Las Vegas Home Prices Continue to Rise With Lower Sales Recorded

Las Vegas Housing Market Update September 2020 — welcome to fabulous las vegas neon sign

Las Vegas Home Prices Continue to Rise With Lower Sales Recorded- The Las Vegas real estate market continues to see pricing rise as well as demand for homes. Sales did fall from 2019 numbers due to the lack of inventory. Supply of homes did drop to around 2.4 months compared to a supply of 3.9 months in August of 2019.

Currently, the average sales price is at $335,000.00 up from $330,000.00 in July. Demand is still very strong from California buyers as well as out of state buyers. Local buyers are cashing out equity and upgrading to bigger homes. Several of my clients have cashed out their smaller homes that the bought 5-10 years ago to buy a bigger home that they now can afford due to the amounts of equity they have in their smaller home. In addition, I am also seeing more first time home buyers hitting the market. With interest rates still under 3%, renters are now able to get a great mortgage deal and save a lot of money on their new mortgage payment.

Inventory and Demand:

Las Vegas Home Prices Continue to Rise With Lower Sales Recorded

Inventory still remains very low and is a concern for me. I am getting a lot of questions from buyers as to possible foreclosures hitting the market and having some type of pricing correction. Here is my response to this question. 1) Inventory is very low. 2) Demand is still very high. 3) If the supply is low and demand is high, this means that pricing will continue to go up. 4) If pricing comes down, it’s because demand is no longer there. It also means that our market would need to add another 5,000 to 10,000 units for sale in a short period of time. In 16 years of doing this business, I have NEVER seen that happen. 5) The state of Nevada still has an anti-foreclosure law on the books right now which means no bank or servicer can foreclose on a home.

Foreclsoure Process:

The foreclosure process in Nevada could take at least 6-8 months or longer from the period of when the State of Nevada allows foreclosures again. This means that banks and servicers will have to work with the home owner to avoid foreclosure. 6) Most people will have equity in their homes so why would you not sell your home and cash out your equity? This makes no sense to me. You would give up your home to foreclosure? The only people that would face foreclosure are the people that just recently bought a home within the past year.

In conclusion, I am not saying that the market will never come back down. I welcome some type of pricing correction to happen in the future. I cannot predict the future but I can use facts and data to see that the Las Vegas real estate market right now is strong and is helping people upgrade to new homes and it’s relocating a lot of people from other states to Las Vegas. When you buy a home, you are buying a place to live in. You are not buying a home as an investment. Investors buy into real estate with cash and then do not have to worry about a mortgage payment. They are able to make money on that home as an investment over the long term. As a buyer for a home, you are buying a home for the tax benefits, the pride of ownership as well as future equity results not short term gains.

Information Links:

Check out my foreclosure information page if you need help to avoid foreclosure. Currently, there are plenty of government programs to help you. Here is the link to that page: https://lvrealty4sale.com/how-to-avoid-foreclosure-in-las-vegas/

If you are a buyer looking to purchase a new home, check out my communities page here: https://lvrealty4sale.com/communitiy-pages-in-las-vegas-and-summerlin/

Here is the Fox 5 news article about our current market conditions: https://www.fox5vegas.com/coronavirus/southern-nevada-home-prices-set-all-time-record-though-fewer-homes-sold/article_98563dfe-f29b-11ea-b857-07ebdd3a490d.html?utm_source=FOX5%20Vegnkas&utm_medium=referral&utm_campaign=Breaking%20News

How Do I Move Out Of California?

How Do I Move Out Of California? This seems to be the question that I am getting asked a lot so far this year. As someone that was born and raised in The Golden State, there seems to be a decline in quality of life, taxes, crime and of course traffic conditions. These were the reasons I left California over 17 years ago and headed to Las Vegas.

I am seeing that 40% of my clients this year are from either The Bay area or in Southern California. The biggest issue for most of the people that want to relocate seems to be affordability. Real Estate in California continues to be unaffordable for most people. Taxes are also a huge factor. I am writing this post to address the questions that I am getting a lot of. Read on and if you have other questions that I have not addressed below, feel free to call me anytime. 702-768-2552.

