It is interesting to note that in the month of March, there was the setting of a record pertaining to the housing industry in the region of Southern Nevada. This happened in spite of the pandemic of corona virus. Las Vegas Realtors are responsible for providing this report.
For existing homes that were classified as single family dwellings which had been sold during March in the region of southern Nevada, the pricing median was noted as being three hundred and nineteen thousand dollars. This was an increase from three hundred thousand dollars in comparison to March of 2019. The pricing median for sale concerning condos along with townhouses for the month of March was noted as being one hundred and eighty-five thousand dollars.
These numbers are truly surprising for many people at this time. But this demonstrates that the influence on the housing market as well as the economy may still be good and strong for yet another few months, according to the perception of Tom Blanchard who serves as the president of LVR. It is quite shocking that despite the presence of two thousand five hundred and forty-two escrows that had been under cancellation within the month of March of this year in comparison to the cancellation of one thousand three hundred and ten escrows for March of 2019, there was an increase in the number of sales during this period.
This serves as a testimony of how strong the housing market really has proved to be. In the coming months, it is anticipated that there will be various numbers as the virus may make an impact in regard to sales.
The prices of homes in Southern Nevada hit an all time high in the month of February by surpassing the prices of homes prior to the onset of the recession. The pricing median was noted as being three hundred and sixteen thousand at that time. The pricing media in regard to single family homes had reached a low of one hundred and eighteen thousand dollars during a post-recession period back in the month of January of 2012. But it has been refreshing to see the great numbers of sales and profits now in regard to the sale of homes despite the fact of the pandemic.
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