The Good News:
June 2020 Real Estate Data for Las Vegas continues to show how strong our market is. The bad side of these numbers continue to show us that our supply is extremely low at 2.5 months of supply. In May, our supply was at 3.10. 8,523 units are currently for sale on the MLS as of this Blog post on 6-2-2020. This includes Single Family Homes, Town Homes and Condos here in the Las Vegas Valley.
The Bad News:
Inventory continues to fall and new inventory is not catching up to demand. This senario may indicate that pricing may come up at some point over the summer time. Simple supply and demand will determine the outcome as to how our summer market will affect prices. Summer usually is the busy season for buying and selling homes here in Las Vegas.
Review-Journal Article About New Home Construction:
Interesting Article that was published in the RJ on June 27th indicates that new home builders are seeing an uptake in new home building permits pulled. New home construction is still off however the continued trend is showing a bounce back and that buyers are now getting back into the home buying season.
Check out the link to this article here: https://www.reviewjournal.com/business/housing/las-vegas-homebuilders-see-sales-uptick-amid-pandemic-for-now-2062803/
Buyer traffic has been strong since May according to the article. 289 sales in June compared to 38 sales for the entire month of April. Building permits were up to 417 in May but that number was still half of what it was in May 2019. Still, the article is cautious about the future pointing out if a second outbreak of Covid-19 happens, no one can tell what will happen to the local economy.
Thanks to Eli Segal of the RJ for the information obtained for this blog.
The Other Numbers:
Inventory numbers for May 2020 were at 10,291 units on the MLS. In June, that number dropped to 8,523. A difference of 1,768 less units for sale. This can be in combination of homes sold, homes taken off of the market or expried listings that may have left the market all together. The numbers do show a massive drop in standing inventory for the entire MLS.
Closed Sales May/June 2020:
In May, we saw 2,177 sales. In June, we saw 2,877 sales. A difference of 700 sales. In this state we are in economically, that is a good sign. An uptake in sales and demand will continue to show a strong interest in Las Vegas Real Estate. If the numbers stay positive, I think pricing will continue to rise and demand will be strong.
In closing, the June 2020 Real Estate Data is strong. If you are on the fence so to speak about buying a home, here is my advice: If you are strong financally, I would suggest buying now while pricing is moderate. If you continue to wait out the market thinking it will come down, there are no indicators of that right now with the above listed data. Most people in Las Vegas are in an equity situation with their homes. This means if they lost their jobs now, they can sell and make a profit rather than short sale or foreclose. There are government forebarance programs to help people as well. All of these factors indicate that the housing market locally is strong and stable. Call me anytime if you have any questions about my data and this blog. 702-768-2552.