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April 2020 Las Vegas Market Update

The Las Vegas area real estate market has been under the influence of COVID-19 containment measure for well over a month now.  We have been publishing updates on the number of listings, pending sales and closed sales for the previous seven days, three times a week.  The numbers have been remarkably stable.  In the $350,000 and under price range, buyers are still having to compete in multiple offer situations.  Another interesting bit of data that indicates there is still a healthy interest in Las Vegas area homes is the average number of days a house is on the market.  In February it was 48 days, 43 days in March and 38 days in April.  Homes are selling faster.  It’s important to remember that the economic contraction occurring now is not being caused by financial speculation as was the case in 2008.  It is not a real estate led contraction.  Your Las Vegas Home Specialist team will continue to follow the numbers and pass them along to you.

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