April 10, 2020 at 3:25pm | Shauna Gut


The impact COVID-19 is having in our community is immense. If you aren't impacted personally, I'm sure you know others close to you who are. And, not just financially impacted, but our health, freedom, safety and emotions are being rocked to the core.

Just last night Governor Sisolak tightened restrictions within the real estate industry. Please know that the Federal Government labeled residential real estate “essential” & that has not changed. To learn more on WHY, take a read.  

While still an essential service, and the market still active, restrictions have been set more firmly in place, while we adjust to this new normal. Moving forward, Open Houses have been banned until further notice. Showings are also restricted to appointment-only. Additionally, no showings are allowed in tenant occupied homes. If you need any clarifications for your particular circumstance, please contact our team, and we'll guide you through.

Elite Home Finders' agents go even further, to ensure the safety of others. Whenever possible we utilize virtual home experiences. But when in-person appointments are necessary, we proactively sanitize lockboxes and door handles after every showing. Plus, encourage the utilization of masks, booties and gloves, and allow for a no-touch showing experience where our sellers leave all lights on and doors open, so buyers can view without fear or stress.

Our experience from March shows that real estate is still happening, and we do our part to ensure the health and safety of those involved. If you find yourself in need of real estate services, please reach out. We are happy to assist in your time of need.

Now, let's see what happened this month!


Median Sold Price Surpassed Previous Highs


Many expected a slowdown in March within our housing market, because of external factors running amok. 

Factors like a stock market crash, nationwide shutdowns, including our beloved Strip, and a global pandemic. But, our housing market had other thoughts; it said, “WE ARE VEGAS STRONGER, BABY!” 

This month’s Median Sold Price surpassed even last month’s high. 

Here we sit at $319,000, our highest Median Sold Price to date, for two consecutive months. 

In March and June of 2006, our high was $315,000. 


C’Mon Baby Finish What You Started ~ Van Halen with Sammy Hagar


March surprised many industry professionals, not only with the surge in Median Sold Price, but in Units Sold, Number of New Listings and Months of Inventory on Hand.

Starting with Units sold, we held strong, selling 2,758 SFR homes, up 11.6% from last month and 5.2% from last year. 

I’m attributing that to buyers already in contract prior to March happenings. 

Afterall, leading into this pandemic, we had 1.7 months of inventory, and it was considered a “seller’s market.” 

What we saw in response to March events, was that buyers who were financially unaffected by closures, still proceeded to close escrow. 

Unfortunately, we did have many escrows fall out, meaning buyers cancelled escrow, for one reason or another. 

The number of cancelled escrows was upwards of over 100 per week. 

However, overall, our Months of Inventory on Hand only increased to 2.3 months; still less than that golden 3.0 months, which is considered an even market. 

The Number of New Listings is what I was most pleased with. 

This month we listed 3,605 new single family homes; that’s an increase of 11.3% since last month! 

We did see a drop from last March, listing 18.2% less, but overall our market fared very well. 

Into the Unknown ~ Frozen’s Elsa

What will April bring us? More of the same from March? Maybe something we’ve never seen before? 

We don’t know. I believe it all depends on how long our economy stays on lock-down, and whether or not some resolution to this pandemic is in the near future. 

We will have to play it day by day, but every day’s a little harder as we feel our power grow. Don’t you know there’s a part of me that longs to go … Into the Unknown! 

Sorry, I digress. I’ve probably watched Frozen II more than any adult should. 

My point is, that even though we are in a recession, we are not in a housing crisis. 

Our real estate market was in a very fortunate situation moving into this recession that was primarily caused by COVID-19. 

We had low inventory, and a strong housing market forecast, complete with real appreciation values. 

Even if we must endure a slow-ish month or two, I’m confident that upon emerging from this pandemic, our city will be thriving more than ever.

Real Estate Market Highlights

Single-Family Home Stats

March

2020 vs 2019

Analysis

YoY = Year over Year

Median Sold Price

$319,000

Up 6.3% YoY

Here we sit at $319,000, our highest Median Sold Price to date, for two consecutive months. In March and June of 2006, our high was $315,000.

Number of Single-Family Homes Sold

2,758

Up 5.2% YoY

We sold 287 more homes in March than February! And 5.2% more than last year. 

Number of New Listings

3,605

Down 18.2% YoY

Surprisingly, we listed more homes this month than last, but not as many as March of last year.

Months on Hand / Months of Inventory

2.1

Down 23.8% YoY

Even with so many escrows falling out, our inventory is STILL low. Imagine where we’d be if this shutdown didn’t occur?

*The month depicted in the statistics is March 2020. April stats will be available at the beginning of May 2020. 


  
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