Las Vegas, NV Market TrendsBETA Multifamily Property Asking Price Index - Sale Trends

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Multifamily Property Asking Price Index - Sale Trends

	Sep 11	vs. 3 mo. prior	Y-O-Y
- State	$46,842.72	-4.4%	-17.7%
- Metro	$39,874.87	-6.5%	-24.1%
- County	$40,607.06	-6.6%	-24.4%
- City	$40,134.25	-8.7%	-29.6%

For multifamily properties in the metro area for the month, the average asking price was $39,874 per unit. This shows a drop of 24.1% year-over-year, and a decline of 7.7% from the end of the second quarter of 2011. This month, asking prices for multifamily properties are at their lowest in three years. Prior to this, the record three-year low was last month at $41,933. The three-year high for asking prices is $89,081, which was set in October 2008.

Office Property Asking Price Index - Sale Trends

	Sep 11	vs. 3 mo. prior	Y-O-Y
- State	$123.10	-4.1%	-19.5%
- Metro	$114.36	-3.4%	-19.1%
- County	$116.09	-3.0%	-18.5%
- City	$121.59	0.0%	-16.9%

For office properties in the metro area for the month, the average asking price was $114.36 per square foot. This shows a drop of 19.1% year-over-year, and a decline of 5.4% from the end of the second quarter of 2011. Asking prices for office properties hit a new three-year low this month. Prior to this, the record three-year low was last month at $115.87. The three-year high for asking prices was set in October 2008 at $256.26.

Industrial Property Asking Price Index - Sale Trends

	Sep 11	vs. 3 mo. prior	Y-O-Y
- State	$82.52	-2.6%	-16.6%
- Metro	$92.37	-3.7%	-15.3%
- County	$93.57	-3.8%	-14.9%
- City	$98.66	-3.3%	-13.0%

The average asking price for industrial properties in the metro area for the month was $92.37 per square foot. This represents a decrease of 15.3% year-over-year as well as a decrease of 5.1% compared to the end of the second quarter of 2011. Asking prices for industrial properties are the lowest they have been in three years. The previous three-year low was $94.05, set last month. The three-year high for asking prices is $166.70, which was set in October 2008.

Retail Property Asking Price Index - Sale Trends

	Sep 11	vs. 3 mo. prior	Y-O-Y
- State	$178.41	-1.3%	+3.1%
- Metro	$196.62	-2.6%	+7.0%
- County	$203.07	-2.5%	+6.0%
- City	$218.58	-1.6%	+4.7%

Asking prices for retail properties have risen 1.2% versus end of last quarter to $196.62 per square foot. Asking prices rose 7% over the past year. In October 2008, the asking prices for retail properties were at their highest in the past three years at $292.51 per square foot. In comparison, the current median asking price is down by 32.8%. The lowest asking price in the past three years was $173.02 set in November 2010.

Multifamily Property Sale Prices - Sale Trends

	Sep 11	vs. 3 mo. prior	Y-O-Y
- State	$23,230.53	-4.9%	-32.6%
- Metro	$23,230.53	-4.9%	-32.6%

Multifamily properties in the metro area are now selling for $23,230 per unit, which is 32.6% lower than the median price of last year. The metro median sale price hit a three-year low this month. The previous low point was set in August 2011 at $23,783. This month marks the thirty-second consecutive month that the median sale price for multifamily properties in the area has been falling. When the streak began in February 2009, the median price was $65,983.

Retail Property Sale Prices - Sale Trends

	Sep 11	vs. 3 mo. prior	Y-O-Y
- Metro	$121.52	+3.7%	-37.6%

Sale prices for retail properties in the metro area decreased by 37.6% over the past year to $121.52 per square foot. The highest median sale price over the past three years was $230.91, which was set in October 2008. In comparison, the current median sale price is down by 47.4%. However, the current price is 4.5% above the lowest price of the past three years, which was set in July 2011. The median sale price of the retail properties in the metro area has grown for the third straight month. Back in July 2011, the median price was $116.31.

Multifamily Property Total $ Available For Sale - Sale Trends

	Sep 11	vs. 3 mo. prior	Y-O-Y
- Metro	18	+7.0%	+58.1%

For eight consecutive months, total dollar volume for multifamily properties available has been on the rise month-over-month. In the past year, total dollar volume of multifamily properties available has seen an increase of 58.1%.

Office Property Total $ Available For Sale - Sale Trends

	Sep 11	vs. 3 mo. prior	Y-O-Y
- Metro	16	+3.2%	-18.2%

September marks the third month of the increase in total dollar volume for office properties in the metro area. The total dollar volume of office properties available slumped by 18.2% over the past year.

