Henderson, NV Market TrendsBETA

The average asking price for multifamily properties in the metro area was $35,975 per unit for the month. This shows a drop of 18.1% year-over-year, and a decline of 8.4% from the end of the fourth quarter of 2011. Asking prices for multifamily properties hit a three-year peak in December 2006 at $105,693 per unit. The current median asking price is 61.9% lower. The lowest asking price over the past three years was $35,739 in February 2012.

For office properties in the metro area, the average asking price was $108.95 per square foot for the month. This represents a decrease of 14% year-over-year as well as a decrease of 2.5% compared to the end of the fourth quarter of 2011. Asking prices for office properties reached a three-year high in December 2007 at $260.21 per square foot. In comparison, the current median asking price is down by 50.8%. The lowest asking price in the past three years was $108.74 set in February 2012.

Asking prices for industrial properties have risen 0.6% versus last quarter to $87.03 per square foot. For the year, asking prices have fallen 12.5% on the year. In December 2006, the asking prices for industrial properties were at their highest in the past three years at $180.10 per square foot. In comparison, the current median asking price is down by 38.8%. On the other hand, the lowest asking price in the past three years was seen last month at $85.86.

Asking prices for retail properties have risen 13% versus the end of last quarter to $217.23 per square foot. Asking prices have risen 22.7% on the year. Asking prices for retail properties hit a three-year peak in August 2008 at $311.43 per square foot. In comparison, the median asking price is now 18.6% lower. On the other hand, the lowest asking price in the past three years was seen in November 2010 at $173.02.

The median sale price per unit for multifamily properties in the metro area has climbed 1.2% over the past two months. This follows a four-month down streak that ended in February during which sale prices fell 2.1%. Sale prices per unit for multifamily properties are $22,956, representing a 0.4% decrease from the end of the prior quarter. The average sale price for the preceding 12 months has dropped by 15.3%. Over the past three years, the median sale price reached its highest of $59,837 in April 2009. In comparison, the median sale price is now 61.6% lower. However, the current price is 1.2% higher than the February 2012 figure, which was the three-year low.

The rate of decline in median sale price per square foot for industrial properties in the metro area has slowed after falling 6.8% over the last eight months. Sale prices per square foot for industrial properties dipped to $60.15, a 2.4% decrease compared with the end of the prior quarter. Likewise, sale prices have dipped during past year, showing a 15.9% decrease. The median price for the metro area hit its three-year low this month. The previous low of $60.45 was set last month.

Sale prices per square foot for retail properties increased to $126.57, a growth of 4.8% compared with the last quarter. However, the average sale price for the previous year has decreased by 13.8%. The median sale price per square foot for retail properties in the metro area has decreased over the past year but are currently in a five month rising streak. The highest median sale price over the past three years, which was $204.40, was set in February 2010. In comparison, the current median sale price is down by 38.1%. However, the current price is 8.8% above the lowest price of the past three years, which was set in July 2011.

The number of multifamily properties for sale has seen a month-over-month rise of 17.9% over four consecutive months. The Las Vegas Metro Area has seen a 12.4% rise in the number of available multifamily properties over the past year.

There has been a three month drop in the number of office properties available month-over-month in the metro area, representing a 0.9% downward movement. There has been a 2.6% drop in available office properties over the past year in the Las Vegas Metro Area.

This is the fourth month of a month-over-month downward trend in available industrial properties in the metro area, a 7.3% decline. Over the past year, the number of industrial properties available has dropped by 2.1% in the Las Vegas Metro Area.

The number of retail properties available in the metro area has fallen six months in a row month-over-month, declining 28%. In March, available retail properties in the Las Vegas Metro Area reached a new three-year low. Last month marked the previous low. The number of retail properties available in the Las Vegas Metro Area has fallen 27.7% over the past year.

Demand on LoopNet for multifamily properties spiked in the Las Vegas Metro Area market, rising 27.2% since December 2011, 9.7 percentage points more than the 17.5% increase in the national average. Demand for multifamily properties also increased by 42.5% over the past year. The yearly change ranks the Las Vegas Metro Area sixth out of the top 48 metros.

