Effects of COVID-19 on the Las Vegas Housing Market –
How did I break down the numbers?
I broke the last 20 days into 5 day increments, 0-5, 6-10, 11-15, & 16-20. I separated the days into 4 different categories, New on the Market, Pending (went into escrow), Sold’s(Closed Escrow), & Withdrawn (taken off the market). You will also notice that I separated the Single Family Residences from the Townhomes/Condos. I only pulled the Greater Las Vegas Area, which includes Las Vegas, N. Las Vegas, Henderson, & Boulder City.
What did the numbers reflect the effects of COVID-19 on the Las Vegas Housing Market?
The biggest change occurred in the Pending (went into escrow) category. For the days 6-20 back, the numbers were consistent for single-family residences (SFR) right around the 450 mark, but for the last 5 days, this number dropped down to 278, close to a 40% drop. For townhomes and condos, the number dropped by about 50% to 52 for the last 5 days, when compared to the 15 previous days.
The number of properties that closed escrow (Sold’s) over the last 5 days was also down by 35% to 307 for single-family residences when compared to 482, for 6-10 days back, and 469, for 11-15 days back. For townhomes and condo’s this number also fell over 50%, down to 63, when compared to 118 for 6-10 days back, and 143 for 11-15 days back.
The number of properties taken off the market over the last 10 days has increased for single-family residences. The big change was from 0-5 days back, it was 183, when compared to 16-20 days back, when it was at 102. For townhomes and condo’s the numbers stayed consistent.
For properties that are new on the market (Active) for single-family residences, these numbers stayed consistent for the last 15 days. 482 for the last 5 days, 470 for days 6-10 days back and 418 for 11-15 days back. However, for townhomes and condos, the numbers dropped by almost 45% to 71 for the last 5 days, when compared to 135 for 6-10 days back, and 126 for 11-15 days back.
WHERE HAVE WE SEEN A SERIOUS CHANGE IN ALL OF NEVADA?
The number of showings for the entire State of Nevada is down drastically. This is evident by the chart which is provided by “Showing Time”, premised on a platform that records data for real estate agents to set and track appointments. Currently, showings are down over 60% from the peak of this year and from last year at this time. The general public has access to these numbers as well for each state at: https://www.showingtime.com/impact-of-coronavirus/