What is the average sales price of a home in Las Vegas?

As of August 2020, the average sales price is around $330,000.00. It will also depend on the location of the home. Summerlin and Henderson seem to be at a premium now. This means that home prices in these areas are going to be 20% higher than most of The Las Vegas Valley. If you are looking into these areas for a home, I would have a budget of at least $400,000.00 and above. If you are looking for a town home, budget around $330,000.00. Keep in mind, Las Vegas is very affordable! What you might pay for a condo in Los Angeles that’s 1,000 square feet for $600,000.00, that will get you a 2,500+ square foot home in Henderson or Summerlin with money left over!

Check out my home search page here: https://search.lvrealty4sale.com/idx/search/basic

What type of real estate market is it right now?

Due to a lack of inventory right now, I would say we are in a sellers market. This does not mean that you cannot get a great deal, it’s just going to be house specific. Right now, we have a 2 month supply of homes for 2.5 million people. Consider new home construction as well which may take 6-8 months for a new home builder to build you a home. I can help you with new home construction as well. There are still plenty of homes for sale but some homes may require work or customization.

What are your favorite areas of Las Vegas?

For me, I love Summerlin. Not only do I work here, I live here. Check out: www.summerlin.com for more information about the area. I love the area because everything is around you that you need without the traffic and congestion. Restaurants, shopping, casinos, great freeway access, outdoor activities and much more make Summerlin a family friendly part of town and just a great place to live and play. If you are a Henderson person, Henderson is also good too. It is at the valley floor meaning that it’s 1,700 feet above sea level. Summerlin is around 3,000 feet above sea level. In Henderson, it tends to be hotter, more traffic and more population.

Henderson has approximately 320,000 people where Summerlin has around 180,000 people. Henderson is closer to the airport and is in the flight path. When you come out here, ask me to drive you around both places so that you can make a logical choice as to where you would like to live. Be sure to visit: www.lvrealty4sale.com and check out my community pages for more information about all of the great areas here in Las Vegas! Check out The City of Henderson’s website for more information: https://www.cityofhenderson.com/

Las Vegas Strip at night — **Aerial view of The Las Vegas strip in nevada**

What is it like to live in Las Vegas?

It’s like night and day from Los Angeles. I grew up in LA during the 80’s. What a great time to be a teenager! After I got out of High School, things changed. More traffic, more smog and my quality of life got worse. Las Vegas has been a totally different place to live. First off, I have a great career that I could never have in LA. I have everything that I ever had in LA minus the traffic, the taxes, the smog, the higher cost of living! Las Vegas allows me to play on The Strip if I want to, go see an NHL or NFL game, it allows me to travel from one part of town to the other in under 30 minutes. Las Vegas is very family friendly! From outdoor activities like hiking, parks, trails, off roading, skiing, casinos (of course) world class restaurants if you are a foodie like me. Explore new places, do new things. It gives you the freedom to enjoy yourself and your new quality of life. I’m not in a rush to get some where like I was in LA. I don’t spend hours a day in bumper to bumper traffic.

How long will it take us to find a home?

Great question! It can take 20 mintues or a few months. It just depends on our timing and whats available. Make sure that you have your finances in place first before we start looking for a home. A proof of funds letter if you are paying cash or a pre-approval letter if you are financing your purchase. This helps me put in an offer right away without any delays. Escrow usually is around 30-35 days for financing and with a cash transaction I can usually close within 2 weeks.

What if I need to sell my current home in California?

Call me ASAP. From San Diego to San Francisco, I have plenty of partner agents that are licsened in California and can help you get the best offer on your home. I am only licensed in Nevada. In fact, I have several Realtors that I have worked with for over 12 years now that will do a great job for you!

In conclusion, I can help you with that hard question: How Do I Move Out Of California? If this is something you have been thinking about doing and have put it off, now is the time to act. Call my today, let’s chat. Let me share my experiences of leaving California after living there for 30 years of my life. Also, I can tell you how things are in Las Vegas and how I can give you some information and guidance for your new life in Las Vegas! It’s easier than you think. Call today and let’s chat!

