As of June 4, the doors of Las Vegas have been opened, and we Las Vegans are doing our best to get back into a routine.
Catching a glimpse of casinos re-opening, I began to reminisce about shows I’ve seen on the Strip, and I remembered one of my favorites … Rock of Ages.
That amazing memory led to me again watching the movie Rock of Ages, and being blown away by the stunning soundtrack.
As I watched and listened, it felt like the very first time!
Here’s how the real estate market is reacting to our city’s re-opening, and what you need to know as a Las Vegas homeowner.
We Built This City ~ Jefferson Starship
Before the pandemic hit, our market was moving fast!
Homes were selling like hotcakes and prices were moving upwards at a rapid pace.
As we moved into the 1st phases of our city’s shutdown in Mid-March, we continued to see a strong real estate market.
However, April seemed to take the brunt of the effects from the pandemic and the economic downturn.
It was in April that our Median Sold Price dipped, along with the number of homes sold.
But, all things considered, the Las Vegas real estate market fared better than most during this storm.
It was because of our low inventory and super high demand moving into this economic struggle that helped us move through in stride.
Much different than the Great Recession from over a decade ago, which was all too vivid for many of us.
Heading into those dark times, our inventory was too high, lending requirements were too loose and pricing was unjustified.
This time, we built this city at precisely the right price, the right quantity, with correct lending practices.
And don’t you know it … we are already seeing an uptick in Median Sold Price, with an optimistic outlook as we move through this very difficult time in history.
Wanted Dead or Alive ~ Bon Jovi
Let’s take a look at Pending Sales by Price Range in the chart.
In April, nearly every segment’s number of pending sales, or escrows opened, was at its lowest, which explains our low Units Sold Number for May.
As you may know, the homes that are pending in April, will typically close in May.
But, let’s look at what we’re seeing for Pending Sales in May -- a sharp spike upwards in EVERY price segment!
In fact, our Number of Available Units (5,799) is 4% less than last month and 26.2% less than last year, meaning buyers have gobbled up a lot of those New Listings.
Escrows have been opened, and one can expect to see a bit more market activity relating to Units Sold as we close out those sales in June.
In addition, a huge majority of our listings, 85%, accepted an offer within the 1st 60 days on market.
That’s 3% more homes selling in their 1st two months on the market than last month.
With our Pending Sales, or escrows opened, in May experiencing a boost upwards, signs point to high demand within the Las Vegas real estate market.
It is highly sought after, and wanted dead or alive!
We’ve seen our Median Sold Price holding strong, so it seems our real estate market is leading the way to our city’s rockin’ recovery.
Who’s ready to ROCK?
To your health and success!