weather icon Partly Cloudy

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 floor plans accommodate holiday events

With the holidays in full swing, the importance of home as a central gathering place for friends and family is illuminated. In the master-planned community of Summerlin, more than 115 floor plans are available in homes of all sizes, styles and price points.

Don’t be a rule breaker: IRA rental property guide

Real estate is one of the most popular investments to leverage within a Self-Directed IRA. It is a familiar asset if you own your own home or other type of property, it offers diversification from traditional investments, and the rental income and/or capital gains funnel in tax-deferred or tax- free depending on the type of account.


The Commercial Alliance Las Vegas (CALV) announced its newly elected officers and directors for 2022, with industry leader Angelina Scarcelli becoming president of the commercial real estate organization starting Jan. 1.

Cadence in Henderson announces luxury apartments

Cadence welcomes The Spanos Corp. to the growing list of developers, bringing a modern design, urban style multifamily community to the Henderson master plan.

Christopher Homes introduces SkyVu in MacDonald Highlands

Set high above the Las Vegas Valley on an exclusive hillside with unobstructed city light, golf course and mountain views, SkyVu is now taking reservations

Five final homesites for sale at The Ridges in Summerlin

The Howard Hughes Corp., developer of the master-planned community of Summerlin, recently released five final homesites in The Ridges. First opened in 2000, The Ridges is the community’s 793-acre exclusive hillside custom home enclave perched along the valley’s western rim at the foothills of Red Rock Canyon National Conservation Area.

Tri Pointe Homes to hold toy drive

In September, Tri Pointe Homes, one of Southern Nevada’s leading homebuilders with a nearly 70-year legacy of building tens of thousands of homes across the Las Vegas Valley, launched “100 Days to Christmas” toy drive to benefit HELP of Southern Nevada. Just a few weeks ago, the homebuilder hosted a toy drive barbecue at the resident-only pool for its three Inspirada neighborhoods, collecting more than 100 new, unwrapped toys and adding 10 more bikes to its growing collection.

Lake Las Vegas offers amenities, activities

Lake Las Vegas is a one-of-a-kind community. In a place where scenic hikes, paddle boarding, live music and happy hours are all within walking distance, neighbors become friends and friends become family. Whether you enjoy being active with friends and family or a glass of wine and live music, there is something for everyone who calls Lake Las Vegas home.


Las Vegas Realtors presented its annual awards this week to some of its leading and longtime members. LVR (formerly known as the Greater Las Vegas Association of Realtors) presented its awards during an in-person event Nov. 6 at the Four Seasons Hotel on the Las Vegas Strip.

Lake Mead West Apartments breaks ground in North Las Vegas

A new affordable housing development is coming to North Las Vegas. On Monday, the city of North Las Vegas and its development partner Foresight Cos. will officially break ground on Lake Mead West Apartments, a 156-unit housing community at 3300 Coran Lane near Lake Mead Boulevard and Simmons Street, directly across from Ollie Detwiler Elementary School.