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Southern Nevada housing market on the rise amid tight supply

Home prices and the number of sales in Southern Nevada were on the rise in March compared to a year ago, amid a tight housing supply, according to a report by the Greater Las Vegas Association of Realtors.

The median home price for March for an existing single-family home was $220,000, as noted through GLVAR’s Multiple Listing Service. That number equates to a 7.3 percent rise from its $205,000 average last year.

“The local housing market continues to be as stable as it has been in many years,” said GLVAR President Scott Beaudry, a longtime local Realtor. “Local home prices have been hovering around $220,000 for months. On the other hand, we’re still dealing with a very tight housing supply. This tight inventory might be keeping prices up, but it makes it harder for buyers to find the right home for them.”

The local condominium and townhome market, which included the high-rise condo market, also was on the rise in March. The median price in those markets was $118,000, up from $115,000 last year.

The number of homes was also on the rise. The number of existing single-family homes, condominiums and townhomes sold in March in the Southern Nevada region was 3,488, up from 3,358 last March. The total brought a 2.8 percent rise in the home market and an 8.3 percent rise in the number of condos and townhomes sold.

According to Beaudry, the number of homes being moved this year is staying ahead of last year’s pace: 38,578 single-family homes, condominiums, townhomes and high-rise condos were moved in 2015. The number in 2015 was also higher than 2014’s statistics, but it came up short when weighted against the previous five years.

Beaudry also went on to explain that, with the current sales pace, the Southern Nevada region now has less than a three-month supply of homes available for sale. A six-month supply is considered to be a balanced market.

The number of homes for sale on GLVAR’s MLS in March was 13,429, down 0.8 percent from last year. GLVAR also reported 3,572 condos, high-rise condos and townhomes were on the market in March, down 1.1 percent.

Dapper Companies gets new tenants in recently completed retail buildings

Dapper Cos., a commercial real estate and brokerage firm and development company, recently placed four tenants, in two separate locations, into its recently completed retail buildings in the Southern Nevada region.

One of the deals brought a Carl’s Jr. to 2650 Nature Park Drive in North Las Vegas. The property is owned by Ten15 Nature Park LLC and was developed by Dapper Cos. Carl’s Jr. signed a 20-year lease on the property. Another nearby building, also developed by Dapper, at 2620 Nature Park Drive, was leased to Capriotti’s Sandwich Shop. The company signed a 20-year lease. According to company officials, the location is the second stand-alone location.

A Creative Kids Learning Center signed a lease to take up residence in an 11,331-square-foot structure at 2385 W. Deer Spring Way, owned by Ten15 Aliante LLC and developed by Dapper Cos. Also in the same neighborhood, a Dairy Queen has moved into 2335 W. Deer Springs, bringing a DQ Grill &Chill Restaurant to the neighborhood. That building was sold at the end of February, originally developed by Dapper Cos.

Dapper Cos. builds retail, office and warehouse space throughout Southern Nevada. It also offers services to represent landlords, tenants, property owners and investors. Dapper and its related Ten15 Development recently invested more than $6 million in the historic Huntridge area.

Silver State Analytical Laboratories gets more space

Silver State Analytical Laboratories, a full-service analytical chemistry testing laboratory, recently purchased a new building, allowing it to expand, hire more staff and compete for more complex projects. The new location will be at 3626 E. Sunset Road.

The building was purchased with the assistance of a Small Business Administration loan through the Nevada State Development Corp., a nonprofit and Nevada’s largest SBA 504 loan provider. The building includes lab space and offices.

“We were able to raise capital needed for expansion and make an investment in our own building at a good time during the interest rate and real estate price cycles,” said David J. Frohnen, president of Silver State Analytical Laboratories Inc. “We are committed to being in Las Vegas and serving the businesses here and, hopefully, some public agencies for a long time to come. This project, financed by NSDC and Town and Country Bank, allows us to make a permanent commitment in that area.”

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