Clark County Housing Market
Weekly Interim Report
You will NOT read this in the paper
March 30, 2020
This interim special weekly report is to provide updates to the ever-changing housing market caused by the Covid-19 crisis.
As you know, buyer activity is the most current information we have on the status of the Real Estate Market. The market has been unusually robust in 2020, lead by strong buyer activity until just 3 weeks ago when the Covid-19 virus began to affect our national markets.
Before the latest report out just today, we saw buyer activity (measured by lockbox openings) drop almost 30%. As you can see from the chart below, this past week buyer activity dropped by 40%,largely driven by Governor Insley’s order preventing agents from showing homes. In support of that order, the RMLS also placed a statement on all listings reminding agents that showing homes was not legal.
That order was terminated by the Governor’s office late Friday. As the result, I am sure we will see some increase or bounce back in showing activity this next week because the listings I have on the market are sure getting a good number of inquiries even during this latest week.
So, to put things in perspective, buyer activity levels now match that of the lowest levels of the holidays. Since the number of listings is also at that same low level as during the holidays and with the likelihood of a bounce back in showing activity now that the showing ban is lifted, and knowing that this holiday season was still fairly active i think it is still a good time to get a home sold.
It is very possible that for the time being lockbox activity is no longer a good measure of buyer activity. I am hearing from other agents and am finding myself that buyers are adjusting to the situation by making offers on properties based on good information in the listing and marketing. These offers are contingent on the inspection which is delayed until after the “stay at home” order is lifted. In these cases the deals are being made without any lockbox opening.
Look for another update next week.