I've been watching the statistics of Clark County and the Las Vegas Real Estate Market closely since March. Now, with July's numbers in and shown below, it's clear that the immediate impact of
Covid-19 Impact: How's the Las Vegas Real Estate Market - April vs May.
Dated: June 20 2020
I get asked a lot... how's the market? We are especially getting asked that now in concern to Covid-19.
Our answer: the Real Estate market is surprisingly stable and doing well.
Why? Covid-19 had to have a huge impact. Right? Yes, it did. And here's what's so interesting about the impact it had and why the Real Estate market in Las Vegas is still good for BOTH buyers and sellers, right now.
Property values went down by 2% March to April due to Covid-19. Not drastically, but it could have been a bad sign. April to May? Prices are up 2%. It’s true that the number of homes sold went down, and it’s true that a lot of buyers stopped buying homes because they lost jobs, were quarantining, or just waiting to see if price would go down. Two major factors counteracted and helped keep prices stable, and actually increase:
- Less Sellers.
- Buyers are still buying.
Las Vegas April Vs May Statistics" width="1105" height="325" />
The number of new listings on the market went down drastically, showing that Sellers had their own reasons due to Covid-19 to not put their homes for sale. Sure, there are less buyers now, but if both decrease together, then inventory stays low. When inventory stays low and there’s still demand, prices do not go down.
There’s still demand for houses and buyers are still buying, partly because interest rates have never been this low. To put it simply, if interest rates are so slow, qualified buyers can either buy more house than they could a couple months ago, or they can get the same house and have a lower payment.
It’s a good time for both buyers and sellers, right now. Emphasis is on the right now, because we can’t predict the ripple effects of Covid-19, and how it will continue to impact the economy.
We will continue to watch the market and update our followers with the statistics monthly. There’s a lot of speculation. We like to stick to the facts and numbers.
Have a Real Estate question? Comment or Message us anytime. We are happy to educate and help.
Ron Ventura is the Broker throughout the State of Nevada for Allison James Estates and Homes (AJI), one of the nation’s top full service residential real estate brokerage firms. Ron is a Las Vegas-n....
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I get asked a lot... how's the market? We are especially getting asked that now in concern to Covid-19. Our answer: the Real Estate market is surprisingly stable and doing well.