COVID ALERT ON MARKET CONDITIONS
In Clark County
What selling today looks like
June 4, 2020
We just got this chart showing buyer activity levels for the period ending May 31, 2020. The first 9 weeks of 2020 showed very strong buyer activity and we agents felt it. We often had multiple offers and properties often sold for more than the asking price. As you can see from the chart, after a major slowdown due to Covid, we have returned to pre-Covid buyer levels. We are again seeing strong buyer activity, multiple offers and strong showings.
This is only part of the story. Equally important, we have available listings growing at a slower than usual pace for this time of year. Covid has slowed listings but not buyers. It is still a seller’s market but……
We know that unemployment is high (around 15%) and I just heard this morning (MSNBC) of predictions that unemployment will reach 20%-25% before a gradual return to normal. It only seems likely that such unemployment levels will cause a slowdown in buyer activity but so far this has not happened.
There is a general impression that it is tough to sell a home now. With unemployment where it is, this only would make sense but so far it is not the case. If you are thinking of selling this year and you believe unemployment levels of 20%-25% will eventually cause a slowdown then it might be wise to consider selling now.
Chris Kelsey, Keller Williams PP