When I am asked how the real estate market is doing, which is often I am usually able to answer with a short but detailed response. Now, keep in mind when asking about a real estate market you need to be more clear on what part of the market you are interested or curious about because the market is positioned different for buyers, sellers, or investors. Currently the residential real estate market is doing pretty well. The median home sale price for May 2020 is $315,000.00 and prices have only dipped a little over the last four months. We are experiencing low inventory and we did lose a lot of buyers in March, April, and in May but it seems the buyers are coming back. Which is great for buyers due to the historically low interest rates, they are so low that it makes sense for buyers to enter the market and try to find your dream home or a seller that has become really motivated due to the virus situation. There is some concerns I have about the market which is we don’t know where the market is going! The main reason nobody can say where the real estate market will be in the next six to twelve months is because of some very important data which is not being reported or tracked. On March 29, 2020 the Governor entered a Declaration of Emergency Directive statewide on evictions and foreclosures. What does that mean, banks can not foreclose and landlords can not evict tenants. Also banks have been offering forbearance to home owners who are in a distressed situation due to loss of job or income. Forbearance is when the lender and borrower have created a special agreement to delay foreclosure. The delay is set for a period and the borrower’s loan payment is postponed or reduced. As we have seen jobs lost, companies closing, and company departments being eliminated some homeowners and renters will not be able to continue to afford their current housing situation. This is the data we don’t have! What percent of the housing market is in a distressed situation? The good news it might be a small percent or the flip side it could be a large percent. If it’s a large percent this will have a big impact on the real estate market along with the housing values. Time will tell and I have positioned myself to a more micro view, its day to day and today its still a very good real estate market! If you would like to track the market data I have included a link to my website that allows you to track your market data, https://completelasvegaslifestyle.idxbroker.com/idx/market-reports.