The Las Vegas Spring market has shifted to Fall in 2020
Historically, the number of residential properties closing is highest April, May, June, July and August as families prepare for a fall school year and second home owners purchase their winter homes. Because of the state mandated shut down in mid-March, we experienced a shift in this trend. March was still a strong closing month, with April, May and June very slow and a rise in July, August and September closings. Based on the number of resale homes currently under contract, October will also be a strong month for closing with 4,047 properties under contract and closing in October and November.
We are expecting the current low inventory to increase as tenant occupied properties are made available to show. With some renters not paying rent and homeowners not legally being able to collect rents, some investors are expected to put their investment properties on the market. As difficult as it is for renters who have lost their jobs and have not been able to pay their rent, it has been very challenging for small investors to continue to make their payments when they are not receiving the rents from the tenants.
Governor Sisolak’s Directive allows open houses effective October 1st with guidelines
Open houses of single family and multifamily properties may not take place with the occupant present. There will be a limited number of people allowed in an open house. Attendees at the open house will be required to sign a COVID-19 release and disclosure before entering the open house. Face masks are required for all guests and agents at the open house. Social distancing guidelines apply.