Industrial Property Total $ Available For Sale - Sale Trends

	Sep 11	vs. 3 mo. prior	Y-O-Y
- Metro	28	+2.3%	-2.7%

There has been a two month decline in dollar volume for industrial properties month-over-month. The metro area has seen a decline of 2.7% in total dollar volume of industrial properties available in the last year.

Retail Property Total $ Available For Sale - Sale Trends

	Sep 11	vs. 3 mo. prior	Y-O-Y
- Metro	23	-6.6%	+6.4%

There has been a four month decline in dollar volume for retail properties month-over-month. The total dollar volume of retail properties available in the metro area marks a 6.4% rise in the past year.

Multifamily Property No. of Listings - Sale Trends

	Sep 11	vs. 3 mo. prior	Y-O-Y
- Metro	25	+8.6%	+34.9%

The number of multifamily properties for sale in the Las Vegas Metro Area has been rising four months in a row month-over-month. The number of multifamily properties available has risen 13.6% over that time. The current number of multifamily properties available in the Las Vegas Metro Area reflects a 34.9% increase over the past year.

Office Property No. of Listings - Sale Trends

	Sep 11	vs. 3 mo. prior	Y-O-Y
- Metro	33	+3.9%	-10.5%

Available office properties for sale have been on the rise for the past three months. The number of office properties available has risen 4.9% over that time. The number of office properties available in the Las Vegas Metro Area has fallen 10.5% over the past year.

Industrial Property No. of Listings - Sale Trends

	Sep 11	vs. 3 mo. prior	Y-O-Y
- Metro	29	+2.2%	-15.8%

The number of industrial properties for sale has seen a month-over-month rise for three consecutive months. The number of industrial properties available has risen 3.1% over that time. Over the past year, the number of industrial properties available has dropped by 15.8% in the Las Vegas Metro Area.

Retail Property No. of Listings - Sale Trends

	Sep 11	vs. 3 mo. prior	Y-O-Y
- Metro	39	+9.4%	+1.6%

This is the fourth consecutive month of an increase in retail properties for sale in the metro area. The number of retail properties available has risen 10.8% over that time. The Las Vegas Metro Area has seen a 1.6% rise in the number of available retail properties over the past year.

Multifamily Property Profile Views (Demand) - Sale Trends

	Sep 11	vs. 3 mo. prior	Y-O-Y
- Metro	68	+3.5%	+68.6%

Interest in multifamily properties listed in the Las Vegas Metro Area market on LoopNet rose by 68.6% over the past year, 62.6 percentage points above the increase in the national average. This change ranks second out of the top 48 metros.

Office Property Profile Views (Demand) - Sale Trends

	Sep 11	vs. 3 mo. prior	Y-O-Y
- Metro	68	-1.4%	+56.8%

Interest in office properties listed in the Las Vegas Metro Area market on LoopNet rose by 56.8% over the past year, 35.2 percentage points above the increase in the national average. This change ranks first out of the top 48 metros.

Industrial Property Profile Views (Demand) - Sale Trends

	Sep 11	vs. 3 mo. prior	Y-O-Y
- Metro	77	+0.5%	+62.7%

Interest in industrial properties listed in the Las Vegas Metro Area market on LoopNet rose by 62.7% over the past year, 36 percentage points above the increase in the national average. This change ranks fourth out of the top 48 metros.

Retail Property Profile Views (Demand) - Sale Trends

	Sep 11	vs. 3 mo. prior	Y-O-Y
- Metro	50	-10.5%	+26.4%

Interest in retail properties listed in the Las Vegas Metro Area market on LoopNet increased 26.4% during the past year, 6.6 percentage points more than the increase in the national average. This change ranks fifteenth out of the top 48 metros.

Office Property Total SF Available - Sale Trends

	Sep 11	vs. 3 mo. prior	Y-O-Y
- Metro	35	+4.3%	-1.3%

The square footage available for sale for office properties have been on the rise month-over-month for five consecutive months. The current square footage available for sale reflects a 1.3% fall in the metro area 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.

Industrial Property Total SF Available - Sale Trends

	Sep 11	vs. 3 mo. prior	Y-O-Y
- Metro	45	+5.5%	+3.1%

There has been a six month upward trend month-over-month in available square footage for sale for industrial properties. The square footage available for sale for industrial properties in the metro area has risen 3.1% 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.