Demand on LoopNet for office properties spiked in the Las Vegas Metro Area market, rising 15.8% since December 2011, 5.9 percentage points less than the 21.8% increase in the national average. Demand for office properties also increased by 33.3% over the past year. The yearly change ranks the Las Vegas Metro Area ninth out of the top 48 metros.

While interest in industrial properties listed on LoopNet has risen 9.7% over the past year, that change ranks forty-fifth out of the top 48 metros. Demand on LoopNet for industrial properties spiked in the Las Vegas Metro Area market, rising 15.3% since December 2011, 7.1 percentage points less than the 22.4% increase in the national average.

Demand on LoopNet for retail properties spiked in the Las Vegas Metro Area market, rising 30.3% since December 2011, 10.7 percentage points more than the 19.6% increase in the national average. Demand for retail properties also increased by 28.4% over the past year. The yearly change ranks the Las Vegas Metro Area fourteenth out of the top 48 metros.

Office properties are seeing a two month fall in available square footage, a 1.2% decline, but have not countered the 2.2% increase seen over the past year. Square footage for office properties has risen 0.2% versus the end of last quarter. For the year, square footage is up 2.2%. The drop in supply and the rise in days on market could be an indicator that people are currently holding off putting their properties up for sale in the current economic climate.

The available square footage in the metro area is in a four month downward trend month-over-month for industrial properties, falling 12.1% in that time. This was insufficient to offset the 4.4% upward movement seen over the past year. The drop in both the supply of properties and the average time on market could be a sign that prices are going to move upwards. The current market conditions are not favorable for buyers or sellers as prices are falling and sellers still do not seem willing to put more properties on the market due to the poor conditions.

The square footage available for sale in the metro area has fallen consecutively for the past six months for retail properties. The square footage available for sale for retail properties in the metro area decreased 22.7% year-over-year and 18.1% compared to the end of the fourth quarter of 2011. March showed a new three-year low of square footage available in the metro area. The previous low was reached in March 2010. The square footage available for sale marks a 22.7% decline over the past year. The drop in supply and the rise in days on market could be an indicator that people are currently holding off putting their properties up for sale in the current economic climate. The current market conditions are not favorable for buyers or sellers as prices are falling and sellers still do not seem willing to put more properties on the market due to the poor conditions.

The number of units available for sale in the metro area has fallen consecutively for the past seven months for multifamily properties. The number of units available for sale for multifamily properties in the metro area has fallen 16.9% over the past year. Soft market conditions are likely to persist as inventory is staying on the market longer. The rise in supply also seems to be putting downward pressure on sale prices, which could be why they have fallen lately.

Compared with a year earlier, multifamily properties in the Las Vegas Metro Area are taking longer to move, and the change in days on market is greater than that at the state level. Multifamily properties now stay on the market an average of 100 days, up 7.9% from last year. Meanwhile, they stay on the market 121 days at the state level, down 32.9%. From the lowest point, which was set in July 2011, time on market has risen 61.5%.

Compared with a year earlier, office properties in the Las Vegas Metro Area are staying on the market longer, and the gap is greater at the metro level than at the state level. They now last 165 days on the market at the metro level, an increase of 0.2% year-over-year. For the state, these properties stay on the market for 189 days, down 4.1% from last year. Metro days on market is down 33.3% from its highest point in November 2009.

Industrial properties in the Las Vegas Metro Area stay on the market for 136 days, which is 40.1% shorter than last year. Overall in Nevada the time on market has dropped by 33.6% during the same time period. This month represents a new low for days on market in the metro area.

Retail properties in the Las Vegas Metro Area are on the market longer compared with the same month last year, and this gap is greater than that at the state level. They are now on the market for 163 days before being sold, 18.4% longer than last year. During the same time period, the time on market in the state of Nevada has decreased 2.4% to 169 days. Compared with July 2011, when the time on market was at its lowest, these properties are now on the market 65.8% longer.

