Real estate activity remains positive across the broad American market. This runs in the face of a slowing economy and difficulties facing businesses as they cope with COVID -19 related restrictions. I mentioned in previous posts that pricing remains steady due largely to the fact that both buyers and sellers are in short supply and that has kept the relative inventory balance similar to conditions prior to the Corona Virus pandemic.
Real estate sales in Clark County are down but not because of a lack of demand, but rather a lack of inventory. Pricing is steady and buyers are still facing a multiple offer environment on homes priced well or nearly anything under the local median price.
This economic slowdown may go down in history as the weirdest recession ever. Buyers seem to think the slowdown has made their bargaining position stronger, but they are finding out the market is still rather tough on buyers in the sub $350,000 price range. Buyers need to be willing to lead with a strong offer when bidding for sub-median priced homes.
Meanwhile up at the other end of the pricing spectrum, buyers with more than $600,000 to spend are seeing more malleable sellers. A well priced high-end home will still attract multiple offers, but most pricing at the top of the range seems to be neutral or high and buyers can expect some room for negotiation on these types of listings.
Overall we are fortunate to have a warm market during an otherwise cool economy.