NEWS ARTICLES


Windermere: Las Vegas May Market 2020 Outlook.

Posted By Chada Trithavornyuenyong on May 12, 2020 in Economy

LAS VEGAS REAL ESTATE MARKET TEMPORARILY 0N PAUSE

For the last seven weeks, buyers and sellers have put their housing plans on pause. Buyers were cautious of the possibility of losing a job and curious if prices might decrease, providing an opportunity to purchase more for less money. Sellers have also been reluctant to open their homes to potential buyers. As the Phases of opening occur in Nevada, sellers will put their properties up for sale and buyers will write offers. Interest rates are at a historic low and Las Vegas housing prices are very reasonable.

WHAT SHOULD SELLERS AND BUYERS EXPECT FOR PROPERTY VIEWING PROTOCOL? 

  • Buyers are viewing properties on-line and assessing their level of interest based on the photographs, location, floor plans and features. Buyers are utilizing this data to pare down the number of live viewing.
  • During live viewings, if the home is occupied, sellers are vacating the home while buyers and agents are in the home. 
  • Listing agents, buyers, or sellers are providing one-time use gloves for showings. This provides protections for all parties if any of the cabinets, doors, or surfaces are touched.
  • Buyers and agents are expected t6 wear masks while in the property. Everyone is expected to provide his or her own masks.
  • It is expected that the number of individuals attending the live viewing will be limited. In general, the adult buyers and their agent and listing agent.

APRIL DATA WHAT DOES IT MEAN?

April is the first full month we have had since the Governor’s Directive of March 17, 2020. The number of properties that closed escrow in April compared to March, dropped 32%. Some homebuyers cancelled their home sales out of fear. Other buyers who had not yet purchased decided to pause their search. Many buyers felt-they needed to put their home buying process on hold.

Total inventory of resale properties:

In April, 2,316 total resale properties came on the market, a decrease of 26% from the month of March, in which 3,122 resale properties came on the market during that month. This brought the total number of resale properties (all property types) to 8,303 as compared to March’s total of 7,673 which is an increase of 8.1%.

Here is what happened:

  • Some sellers who had intended to list their homes for sale, decided not to sell in late March and April.
  • Some sellers who had their properties listed, took them off the market and decided to wait.
  • Some buyers who intended to buy were waiting which caused inventory of available properties to increase. 

WHAT DOES THE NEAR FUTURE HOLD FOR REAL ESTATE IN LAS VEGAS?

Early May activity indicates an increase in buyer activity and properties being sold. As the Phases of opening progresses, the comfort level of buyers will increase as well as the pool of buyers. Sellers who were waiting for a higher level of comfort will place their properties up for sale. Some buyers may drop out of the market as a result of changes in jobs. An important factor in the Las Vegas Real Estate market is the California buyer. California buyers have not been traveling to Las Vegas to purchase property because of the shut down in California and because the usual Las Vegas strip hotel opportunities were not available. It is expected that the Real Estate market will pick up at a moderate pace.

Our usual spring market may not occur until the last quarter of 2020 or the first quarter of 2021.

 

* Data as of 4/1/2020 - 4/30/2020  is deamed reiable but not guaranteed.

Windermere Prestige Properties - May 2020 Report