Retail Property Total SF Available - Sale Trends

	Sep 11	vs. 3 mo. prior	Y-O-Y
- Metro	40	+0.2%	+25.9%

The square footage available for sale in the metro area has been on the rise over the past two months for retail properties. The square footage available for sale for retail properties in the metro area has risen 25.9% over the past year. The rise in supply, combined with the drop in days on market, makes it seem that market conditions are bringing buyers back in. The rise in supply also seems to be putting downward pressure on sale prices, which could be why they have fallen lately.

Multifamily Property No. of Units For Sale - Sale Trends

	Sep 11	vs. 3 mo. prior	Y-O-Y
- Metro	34	+7.6%	+83.6%

Over the past eight months, multifamily properties have seen a steady increase in available units for sale in the metro area. Multifamily properties in the metro area have seen a 83.6% rise in the average available units for sale over the past year. The rise in supply, combined with the drop in days on market, makes it seem that market conditions are bringing buyers back in. The rise in supply also seems to be putting downward pressure on sale prices, which could be why they have fallen lately.

Multifamily Property Days on Market - Sale Trends

	Sep 11	vs. 3 mo. prior	Y-O-Y
- State	119	+4.4%	-25.7%
- Metro	77	+18.7%	-26.1%

The time on market for multifamily properties in the Las Vegas Metro Area is down 26.1% from last year, to 77 days. During the same period, days on market in Nevada has dropped 25.7%. From April 2010, when the time on market was at its longest, it has come down 62.4%. The time that multifamily properties stay on the market in the metro area has been increasing every month for the past three months.

Office Property Days on Market - Sale Trends

	Sep 11	vs. 3 mo. prior	Y-O-Y
- State	204	+7.9%	-2.6%
- Metro	157	+4.2%	-4.0%

The time on market for office properties in the Las Vegas Metro Area is 157 days, down by 4% from last year. Overall in Nevada the time on market has dropped by 2.6% during the same time period. From November 2009, when the time on market was at its highest, it has fallen 36.6%. The time on the market of office properties has been on the rise over the past three months, increasing 7.8%.

Industrial Property Days on Market - Sale Trends

	Sep 11	vs. 3 mo. prior	Y-O-Y
- State	204	-1.2%	-33.9%
- Metro	177	-5.0%	-40.6%

The time on market for industrial properties in the Las Vegas Metro Area is down 40.6% from last year, to 177 days. At the state level, time on market has fallen by 33.9% during the same time period. Compared with July 2010, when days on market was at its highest, they've now fallen 49.1%.

Retail Property Days on Market - Sale Trends

	Sep 11	vs. 3 mo. prior	Y-O-Y
- State	153	+2.0%	-23.6%
- Metro	111	+6.8%	-42.3%

The time on market for retail properties in the Las Vegas Metro Area is 111 days, down by 42.3% from last year. Over the same period, days on market in Nevada overall has fallen by 23.6%. Metro days on market is down 59.8% from its highest point in May 2010. Days on market for retail properties has been on an upward climb over the past three months.

Office Property Asking Rent - Lease Trends

	Sep 11	vs. 3 mo. prior	Y-O-Y
- State	$15.57	-1.7%	-7.2%
- Metro	$15.79	-1.7%	-7.8%
- County	$15.87	-1.7%	-7.6%
- City	$16.26	-1.5%	-6.5%

For office properties in the metro area for the month, the average asking lease rate was $15.79 per square foot. This is down 7.8% from the previous year, and down 2.3% from the end of the second quarter of 2011. This month, asking rates for office properties have fallen to a new three-year low. Prior to this, the record three-year low was last month at $15.95. The three-year high for lease rates is $20.81, set in October 2008.

Industrial Property Asking Rent - Lease Trends

	Sep 11	vs. 3 mo. prior	Y-O-Y
- State	$6.05	-4.0%	-10.1%
- Metro	$6.13	-4.2%	-12.2%
- County	$6.16	-4.1%	-12.1%
- City	$6.56	-3.8%	-12.6%

The average asking lease rate for industrial properties in the metro area for the month was $6.13 per square foot. This represents a decrease of 12.2% year-over-year as well as a decrease of 5% compared to the end of the second quarter of 2011. Asking rates for industrial properties hit a new three-year low this month. The previous three-year low was $6.32, set last month. The three-year high for lease rates was set in December 2008 at $9.34.

Retail Property Asking Rent - Lease Trends

	Sep 11	vs. 3 mo. prior	Y-O-Y
- State	$14.89	-1.2%	-12.5%
- Metro	$14.72	-1.1%	-14.9%
- County	$14.86	-1.3%	-15.2%
- City	$14.81	-1.6%	-13.6%

The average asking lease rate for retail properties in the metro area for the month was $14.72 per square foot. This represents a decrease of 14.9% year-over-year as well as a decrease of 1.7% compared to the end of the second quarter of 2011. Asking lease rates for retail properties are the lowest they have been in three years. The previous three-year low was $14.80, set last month. The three-year high for asking rates is $25.88, set in October 2008.

