Las Vegas Real Estate Update | Virus Impact | Positive News
As mentioned in previous posts, the entire Las Vegas strip is closed, and every condominium tower has restricted access to almost all communal areas including gyms, pools, social rooms, and other spaces.
This makes sales and leasing challenging because Realtors are unable to show potential clients these amenities, even briefly.
This is compounded by unemployment skyrocketing, which is reducing the buyer and tenant demand. Sellers and landlords should expect a “virus discount” for the next 12 months.
On a positive note, there are plans to re-open business, here is a story which provides specific details:
Wynn Resorts’ CEO Shares Plan to Re-Open Las Vegas Amid Coronavirus Outbreak
Regarding supply and demand
There has been a massive de-listing of properties in Las Vegas with inventory in the low three-month range, (six months inventory is considered balanced with an equal number of buyers and sellers’ transacting. This graph is specific to all price points; however, it changes dramatically depending on the price point.
Las Vegas Inventory, all price points, and segments:
All inventory, $1.5m+
Condo inventory, $500k+
When evaluating future demand, we explore Google trends which graph the number of times certain search queries are performed, for example, search volume for the term “Las Vegas Condos” bottomed out on 3/15/2020 at a score of 32 and has increased to 58 on 4/19/2020.