How's the real estate market in Las Vegas these days?

Expert Solution

After starting this year on bang, The real estate market in las Vegas now faces risky terrain.

The sales is expected to tumble as the market is completely shut down amid concerns of pandemic. The main economic engine of the valley (Tourism) has been shut down and it has dented casinos market, real estate market and even local shops are shut.

It is expected to have aided to the unemployment and real estate sector isn't any different. Various programmes in advance are getting cancelled and real estate agreement are getting shunned off.

Newly sales contract and new listings are down 25.7 and 7.7 percent respectively YOY.

Sales cancellations have also fallen 30% YOY which reflects people under contract to buy are not bailing in rising numbers.

These numbers are not that discouraging amid such grave concerns and once this mess settles down, it is expected that things will get back to Normal and LAS Vegas will bounce back even strongly so as it's real estate markets.

jeff jeffy answered 1 year ago

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