Friday, October 07, 2016

Las Vegas Real Estate in September: Sales up 8% YoY, Inventory down 18%

by Bill McBride on 10/07/2016 01:01:00 PM

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 Housing Supply Shrinks as Sales Rise and Prices Stabilize, GLVAR Housing Statistics for September 2016

The Greater Las Vegas Association of REALTORS® (GLVAR) reported Friday that the local housing supply is shrinking as Southern Nevada home sales increase and prices stabilize.
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According to GLVAR, the total number of existing local homes, condominiums and townhomes sold in September was 3,541, up from 3,285 total sales in September 2015. Compared to the same month one year ago, 7.6 percent more homes, and 8.9 percent more condos and townhomes sold in September.
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The total number of single-family homes listed for sale on GLVAR’s Multiple Listing Service in September was 12,794, down 4.4 percent from one year ago. GLVAR tracked a total of 2,241 condos, high-rise condos and townhomes listed for sale on its MLS in September, down 34.8 percent from one year ago.

By the end of September, GLVAR reported 7,427 single-family homes listed without any sort of offer. That’s down 8.7 percent from one year ago. For condos and townhomes, the 1,161 properties listed without offers in September represented a 49.8 percent decrease from one year ago.

GLVAR continues to track fewer distressed sales and more traditional home sales, where lenders are not controlling the transaction. In September, 4.6 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 6.8 percent of all sales one year ago. Another 6.0 percent of all September sales were bank-owned, down from 7.1 percent one year ago.
emphasis added
1) Overall sales were up 7.8% year-over-year.

2) Total active inventory (single-family and condos) is down 18% from a year ago (A very sharp decline in condo inventory).

3) Distressed sales are down from 13.9% of sales in September 2015, to 10.6% of sales in September 2016.