May 12, 2020 at 6:54pm | Shauna Gut

We’re experiencing some trying times, both last month and into the present. 

To our front line workers, we cannot thank you enough for your selfless service. 

Lives have been lost. Fear has reared its ugly head. Perspectives have shifted. 

But as we work to get through, I’d like to think that we’re connected on a more human level. We are resilient! 

And it seems our real estate market is mimicking our strength. 

Let’s take a look at what happened this month in real estate. 

I hope you can enjoy a bit of levity with the Mean Girls references.


Median Sold Price is So “Fetch” ~ Inspired by Gretchen Wieners, Mean Girls


Maybe Gretchen’s word didn’t become a trend, but make no mistake, Median Sold Price is doing great at $310,000. 

Down from the past two months, but right in line with trends. 

Let’s hypothetically assume that nothing strange happened within our economic climate and we weren’t experiencing a global pandemic. 

For example, let’s pretend that from November 2019, we experienced a 3% annual increase in home prices per year … basically a very typical appreciation rate in housing. 

If that happened, our Median Sold Price in April 2020 would be approximately $310,900. 

Amid everything that has happened; restricted showings, mass unemployment rates, a potentially deadly virus, etc. 

Our Median Sold Price fared very well at $310,000. 

We’ve had some ups and downs over the past few months, but overall, our market has shown extraordinary resiliency.  





Time on Market is Very “Grool” ~ Inspired by Cady Heron, Mean Girls


That’s Great and Cool to those who may be unfamiliar with the reference. 

New Listings were down from last month by about 1,000 units, approximately 30%. 

And, our Units Sold came in at 1,971 Units, about 28% fewer than last month, which increased our Months of Inventory to 3.1 Months. 

Traditionally 3.0 Months on Hand means that a market is moving, yet not favoring buyers or sellers. 

These are my favorite markets, because it allows for honest and true negotiation. 

And, speaking of a moving market, the majority of our listings, 82%, accepted an offer within the 1st 60 days on market. 

Wonderful news! To me, this speaks to listings being priced correctly and optimistic buyer confidence.  



The Limit Does Not Exist ~ Cady Heron, Mean Girls


As we work our way through this pandemic, our real estate market is holding strong. 

Per Governor Sisolak’s order, we entered Phase One on May 9 which seemed to spark life into many. 

Finally, we may see a light at the end of this tunnel as we are working toward a full recovery. 

But, the question is… how will our economy look as we move further into our recovery? 

Many economists are not expecting a “V” shape recovery, but now more of a “U” shape, meaning we won’t see a sharp uptick after we re-open. 

It will be more gradual. 

Afterall, the virus is still out there. 

Businesses cannot fully re-hire… yet. We are not back to normal … yet. We do not have a vaccine … yet. 

However, once we hit these milestones, I’m of the opinion that our growth will be limitless.



Real Estate Market Highlights


Single-Family Home Stats

April

2020 vs 2019

Analysis

YoY = Year over Year

Median Sold Price

$310,000

Up 3.3% YoY


April pulled back a little bit, but not that much, all things considered. Down 2.8% from last month, but still up 3.3% from last year. 

Number of Single-Family Homes Sold

1,971

Down 31.4% YoY

April is typically a hoppin’ month in real estate. During the lockdown, moves were still happening, but ticked back about ⅓ in quantity. 

Time on Market for Units Sold

0-30 days = 69.5%

31-60 days = 12.6%

61-121+ = 17.9%

The majority of homes that sold in April were on the market for 30 days or less.

Number of New Listings

2,516

Down 41.6% YoY

New listings were down from last month. However, selling over 2,500 homes during the brunt of the quarantine period is not too shabby. Approximately 1,000 fewer homes sold in April from last month.

Months on Hand / Months of Inventory

3.1

Down 23.8% YoY

Since the number of new listings outweighed the homes sold, our Months of Inventory on hand increased to 3.1 Months. Even still, during our quarantine, we just now reached a healthy market. 

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

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