Survey of Las Vegas Housing Market Sentiment – 2nd 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 2nd Quarter of 2020.  Here are their findings:

Overall Las Vegas Housing Market Sentiment – 2nd Quarter 2020

• 90 percent of the Clark County brokers that were surveyed after March 17 indicated that they believe the overall real estate market will get worse over the next 90 days.
  » Of these same brokers, 50 percent believe that the overall real estate market will get worse over the next year.
• For the second consecutive quarter, Clark County was the only region with any respondents that believed the overall real estate market would get worse over the next 90-days.
• This was the second consecutive quarter where the 90-day and one-year total sentiment score decreased in Clark County.

Las Vegas Housing Market – Pricing

• Clark County saw a drastic decrease in the percent of brokers with a neutral view on home price changes.
• Clark County saw a large increase in brokers that indicated prices would decrease over the next 90 days and next year.
  » This quarter, 4 percent of brokers indicated that they believe home prices will decrease more than 10 percent over the next year.
  » No broker from any region in the previous surveys had ever believed prices would decrease 10 percent or more over the next year.
• 60 percent of the Clark County brokers that were surveyed after March 17 indicated that they believe home prices will decrease over the next year.
  » All brokers that believed prices would increase more than 10 percent over the next year were surveyed after March 17.

Volumes

• Clark County, which was more optimistic than Washoe County about home sales over the next 90 days the previous two quarters, held a neutral view on home sales over the next 90 days.
• Clark County was slightly optimistic about home sales over the next year and home building over the next 90 days.
• None of the Clark County brokers that responded after March 17 believed that home sales would increase in the next 90 days.
  » Of these same brokers, 10 percent believed that home sales would increase over the next year.

Rentals

• Clark County continues to be the only region with any brokers that believe rent prices will decrease more than 5 percent over the next year.
  » The majority of these brokers answered after March 17.
• Clark County saw an 11-percentage point increase in brokers that indicated renting is a better idea than buying. All of these brokers did business primarily in Henderson.

Economy

• Depending upon the timing of their response to the survey, the results differed. Brokers that responded before March 17, held a slightly optimistic view of the economy. Brokers that
  responded after March 17, held a very pessimistic view of the economy.
• Clark County brokers that responded prior to March 17 were slightly optimistic about the unemployment rate and mortgage rates.
  » Only 10% of brokers surveyed after March 17 displayed optimism in the unemployment rate or mortgage rates.
  » None of the brokers surveyed after March 17 believed that income would increase over the next year.

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 – 2nd Quarter 2020, please click on the link: Survey of Housing Market Sentiment – 2nd 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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