Commercial Market Sales Evidence – Does it Exist for Post COVID-19 Clark County, Nevada?

Analyzing market value starts for an appraisal report begins with an assumption that there is a market, that there are buyers and sellers.  While we are slowly starting to move out of a dark period when few of us could even prompt a potential buyer to look at a real property, we still have not reached a point where there are a sufficient number of buyers and sellers to call what is going on a market for some property types.

Apartment closings dropped to zero in April 2020 as did office closings.  Vacant land sales volume, while way down from 2019, has continued through the COVID-19 pandemic although many fewer properties are being sold.

The following table displays that number of commercial sales transacted (closings) with a sales price over $ 1 million based on the best available sources:

This data displayed in the table above is deemed reliable but it is not guaranteed and it should not be relied upon for investment decisions.  The administrator / author of this article is not liable for errors or omissions.  The closing information provided is free to the public and provided only via www.appraisalarticles.com.

There has also been relatively few defaults / foreclosures / trust sales reported to Clark County, Nevada in April 2020.  This is in stark contrast to the number of defaults / foreclosures / trust sales reported following the “Great Recession” of 2008 that was caused by subprime mortgage defaults.

Thus, some data is available to analyze real property values in Clark County, Nevada post COVID-19.  While the influence of the pandemic has not entirely past, and will likely continue to affect sales volumes, there is some evidence that is available to real property appraisers.

It's my opinion that if there have been no sales of a property type then you really don't have a functioning market, so some property types will have to find both willing buyers AND willing sellers to establish market evidence.

For more appraisal information contact Glenn J. Rigdon MA, MRICS, IFAS, ASA who is a Las Vegas / Henderson Nevada based broker and 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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