Home prices set new record, but sales shrink in March

Local News

LAS VEGAS (KLAS) — Southern Nevada home prices set a new record in March, but the number of sales shrank.

The cost of a median priced home was up 6.3% from a year ago, but cancelled sales were also nearly double what they were the previous year at the same time.

According to a report released by Las Vegas REALTORS, despite the coronavirus pandemic, the median price in March was $319,000 compared to $300,000 in March 2019.

However, as the coronavirus hit, the number of canceled deals doubled from a year ago. The report notes there were 2,542 cancellations in March.

“As much as these numbers appear to be a surprise, it goes to show you that the impact on our housing market and economy may trail by a month or two,” said 2020 LVR President Tom Blanchard. “I would expect that we will be seeing different numbers in the coming months as this virus affects the pipeline of sales. It just makes me wonder just how good the numbers would have been without this virus hitting us.”

The report also states the housing supply market remains tight with around 5,600 single-family homes listed for sale at the end of March. That’s down nearly 20% from a year ago.

Blanchard does expect foreclosures to remain low in the coming months due to a 90-day moratorium on evictions and foreclosures ordered March 29 by Nevada Gov. Steve Sisolak.

8 News Now also spoke to a real estate broker about what we can expect as the COVID-19 pandemic continues.

Trish Nash of Signature Gallery of Homes is doing what she can in her profession, including hosting virtual open houses.

“The buyers that are out there, and there are buyers, are serious buyers, and there is a lot more people looking on the internet,” said Nash.

Despite the pandemic, she is still selling homes, but she is noticing the changes and cancellations.

“Those are people that are concerned with people entering into their homes, or they are concerned that buyers are not going to be interested,” Nash revealed.

As the pandemic continues, Nash and real estate experts do expect some pricing changes. She doesn’t expect a repeat of 2008, though.

“In 2008, we had a very high inventory,” said Nash. “Right now, today, we are very low inventory.”

Like Blanchard, she expects foreclosures to remain low.

Scott Rhodes, who recently sold his home, said he is happy he sold before the current situation got bad.

“We actually put it up around March 1 or Feb. 28, or so, and within two days, we had it sold,” he disclosed.

Rhodes said he knew people who sold their homes, but the buyers backed out. He’s glad the buyer of his home did not.

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