Office Property No. of Spaces - Lease Trends

	Sep 11	vs. 3 mo. prior	Y-O-Y
- Metro	55	+4.3%	+3.9%

The number of office spaces for lease in the Las Vegas Metro Area has been rising three months in a row month-over-month. The number of office spaces available has risen 5.1% over that time. Over the past year, the number of office spaces available in the Las Vegas Metro Area has gone up by 3.9%.

Industrial Property No. of Spaces - Lease Trends

	Sep 11	vs. 3 mo. prior	Y-O-Y
- Metro	69	-2.4%	+0.8%

The number of industrial spaces available in the Las Vegas Metro Area has fallen five months in a row month-over-month. The number of industrial spaces available has dropped 4.5% over that time. The number of available industrial spaces has risen by 0.8% in the Las Vegas Metro Area over the past year.

Retail Property No. of Spaces - Lease Trends

	Sep 11	vs. 3 mo. prior	Y-O-Y
- Metro	58	+3.6%	+18.0%

The number of retail spaces for lease has seen a month-over-month rise for 11 consecutive months. The number of retail spaces available has risen 19.7% over that time. Available retail spaces in the Las Vegas Metro Area rose to a new three-year high in September. The number of retail spaces available in the Las Vegas Metro Area has risen 18% over the past year.

Office Property Profile Views (Demand) - Lease Trends

	Sep 11	vs. 3 mo. prior	Y-O-Y
- Metro	96	-2.7%	+43.6%

Interest in office properties listed in the Las Vegas Metro Area market on LoopNet increased 43.6% during the past year, which was 6.5 percentage points more than the increase in the national average. This change ranks seventeenth out of the top 48 metros.

Industrial Property Profile Views (Demand) - Lease Trends

	Sep 11	vs. 3 mo. prior	Y-O-Y
- Metro	118	-2.8%	+50.8%

Interest in industrial properties listed in the Las Vegas Metro Area market on LoopNet increased 50.8% during the past year, 16.5 percentage points more than the increase in the national average. This change ranks fifth out of the top 48 metros.

Retail Property Profile Views (Demand) - Lease Trends

	Sep 11	vs. 3 mo. prior	Y-O-Y
- Metro	109	-3.1%	+43.8%

Interest in retail properties listed in the Las Vegas Metro Area market on LoopNet increased 43.8% during the past year, which was 12.7 percentage points more than the increase in the national average. This change ranks sixth out of the top 48 metros.

Office Property Total SF Available - Lease Trends

	Sep 11	vs. 3 mo. prior	Y-O-Y
- Metro	58	+5.4%	+5.3%

The month-over-month rise in available square footage for office properties is now in its fourth month. Office properties in the metro area have seen a 5.3% rise in the average available square footage over the past year.

Industrial Property Total SF Available - Lease Trends

	Sep 11	vs. 3 mo. prior	Y-O-Y
- Metro	69	-7.2%	-9.9%

The square footage available in the metro area is in a four month downward trend month-over-month for industrial properties. The square footage available marks a 9.9% decline over the past year.

Retail Property Total SF Available - Lease Trends

	Sep 11	vs. 3 mo. prior	Y-O-Y
- Metro	54	+4.3%	+15.6%

There has been a three month upward trend month-over-month in available square footage for retail properties. A new three-year high was reached in the month of September. The previous high was set in July 2009. There has been a 15.6% increase in the square footage available over the past year in the metro area.

Office Property Days on Market - Lease Trends

	Sep 11	vs. 3 mo. prior	Y-O-Y
- State	236	-1.5%	-11.8%
- Metro	207	-6.7%	-13.9%

Office properties in the Las Vegas Metro Area stay on the market for 207 days, which is 13.9% shorter than last year. Over the same period, days on market in Nevada overall has fallen by 11.8%. Metro days on market is down 27.2% from its highest point in June 2010.

Industrial Property Days on Market - Lease Trends

	Sep 11	vs. 3 mo. prior	Y-O-Y
- State	211	+2.0%	-36.3%
- Metro	200	-0.7%	-45.2%

The time on market for industrial properties in the Las Vegas Metro Area is 200 days, down by 45.2% from last year. During the same period, days on market in Nevada has dropped 36.3%. Compared with the highest time on market set in September 2010, these properties are now turning over 45.2% faster.

Retail Property Days on Market - Lease Trends