Redpoint Summerlin and Repoint Square Summerlin Update 9-2020

As we see more progress develop in Redpoint Summerlin and Redpoint Summerlin Square, I thought of providing updates as to model construction and when some of these communities will start to open. Please see below for information on specific developments. Redpoint Summerlin and Repoint Square Summerlin Update 9-2020 has plenty of infomation for you below.

Pulte Carmel Cliff

Pulte has started to grade the northeast corner of Far Hills and Sky Vista. Their community is called Carmel Cliff at Redpoint Summerlin. There will be 4 two story homes so far to chose from. Square footage starts around 2,851 and goes up to 4,577. Pricing has not been established yet. You can check out there web site here: https://www.pulte.com/homes/nevada/las-vegas/las-vegas/carmel-cliff-210613

Taylor Morrison ( Formerly William Lyons)

Savannah at Redpoint Summerlin by William Lyons (Taylor Morrison)

Taylor Morrison is building an all single story home community called Savannah. There will be 170 lots available with pricing starting around $550,000.00. 3 car garages will be available. Models are currently under construction and will have 4 model homes to preview. There will be 7 different home types that will be offered at Savannah Redpoint Summerlin. Models should open by the end of the year. Check out their web site here: https://www.taylormorrison.com/nv/las-vegas/las-vegas/savannah-in-summerlin

Richmond American Moro Rock

Moro Rock started selling at the end of May and they are now 40% sold. Town homes start around $312,000.00 for around 1,500 square feet. There are two models to chose from: The Chicago or The Boston. Both plans will have a 2 car garage and have 3 bedrooms. They will expand this community next door to their current location due to high demand. Check out their web page here: https://www.richmondamerican.com/nevada/las-vegas-new-homes/las-vegas/moro-rock

Woodside Homes Cyrstal Canyon and Obsidian

Woodisde Homes currently is building models for Crystal Canyon. So far there are 4 models being built. 2 single story homes and 2 two story homes. Lot sizes look small. Pricing has not been set as of this post. No additional information is available.

Toll Brothers Acadia Ridge

No new things to chat about here. Acadia Ridge is still being graded right now. No additional information has been posted on their web site. You can check out there page here: https://www.tollbrothers.com/luxury-homes-for-sale/Nevada/Acadia-Ridge

Be sure to call me today (702-768-2552) and find out how to get your $2,000.00 buyer incentive on any home in Summerlin over $350,000.00. Check out this page to register for the incentive: https://lvrealty4sale.com/redpoint-summerlin-contact-page/

Las Vegas home prices continue to rise

Las Vegas home prices continue to rise according to The Las Vegas Association of Realtors and a Fox 5 Las Vegas news report. According to the article and the association, buying a home right now means paying at least $330,000.00 as the median sales price once again sets a new record. Last month, prices were around $315,000.00 as the median sales price. Now with higher demand, low interest rates and a shrinking inventory, buyers are paying top dollar. We are now in a full out sellers market.

Article link:

https://www.fox5vegas.com/news/local/southern-nevada-home-prices-remain-high-despite-coronavirus-pandemic/article_ed1ec174-d7e0-11ea-9279-f7de45c43f45.html?utm_source=FOX5%20Vegas&utm_medium=referral&utm_campaign=Breaking%20News

Current Inventory Levels:

Inventory levels have now dropped to a low 2.5 month supply for 2.5 million Clark County residents. The numbers are not good if you are in the market to buy a new home. I usually do not want to put addidtional pressure on my buyers but, if you find something you like, you need to act on it. Las Vegas home prices continue to rise due to demand. It’s really that simple. Will we see home prices double? I doubt that. I think at some point next year we may see things cool down some what. Demand from out of state buyers is fueling this craze. I am seeing a lot of California buyers and east coast buyers as well.

