Even though home sellers are fearful on how COVID-19 will effect the sales price of their home in this housing market, the median home price in the Las Vegas and Henderson set an all-time high in March.
Even though the corona virus resulted in uncertainty in this real estate market, to the point of expecting housing prices to drop, The areas median home prices increased to $319,000 according to a report released this morning by Las Vegas Realtors, formerly known as the Greater Las Vegas Association of Realtors.
This represents a $3,000 increase since February and 6.3% increase since last year at this same time. In an interview with the Las Vegas Sun, “It just shows how good of a March we had working for us before this really hit,” said Tom Blanchard, local agent and president of Las Vegas Realtors. “I’m assuming the median price range would have gone up even more (if not for the pandemic).”
As a Realtor, though escrow cancellations doubled over the past 2 months, I was always optimistic that home prices would remain strong. The demand for housing is high and the valley inventory is low. We are looking at a two month supply when most markets around the country are averaging 6 months.
So, as life goes on, not really knowing when things will get close to being back to normal, buyers need homes while taking advantage of the lowest mortgage rates that I can remember and sellers want top-dollar for their homes. I am aggressively moving forward to represent buyers and sellers. I have safety protocols in place and I will represent your real estate needs to the fullest extent current regulations allow. Please reach out to me to discuss the process.