $312,990. That was up 6.0% from $295,250 in December of 2018. Meanwhile, the median price of local condos and townhomes sold in December was $178,000. That was up 8.9% from $163,500 in December of 2018. Before slowing down last year, local home prices had been soaring since early 2012, posting double-digit gains from year to year while climbing back from their post-recession bottom. According to GLVAR, the median price of existing single-family homes sold in Southern Nevada peaked at $315,000 in June of 2006 before falling during the recession. Local home prices hit a post-recession bottom of $118,000 in January of 2012. According to GLVAR, the total number of existing local homes, condos, townhomes and other residential properties sold in Southern Nevada during 2019 was 41,269. That’s [...]
Nevada Gaming Revenues Cool Down in November
Nevada’s nonrestricted gaming licensees reported a total “gaming win” of $937,471,737 for the month of November 2019. This amounts to a 3.07% decrease compared to November 2018, when licensees reported a gaming win of $967,117,904. For the fiscal year (July 1, 2019 through November 30, 2019), gaming win has increased 1.34%. In Southern Nevada, the Strip was close to the state average with a 3.09% contraction from a year ago. Downtown, which is performing the best of the Clark County regions for the year to date, posted an even higher 6.02% loss. Only Mesquite and outlying areas posted growth in November. Looking north, South Lake Tahoe saw a major decline of 19.17% while the north shore of the lake saw gaming win essentially flat. Sparks posted the only growth, a healthy 9.23% gain over the year. To the east, West Wendover also saw growth over 9 percent. Despite this, the State collected $59,390,135 in percentage fees during the month of December 2019*, based upon the taxable revenues generated in November 2019. This represents a 1.74% (or $1,013,479) increase compared to the prior year’s December, when percentage fee collections were $58,376,656.