Active Inventory Numbers:

Currently, there are only 8,390 units of homes, town homes and condos for sale in Clark County. These numbers continue to get lower as demand over the summer time surges. Summer months are usually the most active in Las Vegas real estate. New home construction is also seeing a huge demand coming from buyers. The average wait time to build an new home from dirt is usually 6-8 months depending on the building and their work force. There is also a huge labor shortage right now in the construction industry in Las Vegas. All of these factors will come into play as demand continues to surge.

In closing, Las Vegas home prices continue to rise due to demand. If you are in the market to buy a new home or sell your current home to cash out your current equity, now is the time to call me. Let’s chat about the market and what your real estate goals are.

Taylor Morrison Savannah at Redpoint Summerlin Starts Construction

Taylor Morrison Savannah at Redpoint Summerlin Starts Construction-read below for more information.

Taylor Morrison Savannah at Redpoint Summerlin Starts Construction…Currently, there are 4 single story model homes that are being built. There will be 170 lots in this community. Pricing will start around $550,000.00 and go up to $650,000.00. These prices are for the base of models and do not include options and additional features. Pricing may change. Be sure to check out my Redpoint Summerlin page for more information:

https://lvrealty4sale.com/community/redpoint-summerlin-village/

Their website for Savannah can be found here:

https://www.taylormorrison.com/nv/las-vegas/las-vegas/savannah

Here is a video of the model homes that are currently under construction:

Square Footage:

Square footage will start around 1,900 all the way up to 2,500 square feet. 3 car garages will be included in some of the homes as well as a multi gen feature too. 3 and 4 bedrooms will be available in these homes.

Model Homes:

According to my sources, the model homes should be ready and open in fall 2020. More information will be passed on once I receive it. Right now, these are the first model homes to be in the stud phase of construction in Redpoint Summerlin. Several other builders will be breaking ground, or are under construction right now. By the end of the year, Redpoint Summerlin should be up and running with plenty of choices for home buyers.

The Area and the new village:

Redpoint Summerlin and Redpoint Square Summerlin are Summerlin’s 2 newest villages that make up Summerlin. Both communities will focus on town homes, and single family homes. A massive vareity will be on full display in these 2 new villages. The goal is to connect these 2 villages to the Summerlin Parkway and the 215 beltway. Close to Downtown Summerlin, casinos, restaurants, recreation areas and much more! This is going to be an amazing addition to Summerlin!

Incentives:

The builders represent themselves. They do not represent your best interests. As a full time Summerlin Realtor since 2004, my job is to represent your best interests. Contact me today and ask me about my $2,000.00 incentive if you use me as your Summerlin area Realtor. Right now I am offering this incentive on all homes priced above $350,000.00 in Summerlin. Call me today for more information-702-768-2552.

Redpoint Summerlin and Redpoint Square Summerlin

Redpoint Summerlin and Redpoint Square Summerlin are Summerlin’s two newest communities! Ground breaking has already begun on this massive new area of Summerlin. This area is right off of the 215 and Far Hills Ave. Close to Downtown Summerlin and great freeway access.

The Area:

Redpoint Summerlin and Redpoint Square Summerlin will have a combination of single family homes and town homes. The area is trying to attract home owners that want or need variety for their lifestyle. If you are looking for single story homes or town homes, these two villages will have it all! Future plans show that Desert Foothills will connect into the Summerlin Parkway. Other plans for the area include parks, trails and much more! Commerical development looks like it will be just north of Summerlin Parkway or inside of Redpoint Square. This is not confirmed as of the date of this blog.

Drive Tour of The Area:

The Builders:

Confirmed so far include:

KB Home will have “Ascent” townhomes from 1,448 square feet to 1,890 square feet. Models should be open in December 2020. Pricing has not be set at this time. This subdivision is across the street from the new Summerlin Command Police Station for LVMPD.

Woodside Homes will have “Obsidian” in Redpoint Square. This subdivision will have 2 story and 3 story homes starting from 1,357 to 1,854 square feet. There will be 5 floor plans to chose from. At this time there is no pricing available.

