weather icon Partly Cloudy
RJ App
Vegas News, Alerts, ePaper

What does coronavirus mean for Las Vegas housing?

Sin City has especially felt the blow of the lockdown the past couple of months. But what does that mean for the housing market? I sat down with former Las Vegas-performer-turned-Realtor Konrad Broock to find some answers.

Q: How has the Las Vegas market has been affected by this pandemic?

A: This has definitely affected everyone. The Strip is closed right now (It will reopen Thursday.), and being an entertainment city, it has definitely affected our workforce. That being said, before this happened, we were thriving in the real estate world. We had just hit our peak of the highest single-family homes being sold for an average of $319,000. Additionally, we were really in a housing shortage before this happened. It was just an extreme sellers’ market and it was tough to get into homes as there were constant multiple offers and bidding wars.

With that in mind, I can see inventory going up slowly, and with a still strong demand for homes by buyers, we can really start to see the market evening out; making it a win-win for both buyers and sellers.

Q: Do you see it being as bad as the 2008 crash?

A: No, this is definitely not as bad, nor the same as the 2008 crash and this is for a few reasons.

First, we had a lot of inventory back then; close to six months of availability. Prices were going up and so was inventory. That’s not what’s happening right now. What we are facing is not inherently economic. It is a virus and, hopefully, with enough testing and a vaccine, we will be fine.

Q: What trends do you see in the market, and how do they compare to the 2008 crash?

A: People have a lot more equity in their homes today than they did back in 2008. And, in addition to that, a lot of lenders are giving forbearance. Again, this is going to be short-lived. As soon as we get control of it, we’ll be right back where we were.

Q: When do you see the market bouncing back in Las Vegas?

A: Unfortunately, it all depends on our medical industry, as soon as they get control of this thing. I think it’s crucial that we don’t jump the gun on this. It’s great that real estate is an essential business here in Nevada, but we must keep with current guidelines on safety like social distancing and virtual meetings. We can all do virtual open houses and with the use of technology. We can really use the virtual aspect to our advantage.

Q: What kind of effect is this having on yourself and the Realtors in your sphere?

A: We are not necessarily experiencing a dramatic effect, but there are definitely more homes coming on the market than what used to be. We were at such an extreme sellers’ market. We were in a shortage so to even go up a full month of availability, we’d still be at three-months supply, which is still low. So there’s not cause for too much concern.

Victoria Kennedy is the CEO of Atlas Real Estate, a lead-generation agency that provides leads and closings for real estate professionals. Because of her expertise in real estate, she has been featured in over 177 publications and has spoken at the National Association of Real Estate Brokers and Inman Connect. Her website is goatlasrealestate.com.

Don't miss the big stories. Like us on Facebook.
Summerlin supports fitness lifestyle

For Summerlin residents there are many opportunities to stay active, thanks to the community’s abundant recreational amenities.

KB Home showcases Talus at Kyle Canyon

KB Home’s new Talus at Kyle Canyon community is a gated master plan situated in highly desirable northwest Las Vegas.

Three Vegas communities rank in the U.S. top 25

Sales in Las Vegas master-planned communities took a bigger hit than the nation as a whole in 2022 amid rising mortgage rates but the valley managed to have three ranked in the top 25 and five in the top 50.

Summerlin ranks in top 10 U.S. master plans

Summerlin, a development of The Howard Hughes Corp., is Nevada’s highest-ranking master-planned community on the 2022 best-selling list, according to RCLCO, a national real estate consultant that has been ranking master plans since 1994.

Coldwell Banker supports homeless youth

Coldwell Banker Premier Realty hosted a holiday sock drive at all three of its campuses in conjunction with Las Vegas Realtors to benefit the Nevada Partnership of Homeless Youth.

Summerlin celebrates Lunar New Year

Downtown Summerlin, the vibrant urban core of the Summerlin master-planned community, is once again honoring Southern Nevada’s rich Asian heritage with its annual Lunar New Year parade on Jan. 22 along Park Centre Drive.

2022 year in review for Summerlin

Summerlin continued its decadeslong trajectory in 2022, capping off a year of milestone development in Downtown Summerlin, the community’s urban core with annual visitation exceeding 20 million.

U-Haul ranks Henderson No. 17 Growth City

Henderson is the No. 17 growth city in America, according to the U-Haul Growth Index analyzing customer moves during 2022.

SNHBA elects 2023 board, officers

This December, the Southern Nevada Home Builders Association and HomeAid Southern Nevada gathered professionals working in all facets of the homebuilding industry at its yearly luncheon.