Real Estate in Las Vegas During Covid 2020- Written by Donna Coquilla
According to the latest report from Colliers International, the office and industrial markets have remained stable, and the number of short sales in the Las Vegas real estate market continued to decline in the third quarter. The report, released by Summerlincommunities.com, shows that 3,325 single-family homes were sold in April and May, up from 2,843 in March and 2.5 million in February. Redfin, an estate agent, reported that more than half of all short sales of single-family homes in Las Angeles County had multiple listings in the four weeks to May 10. Las Vegas Realtors reports that combined, short sales and foreclosures accounted for about 40 percent of existing local real estate sales in January 2020.
The index shows that demand is generally weak in Las Vegas, and homes can stay on the market longer and sell for less, putting bargaining power in buyers “hands. Given the heat the local economy has experienced since the pandemic, the real estate market in Las Vegas remains strong and tends to be sellers, as a growing population and booming economy have led to a persistent imbalance between supply and demand.
Let’s explore the housing market in Las Vegas further to understand what it will look like in 2020 and beyond. Here is a look at the three-year property market, which ends in the third quarter of 2021, with the exception of the first quarter of 2020.
The median rent in Las Vegas was $950 ($1,093), an increase of 1.5% over the average for the past three years. The median price for a one-bedroom apartment in the first quarter of 2019 was about $850, a 2.7% increase, and the median price for a two-bedroom apartment was about $900, a 2% decrease.
I don’t think the real estate market in Las Vegas is going to collapse because we’re not overheating. We have perhaps prevented it from becoming too high, but that will not prevent the rate of inflation from rising, and I do not believe that it will.
Being the second largest market may be because you enjoy the weather, health care, and activities that only Las Vegas can combine in one city, which can be combined to a value that is unparalleled in any major city anywhere in the US. You can also invest in real estate in other major cities such as New York City, Los Angeles, San Francisco, Chicago, New Jersey, Boston, Washington D.C. and Chicago.
Many real estate investors wonder whether buying a rental property in Las Vegas is a good investment. You may be looking for a turnkey investment property outside Las Vegas that you can move into in the future or sell during your retirement or future. The best tenants would be retirees who plan to move to Las Nevada and rent a property. Therefore, finding a good location in a growing neighborhood with good amenities such as shopping, dining, entertainment and recreation, as well as a high quality of life, is critical to your success.
Las Vegas Valley as a whole serves as one of the world’s leading financial, commercial and cultural centers and is a great place to live. All of these things make Las Nevada’s real estate market special when it comes to choosing a place to invest in 2020. These are just a handful of highlights that make the city a good investment destination for those looking to invest in real estate.
Indeed, the real estate market in Las Vegas is one of the places where most signs of a positive recovery are visible. A friendly business environment has helped to support the economy and is also showing that it is warming again.
That’s because the number of retail stores in Las Vegas has boomed in recent years, especially in recent years.
In 2018, the Las Vegas real estate market surpassed the US average for the first time in more than a decade. House sales hit a record high in the second quarter of the year, according to the National Association of Realtors. The number of new home sales in 2018 and the growth in home sales gave the Las Vegas real estate market a net gain of $1.2 billion, or about 3.5 percent, in the same period in 2017. In the last three months of 2018 alone, home sales hit an all-time high of 4.3 percent, according to the local home sales index. And the first quarter of 2020 ended with the highest home sales in nearly two years.
At the end of January, Las Vegas REALTORS reported that 4,906 single-family homes were for sale, 4.5 percent more than at the same time last year.
According to the latest report from Colliers International, the office and industrial markets have remained stable, and the number of short sales in the Las Vegas real estate market continued to decline in the third quarter. The report, released by Summerlincommunities.com, shows that 3,325 single-family homes were sold in April and May, up from 2,843 in March and 2.5 million in February. Redfin, an estate agent, reported that more than half of all short sales of single-family homes in Las Angeles County had multiple listings in the four weeks to May 10. Las Vegas Realtors reports that combined, short sales and foreclosures accounted for about 40 percent of existing local real estate sales in January 2020.
The index shows that demand is generally weak in Las Vegas, and homes can stay on the market longer and sell for less, putting bargaining power in buyers “hands. Given the heat the local economy has experienced since the pandemic, the real estate market in Las Vegas remains strong and tends to be sellers, as a growing population and booming economy have led to a persistent imbalance between supply and demand.
Let’s explore the housing market in Las Vegas further to understand what it will look like in 2020 and beyond. Here is a look at the three-year property market, which ends in the third quarter of 2021, with the exception of the first quarter of 2020.
The median rent in Las Vegas was $950 ($1,093), an increase of 1.5% over the average for the past three years. The median price for a one-bedroom apartment in the first quarter of 2019 was about $850, a 2.7% increase, and the median price for a two-bedroom apartment was about $900, a 2% decrease.
I don’t think the real estate market in Las Vegas is going to collapse because we’re not overheating. We have perhaps prevented it from becoming too high, but that will not prevent the rate of inflation from rising, and I do not believe that it will.
Being the second largest market may be because you enjoy the weather, health care, and activities that only Las Vegas can combine in one city, which can be combined to a value that is unparalleled in any major city anywhere in the US. You can also invest in real estate in other major cities such as New York City, Los Angeles, San Francisco, Chicago, New Jersey, Boston, Washington D.C. and Chicago.
Many real estate investors wonder whether buying a rental property in Las Vegas is a good investment. You may be looking for a turnkey investment property outside Las Vegas that you can move into in the future or sell during your retirement or future. The best tenants would be retirees who plan to move to Las Nevada and rent a property. Therefore, finding a good location in a growing neighborhood with good amenities such as shopping, dining, entertainment and recreation, as well as a high quality of life, is critical to your success.
Las Vegas Valley as a whole serves as one of the world’s leading financial, commercial and cultural centers and is a great place to live. All of these things make Las Nevada’s real estate market special when it comes to choosing a place to invest in 2020. These are just a handful of highlights that make the city a good investment destination for those looking to invest in real estate.
Indeed, the real estate market in Las Vegas is one of the places where most signs of a positive recovery are visible. A friendly business environment has helped to support the economy and is also showing that it is warming again.
That’s because the number of retail stores in Las Vegas has boomed in recent years, especially in recent years.
In 2018, the Las Vegas real estate market surpassed the US average for the first time in more than a decade. House sales hit a record high in the second quarter of the year, according to the National Association of Realtors. The number of new home sales in 2018 and the growth in home sales gave the Las Vegas real estate market a net gain of $1.2 billion, or about 3.5 percent, in the same period in 2017. In the last three months of 2018 alone, home sales hit an all-time high of 4.3 percent, according to the local home sales index. And the first quarter of 2020 ended with the highest home sales in nearly two years.
At the end of January, Las Vegas REALTORS reported that 4,906 single-family homes were for sale, 4.5 percent more than at the same time last year.
Written by Donna Coquilla September 2020
