Metro Las Vegas Real Estate Market Update – May 2020

End of May numbers reflected the abrupt stop to our lifestyles with the shut downs ordered here in Nevada and across the United States.

Median prices for both detached and attached properties rebounded from last months dip to reflect strength in the local market. Condo/Townhomes rebounded to within $500 of their all time high while Single family units moved up $5000 to $315,000 – within four thousand of matching the all-time high reached in March. Units sold in both categories are way off from this time last year (reflecting sales during our complete shutdown), but the lack of new listings has tempered a run up on supply – keeping effective availability slightly favoring the seller.

Pending Sales – Last 12 months

After a very precipitous drop in new sales at the end of March and through April with our shut down and uncertainty, May reflects a very sharp increase in new pending sales. Daily tracking reveals pending sales outpacing new listings over the last 10 to 14 days. Good news for the health of our real estate market. Below shows the number of new listings coming on market, trending down after an exuberant start to the year, the leveling as COVID-19 captured headlines and declines in to April and May.

Monthly New Listings – Last 12 Months

What’s not so easy to see in the numbers? Price point is important; under $350,000 is very busy and has multiple offers in cases where properties are ready for move-in (no substantial updating needed). Condos are selling but are requiring competitive pricing and in many cases, a price reduction or two before purchase agreements are received. The next 30 days will be more telling of the real market. Nevada will have been open 30 days for business – including casinos creating a sense of normal again.

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