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Commercial Market Sales - Update July 1, 2020

by Administrator on Jul 1, 2020 Market Conditions Articles 157 Views

During May of 2020 (and June 2020 based on my perception of the overall market), relatively few commercial sales have been transacted in Clark County, Nevada in the recent past.  The following table was extracted from sales data and it reveals that sales volume in May was still substantially impaired by the pandemic and the Office market appears to be the hardest hit.  Thus, we remain in a "suspended" market and no one knows how long the commercial market will remain in this "state" without there being some negative impact.

While the number of residential homes has fallen the demand for the ones available for sale has increased and thus sales prices have remained relatively high.  While some market strength has returned we have not returned to what could be called a normal market for residential homes.  

The following graphic is offered as an indication of relative market activity for May of 2020.

The relatively small number of commercialclosings, below the number noted for the pre-COVID market, means to me that the commercial real property market continues to suffer from the effects of the pandemic.  

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/

 

 

 

 

Article source: http://www.appraisalarticles.com/General-Appraisal-Articles/Market-Conditions-Articles/4758-Commercial-Market-Sales-Update-July-1-2020.html

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