So how's the Las Vegas Market?

[Brad Bellstedt]

So how's the market?

I'm glad you asked 😁

This may not be the most popular opinion on a forum full of hopeful investors but the Las Vegas housing market is already building a reputation as being one of the nations "most resilient" housing markets. Yes, home sales and home values are down but not nearly at the level some were predicting when Covid 19 first changed our lives and even better than most other cities. 

This IS NOT a repeat of 2008. Home values have moved downward from their absolute highs of between 6% and 9% but this is to be expected because of the laws of supply and demand. As demand decreases and supply increases, we naturally see a decline in price BUT the graphs to follow show a steady demand for housing still and I believe that once people are able to get back to work and start borrowing again, we will see a fast recovery.

With our phase-one/soft open coming up in only two days, I feel optimistic that we have seen the bottom of this economic slowdown and that we are soon to be on our way back up. 

One more reason to thank those "essential employees" who helped to drag us and our economy through all this craziness. 

Chart Order

1. Number of active listing.

2. Number of active listing to accept an offer.

3. Number of properties sold

4. Average number of days on the market before accepting an offer.

5. Median number of days on the market before accepting an offer.

6. Average sale price of a single family home.

7. Median sale price of a single family home.

8-10. The numbers I used to make these graphs.

[Nathan Gesner]

Resilient? Seriously?

I bought a house for $127,000 in 2000. I sold it for $265,000 in 2005. It sold a couple times for around $80 - $90,000.

Today, 12 years after the crash, it is still not back up the price I sold it for in 2005.

Vegas has wild swings. It's full of transients. It heavily relies on a market rife with criminals. If there's ever a drought, the place would become a ghost town.

Just one man's opinion.