CCAR Housing Market Report: May 2020 Residential Highlights
Back in March the Stay At Home order led to whispers of concern about how the pandemic would affect the housing market during its busiest months. But according to the most recent housing market report by Clark County Association of Realtors®, Clark County appears to have seen an uptick in activity from interested buyers according to statistics from May 2020. Likely reasons for this activity are low interest rates and the accessibility of virtual showings.
New listings in Clark County increased more than 43% between April and May. Pending sales also increased 49.7% between April and May this year. Data from May 2019 and May 2020 for inventory and total market time was mostly unchanged. We had the same low inventory–2.3 months–in May of this year and last, and homes were moving quickly with just 48 days on the market this year, and 49 days for May of last year. In April 2019 homes were on the market a bit longer, at an average of 58 days.
Yet, new listings for May 2020 were down 23.7% compared to data from the same time last year. And the number of May 2020 solds also decreased by 27.4% from May 2019.
For a year-to-date summary, the first five months of 2020 and the same period in 2019 had a decrease of new listings by 16.8%, 9.2% decrease in pendings, and a 10% decrease in solds.
For home prices during that same time period there was an increase of almost 5% for average sale prices—from $400,100 to $419,400. In the same comparison, the median sale price has increased about 6%–from $364,400 to $386,400.
Overall this market is warm for sellers and a good season for interested buyers because of continued low interest rates.