Appraisal Articles 2019 Free Appraisal Articles for Appraisers and the Public
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.
Pahrump single-family residential (SFR) home sales volume, has remained strong through May but may suffer a decrease in June of 2020 based on a review of Nye County statistics. Nye County average sales price has however increased in the June projection. Also reviewed was the GLVAR sales data which included both standard SFR homes and manufactured homes. The GLVAR data indicated a strong increase in Pahrump sales through June of 2020 and a steady increase in prices between February 2020 and June 2020. The COVID pandemic appears not to have had a significant impact on the Pahrump SFR market with the exception being that the non-manufacture home sales volume appears to be down.
If you have been following my commercial sales statistics on Clark County, Nevada, that includes Las Vegas and Henderson, you already understand that the number of $ 1 million and up closings, including vacant land sales, has dropped off by about 40%. That is a huge decrease in the number of sales, and as of today July 11th it doesn’t appear that things are getting better. The heaviest hit segment of the market is office buildings. There were no office building sales in April, May and there likely will be few offices sold in June or July. Let’s face it, people are not excited about returning to the office and employees forced to return who then become infected by COVID will not be an easy group to console.