Woodside Homes will also have “Crystal Canyon” in Redpoint. Homes in this subdivision will be one story and two story. Square footage will be from 1,650 square feet all the way up to 2,400 square feet.

Woodside Homes Crystal Canyon Models are currently under construction:

Richmond American will have “Moro Bay” townhomes in Repoint Summerlin. Pricing starts in the low $300,000.00’s. You can pruchase their townhomes now. Square footage is around 1,500 square feet for both the Boston and Chicago Models. Delivery of the town homes is on track for December 2020.

Moro Bay Models are under construction:

Taylor Morrison (Formerly William Lyons) will be building an entire single story home community called “Savannah”. Square footage starts around 1,981 square feet and will go up to 2,574 square feet. Pricing and additional information is currently not available. Construction on the utilities as well as lot divisions are already under way.

Taylor Morrison’s Models are under construction:

Toll Brothers will have “Acadia Ridge” single story homes with a second level option. Square footage will start around 2,002 square feet up to 3,155 square feet. Pricing and other information has not been released yet.

Additional Information:

Lennar at some point will also have some type of community located in Redpoint Summerlin or Redpoint Square Summerlin. No additional information except a building permit has been seen in the area.

For more information about this community, please contact me anytime. As a Summerlin Realtor and resident, I am usually the first to know about new projects in the area. Call me today at: 702-768-2552 for more information and incentives.

Las Vegas Home Prices Set a New Record For June 2020

Las Vegas Home Prices Set a New Record For June 2020 coming in at $325,000.00 as the average sales price. This figure is acording to Tom Blanchard President of Las Vegas Realtors Association. Inventory remains very low at a 2 month supply of homes for a population of 2.5 million people here in Clark County.

Sales however have been cut in half due to Covid-19 but the real estate market in Las Vegas reamins strong. Demand for homes comes as interest rates remain at all time low levels. Buyers think that their buying power and affordability make it a strong case to buy a new home.

Pricing Up from June 2019

Prices compared this time from June 2019 indicate that overall prices are up 6.9%. With strong demand, and low inventory most homes being sold will be in a sellers market. This means sellers are getting to get top dollar for their homes or close to it.

Is now a time to sell or buy? That will depend on your specific needs for real estate here in Las Vegas.

Las Vegas Home Prices Set a New Record For June 2020 indicates that our market is strong, people are able to afford a new home. As the economy picks up, more demand will be seen here in Las Vegas for homes.

What Does This Mean For Buyers?

If you are on the fence waiting out the market to buy a new home, you may want to rethink this. Therefore, If demand continues to rise and supply continues to shrink, pricing will continue to go up. This will make it harder to find a home within your budget. If you can afford to buy a home and pay for it for the next 3 years, now is the time to buy. In addition to this, if you have job security now is the time to buy. If you are concerned about your job, do not buy.

What Does This Mean For Sellers?

If you have been waiting to sell your home, take advantage of the low inventory market. Now may be the time to sell your home. Getting top dollar for your home depends on demand and market conditions. If you need help selling your home, call me today. I can provide you with a free market analysis and show you how I can help you get top dollar for your home.

Check out the Fox 5 article here: https://www.fox5vegas.com/coronavirus/southern-nevada-home-prices-set-record-though-fewer-homes-sold-amid-pandemic/article_55fe5eba-c04f-11ea-a779-c749ef0c9ac3.html

June 2020 Real Estate Data

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.

Steve Wynn lists his home 1717 Enclave Court in Summerlin

Casino owner and billionaire Steve Wynn lists his home for $25,000,000.00 in Summerlin. 1717 Enclave Court is located near Vegas Drive and Rampart Blvd. It is considered to be located on “Billionaires Row” and has recently gone through a massive $16,000,000.00 renovation.

Home Facts:

6 Bedrooms

6 Dens

7 Baths

13,5982 square foot home

Built in 2001

61,420 square foot lot

4 car garage

Pool and Spa

The home sits on 1.5 acres of land and has a home movie theater inside, European Villa theme to the home, massive upgrades through out the home. A private backyard with a pool and spa.

