Las Vegas Market Update for May 2020

Las Vegas Market Update for May 2020

  • Jessica Ream
  • 06/26/20

Welcome to your monthly market update! Graphs are provided from data looking at the whole month, so information is completed only for the month of May thus far. My home office is near the zip code of 89044 which is the Anthem Hills area, so I like to see how it’s comparing to the rest of Las Vegas. Let’s look at the data provided by the MLS, which is the state and federally-regulated system that Realtors use to list homes for sale and track the sales history for up to 10 years.

Based on the data provided by the MLS for all home sales within the Las Vegas and Henderson region, the median sale price is up 5.4% for Las Vegas and up 21.9% for Anthem Hills.

If you look at new listings of homes coming onto the market for sale, Las Vegas is down 28.7% while Anthem is down 9.3%

Here is a buyers heat map that reflects the amount of people searching in particular areas:

The highest searches for homes are (moving from the top Western side counter-clockwise) Summerlin, Southern Highlands, Anthem, Green Valley, McDonald’s Highlands, and the Strip.

So what does this all mean?

I interpret the data this way: there are less homes that are being listed for sale because of high amounts of equity (see my blog post on this here) which is driving the sales price of homes higher. There is a significantly reduced number buyers who are searching for homes near the city, most likely because people are wanting to move towards a less congested area due to the COVID-19 pandemic. The exception being those who are looking for deals on homes that may have cut their price right in the heart of the city. I personally have investors who see the pandemic as a short-term situation and are looking to scoop up discounted condos and homes for investment properties once the economy rebounds. There is evidence of a fast recovery in Las Vegas, as all casinos have opened, and restaurants are permitting sit-in dining, delivery, and curbside pickup. We are currently all required to wear masks after a spike in positive tests, but commerce has increased (based anecdotally from local small-business owners) in comparison to the previous month.

If you’re employed and were planning on buying a home “at some point” but are hesitant to do it now, I would consider rethinking your timing. Homes are sitting on the market an average of 19-21 days, which is down 24% for Las Vegas and 34.4% for Anthem. Good homes are moving faster than than they have been for the previous 2 years! So I say: it never hurts to look. If you’re searching for more space, more rooms, a different location, or your dream home, let’s connect. If you have a good amount of equity in your current home, you can use those profits to roll into a more updated house. There are so many options, and escrow can take a month to close. It’s never a matter of IF you can buy, when WHEN. Let’s find you a place you can breath deeply and relax.

Work With Jessica

Organized, communicative, and friendly, Jessica Ream has been recognized by, Who's Who in America, Huffpost Weddings, and is the 2021 AHRN Preferred Realtor for Nellis Air Force Base. Always elevating the client experience with a zen approach, Jessica eases stress for a smooth transition. 

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