by Bill McBride on 4/06/2016 12:41:00 PM
Wednesday, April 06, 2016
This is a key distressed market to follow since Las Vegas has seen the largest price decline of any of the Case-Shiller composite 20 cities.
The Greater Las Vegas Association of Realtors reported Southern Nevada Home Prices and Sales Rise while Supply Stays Tight, GLVAR Reports
According to GLVAR, the total number of existing local homes, condominiums and townhomes sold in March was 3,488, up from a strong showing of 3,358 in March of 2015. Compared to the same month one year ago, 2.8 percent more homes and 8.3 percent more condos and townhomes sold in March.1) Overall sales were up 3.9% year-over-year.
By the end of March, GLVAR reported 7,214 single-family homes listed without any sort of offer. That’s down 0.6 percent from one year ago. For condos and townhomes, the 2,304 properties listed without offers in March represented a 5.8 percent decrease from one year ago.
GLVAR continued to report declines in distressed sales and a corresponding increase in traditional home sales, where lenders are not controlling the transaction. In March, 5.9 percent of all local sales were short sales – when lenders allow borrowers to sell a home for less than what they owe on the mortgage. That’s down from 8.3 percent of all sales one year ago. Another 7.1 percent of all March sales were bank-owned, down from 9.3 percent one year ago.
2) The percent of cash sales decreased year-over-year from 32.4% in Mar 2015 to 27.7% in Mar 2016. This has been trending down.
3) Non-contingent inventory for single-family homes was down 0.6% year-over-year. Inventory is important to watch - and inventory is still tight.