Vegas Housing Market Seeing Coronavirus Impact

Prices Steady, But Fall From Recent Record Highs

Mitch Kelly
May 06, 2020 - 5:59 am
Las Vegas House For Sale

Ethan MIller/Getty Images

LAS VEGAS, NV (KXNT) - A report released Wednesday by Las Vegas REALTORS (LVR) shows the local housing market feeling the effects of the worldwide pandemic and economic downturn.

LVR’s statistics for April, the first full month since Nevadans were ordered on March 17 to “stay home for Nevada,” show local home sales dropping but prices holding relatively steady.

LVR (formerly known as the Greater Las Vegas Association of REALTORS®) reported that the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during April 2020 was $310,000. That was down 2.8% from an all-time record price of $319,000 in March, but still up 3.3% from $300,000 in April of 2019.

LVR reported that the median price of local condos and townhomes sold in April was $180,250. That’s down 2.8% from March, but up 6.0% from April of 2019.

“We’re starting to see how this crisis is hitting our housing market,” said 2020 LVR President Tom Blanchard, a longtime local REALTOR . “We expected sales to decline. But I think many people are surprised to see so little change in April compared to last year at this time in the number of people canceling contracts to buy homes here. It’s also a good sign to see home prices holding up relatively well. As we keep telling our members, we will get through this by working together.”

LVR reported 1,190 canceled sales contacts in April. That’s actually down from 1,335 cancelations in April of 2019.

Blanchard pointed out how well the local housing market was performing just two months ago, when LVR reported that existing local home prices finally broke their all-time record. In February 2020, the median single-family home price hit $316,000, topping the previous peak of $315,000 set back in June of 2006. Then March set a new high-water mark with a median home price of $319,000.

The total number of existing local homes, condos and townhomes sold during April was 2,411. Compared to the same time last year, April sales were down 31.4% for homes and down 41.6% for condos and townhomes.

Through the first quarter of 2020, local home sales were running ahead of last year’s pace. According to LVR, the total number of existing local homes, condos and townhomes sold in Southern Nevada during 2019 was 41,269. That was down from 42,876 sales in 2018 and from 45,388 in 2017.

Meanwhile, Blanchard said the local housing supply remains tight. The sales pace through April equates to just over a three-month supply of homes available for sale. A six-month supply is considered a more balanced market, he said.

Blanchard expects distressed sales to remain low, at least during the coming months, due to a 90- day moratorium on evictions and foreclosures ordered March 29 by Nevada Gov. Steve Sisolak.