Survey of Las Vegas Housing Market Sentiment – 1st Quarter 2020 – The Lied Institue for Real Estate Studies at the University of Nevada Las Vegas (UNLV) Lee Business School has just released its Survey of Las Vegas Housing Market Sentiment for the 1st Quarter of 2020. Here are their findings:
Overall Las Vegas Housing Market Sentiment – 1st Quarter 2020
Brokers continue to lean towards an optimistic view of the overall real estate market over the next 90-days and over the next year.
- Clark County was the only region that had any respondents that believed the overall real estate market would get worse over the next 90-days.
- When scoring all questions, Clark County saw the most optimism in the Nevada real estate market over the next 90-days.
- Clark County saw an increase in sentiment over the next 90-days when comparing to 2019Q4.
- Clark County brokers were the only brokers in Nevada that were less optimistic of the next year than the next 90-days.
- A high percentage of the brokers surveyed believe that now is a good time to buy and sell.
- Clark County brokers that believed now is not a good time to buy do business in all major regions of the Las Vegas metropolitan area.
Las Vegas Housing Market – Pricing
- Clark County saw increased optimism in home prices over the next 90 days.
- Over 50% of brokers surveyed believe that home prices will increase by 0% to 5% over the next year.
- Within Clark County, the city of Henderson saw the largest share of brokers that believe home prices will decrease 5 to 10 percent over the next year.
- Brokers in Clark County continue to be more optimistic that home sales will increase over the next 90 days.
- Clark County respondents show increased optimism that home sales will increase next year.
- Brokers in Clark County believe home building activity will increase over the next 90-days and over the next year.
- Clark County was the only region in Nevada that had any brokers that believe rent prices will decrease more than 5 percent over the next year.
- 8 percent of brokers surveyed believed rental prices would decrease over the next year, an 11 percentage point decrease from last quarter (19 percent).
- All brokers that believed rental prices would decrease more than 5 percent over the next year did business in Henderson.
- Brokers in Clark County report increased optimism this quarter that household income would increase over the next year.
- Clark County continues to be slightly optimistic about the unemployment rate.
- Brokers in Clark County lean towards a mortgage rate increase over the next 6 months.
- Respondents from Clark County were more neutral about mortgage rates when asked this question last quarter.
About the Survey
The Housing Market Sentiment Survey is conducted every quarter in collaboration with our industry partner, Nevada Realtors. A representative sample of residential real estate brokers from all regions in Nevada are surveyed to gather their opinion of the housing market in locations they operate. This is a forward-looking survey gauging the housing market sentiment in Nevada.
About the Lied Institute for Real Estate Studies
The Lied Institute for Real Estate Studies was established in 1989 by the Lee Business School at the University of Nevada, Las Vegas to foster excellence in real estate education and research. Through partnerships with business and community leaders, the Lied Institute strives to improve real estate business and effective public-policy practices in Southern Nevada. The institute produces relevant and timely real estate research, supports educational programs in real estate for students and professionals, and provides community outreach and continuing education.
To read the entire Survey of Housing Market Sentiment – 1st Quarter 2020, please click on the link: Survey of Housing Market Sentiment – 1st Quarter 2020
For more information on The Lied Institute for Real Estate Studies at UNLV please click the link: Lied Institute for Real Estate Studies
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