Appraisal Articles 2019 Free Appraisal Articles for Appraisers and the Public
As I have mentioned in many articles, appraisers generally keep close tabs on the markets and the movement of the single-family residential market is important. This review looks at properties located in Clark County Nevada. The following aggregate market statistics are provided via the GLVAR database and appear to be consistent with other data sources.
New listings of previously owned single-family residential (SFR) homes are reported in November 2020 to be down and now near a 10-year low point, and the number of home sales is also heading for an all-time low.
For the homes that are on the market their “days on market” or marketing time is about 20 days and falling. That is a positive for sellers who are trying to sell their homes. A positive also for home sellers is the increasing median sales price, for the group of home discussed, that is now at $ 319,000 and $ 173 per square foot (SF). That price is near a 12-year high point.
SFR home prices as reflected in dollar (USD) volume of home sales is up and near a 15-year high point.
So what is in store for the market in these uncertain times? As long as the COVID pandemic is a high priority and important concern on the minds of potential home seller’s I anticipate that market prices will remain high and continue their upward movement, and the number of home offerings will remain relatively low. It is a simple supply and demand analysis, the demand in Las Vegas / Clark County is clearly there, and it continues to increase asking and sales prices. The supply of homes is however also clearly down.
The very low interest rates on home mortgages, now near 2.75%, is another factor that will continue to drive market prices up. More people qualify for the limited supply of homes.
Importantly there are reports that indicate that home prices in Las Vegas will begin to fall in the short-term future. This hit to the Las Vegas SFR market was forecasted based on a reasonable assumption that our tourism market has been hard hit.
With a COVID vaccine currently in distribution and a resistance to a second round of casino closures in Las Vegas being solidified some of the doom and gloom predicted for Las Vegas may not materialize.
For more appraisal information contact Glenn J. Rigdon MA, IFAS, ASA who is a Las Vegas / Henderson Nevada based broker and real property appraiser who can be contacted via email or via his business website known as Appraiser Las Vegas (http://www.appraiserlasvegas.com), or http://www.horizonvillageappraisal.com, or you can also click on “Contact Us” on the home page of this website or visit my public profile at LinkedIn at http://www.linkedin.com/pub/glenn-rigdon-ma-mrics-asa/1a/30b/879/
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