One of the most expensive listed homes in Las Vegas and Summerlin. Will Steve Wynn get $25,000,000.00 for his Summerlin home? That is something we will all have to wait and see.

Check out the virtual tour link here: https://www.propertypanorama.com/instaview/las/2204874

If you are in the market for a luxury home in Summerlin, Las Vegas or Henderson, now is the time to buy. As our local inventory drops, pricing may start to come back up. The $1,00,000.00 + pricing point seems to be doing very well in sales this year. New home construction in this pricing field is still not as strong as it was in years past. New home builders such as Toll Brothers are having success in gaining new buyers to their newest projects. Still, the Las Vegas Valley has a smaller selection of available luxury homes for sale.

As your luxury Realtor here in Las Vegas and Summerlin, my job is to seek out what you would consider pure perfection in a new home.

For more information about this home or any other home in Las Vegas, Summerlin or Henderson, please contact me anytime. 702-768-2552.

Check out my Summerlin Community pages here: https://lvrealty4sale.com/communitiy-pages-in-las-vegas-and-summerlin/

Las Vegas Housing Market April 2020

This month I want to focus on the Las Vegas Housing Market April 2020. This is an important blog because I want to use data along with facts to show what our local real estate market is doing.

Supply of Homes:

Currenty, there is a 2.8 month supply of homes which means that we would run out of homes to sell in less than 3 months if no new homes hit the market for sale. This number is not bad, and it’s not good. It’s in the middle for right now. In my opinion, I think there is a lot of junk listings out there that are over priced. This means some buyers may see a good deal out there and get some extras out of the deal. Don’t be affraid to ask for a lover price and maybe closing costs too from the seller. Anything over 30 days on the market and you need to ask yourself…. WHY?

New Homes Coming Into The Market:

In April we saw 3,387 new MLS listings hit the MLS compared to 5,023 in March. This is a small down turn in listings (-1,636) added to The MLS due to the Covid-19 threat. In a way this is actually a good thing for the market. It keeps the inventory small while demand is still there. This also helps to stablize pricing in the market since people are not willing to settle for a huge price reduction. We may see some pricing go down but not that much. Buyers still may find that they are either paying list price or close to list price on homes that have a huge demand for them. If a home has been on the market longer than 30 days, there may be a chance of a price reduction.

April Real Estate Sales in Las Vegas:

Sales were also down in April. Sold transactions were 2,413 compared to March sales of 3,619. (-1,206) They were also affected due to limitations of travel, government restrictions, lack of open houses, and the ability to show homes in person. Also, we saw a lack of new inventory that came into the market place that also impacted sales as a whole.

My Thoughts On The Current Market:

9,577 homes, town homes and condos are currently for sale on the MLS. Usually a buyers market would be around 11,000 to 14,000 homes, town homes and condos. We are way under that number right now. This is making some homes that are in demand due to pricing, location and availability more than likely they will get list price or close to it. If the home has been on the market longer than 30 days, you may see a price reduction or a lesser than listed offer. I personally feel that some homes will be a sellers market and some homes will be a buyers market. There is still a lot of demand from buyers right now. If the local economy picks up by June or July things will improve. If not, we may look at a down turn in the market that could have long lasting affects.

Las Vegas Housing Market April 2020

The good news is that inventory is low and will remain low for the next few months. If people lost their jobs, they have zero reason to sell. The government housing forebearance programs will allow someone to stay in their home for awhile. This means they are not motivated to sell. Demand will still be strong as well as we move into the summer market. This is usually a very busy time of year in real estate. If you are a buyer right now, think about your finances and job situation. If you can pay for a home and hold on to it for the next 3 years, you should be ok. If not, do not buy right now. Wait out the market and economy.

If you have any qustions about the Las Vegas Housing Market April 2020, please contact me anytime at: 702-768-2552.

Check out my community pages for housing information! https://lvrealty4sale.com/communitiy-pages-in-las-vegas-and-summerlin/

All of the above data has been provided by https://www.showingtime.com/marketstats/