When Homie launched in the first week of March, no one could have anticipated the world events that followed. Vegas was definitely hit hard and the real estate market took a dive in April and May. The June numbers have just come back and we are excited to share that the real estate market is starting to see a recovery. Here is the breakdown:
Monthly Sales
According to the data from the GLVAR® from May 2020, Las Vegas real estate experienced a whopping 48.1% decrease compared to May 2019.
Thankfully, we are starting to see a rebound in real estate closings in the Southern Nevada area. According to the data from the GLVAR® from June 2020, June 2020 saw a 44% increase compared to May 2020 and has almost recovered to 2019 levels with a 15% gap.
List Price
Average new list prices are up +7.7% year-over-year. The year-over-year median price is up +11.6%.
Sale Price
Home values are staying strong, increasing 6.8% year over year.
Days on Market (DOM)
We saw the Average Cumulative Days on Market decrease in May 2020, averaging 63 days on market versus 87 Average Cumulative Days on Market in 2019.
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