Asking lease rates for office properties rose to $15.85 per square foot, a 2.2% increase compared with the end of the prior quarter. But for the year asking rates have dropped 2.6%. In May 2007, the asking lease rates for office properties were at their highest in the past three years at $22.58 per square foot. In comparison, the current median asking price is down by 26.6%. On the other hand, the lowest asking lease rate in the past three years was seen in December 2011 at $15.51.

For industrial properties in the metro area, the average asking lease rate was $5.74 per square foot for the month. This is down 13.6% from the previous year, and down 2.2% from the end of the fourth quarter of 2011. Asking lease rates for industrial properties hit a new three-year low this month. The previous three-year low was last month at $5.78.

Lease rates for retail properties have risen 0.4% versus last quarter to $14.74 per square foot. Meanwhile, asking lease rates for the year have dropped by 5.9%. Asking rates for retail properties reached a three-year high in April 2008 at $27.53 per square foot. The current median asking lease rate is 41% lower. The lowest asking lease rate in the past three years was $14.68 set in October 2011.

There has been a five month drop in the number of office spaces available in the metro area, a 2.8% fall, but this was not enough to offset the 3.5% upward trend seen in the past year.

For four consecutive months, the number of industrial spaces available has seen a month-over-month decline, 4.9% overall. The number of available industrial spaces has fallen by 6.6% over the last year in the Las Vegas Metro Area.

For five consecutive months, the number of retail spaces available has seen a month-over-month decline, 2.9% overall. This, however, did not offset the 12% increase of the past year.

Las Vegas Metro Area ranks first out of the top 48 metros in terms of interest growth for office properties listed on LoopNet over the past year. Demand has increased 59.3% during that time. Demand on LoopNet for office properties spiked in the Las Vegas Metro Area market, rising 43% since December 2011, 14.2 percentage points more than the 28.8% increase in the national average.

Las Vegas Metro Area ranks first out of the top 48 metros in terms of interest growth for industrial properties listed on LoopNet over the past year. Demand has increased 57.8% during that time. Demand on LoopNet for industrial properties spiked in the Las Vegas Metro Area market, rising 42% since December 2011, 16.1 percentage points more than the 25.8% increase in the national average.

Las Vegas Metro Area ranks first out of the top 48 metros in terms of interest growth for retail properties listed on LoopNet over the past year. Demand has increased 52.1% during that time. Demand on LoopNet for retail properties spiked in the Las Vegas Metro Area market, rising 24.3% since December 2011, one percentage points less than the 25.3% increase in the national average.

Over the past 10 months, office properties have seen a steady increase in available square footage in the metro area. Square footage for office properties has risen 8.9% versus the end of last quarter. For the year, square footage is up 28.6%. Office properties experienced a new three-year high in available square footage this month. It was at its previous high point last month. There has been a 28.6% increase in square footage available over the past year in the metro area.

This is the fourth consecutive month that square footage available has declined month-over-month for industrial properties. The current square footage available reflects a 3.4% fall in the metro area over the past year.

This is the third month of a 2.8% decline in a available square footage for retail properties. This, however, did not offset the 5.4% increase of the past year.

Days on market for office properties in the Las Vegas Metro Area fell 32.8% from last year, to 183 days. During the same period, days on market in Nevada have dropped 22.7%. Compared with June 2010, when days on market was at its highest, they've now fallen 35.3%.

The time on market for industrial properties in the Las Vegas Metro Area is 199 days, down by 12.5% from last year. Over the same period, days on market in Nevada overall have fallen by 8%. Compared with the highest time on market set in September 2010, these properties are now turning over 45.7% faster.

Retail properties in the Las Vegas Metro Area are turning over more quickly compared to last year, as the time on market dropped 15% to 239 days. In Nevada overall, the time on market fell even more as a percentage, by 16.8%, to 246. Compared with February 2010, when days on market was at its highest, they've now fallen 28.5%. The time that retail properties stay on the market in the metro area has been increasing every month for the past five months.