Tuesday, November 08, 2016

Las Vegas Real Estate in October: Sales up 5.5% YoY, Inventory down Sharply

by Bill McBride on 11/08/2016 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 Market Cools Down in October, GLVAR Housing Statistics for October 2016

The Greater Las Vegas Association of REALTORS® (GLVAR) reported Tuesday that the local housing supply remains tight as Southern Nevada home prices and sales cooled a bit from previous months but remain ahead of last year’s levels.
...
According to GLVAR, the total number of existing local homes, condominiums and townhomes sold in October was 3,225. That was down slightly from September, but up 5.5 percent from 3,057 one year ago. Compared to the same month one year ago, 6.7 percent more homes, and 6.1 percent more condos and townhomes sold in October.
...
By the end of October, GLVAR reported 7,693 single-family homes listed for sale without any sort of offer. That’s down 29.7 percent from one year ago. For condos and townhomes, the 1,245 properties listed without offers in October represented a 45.8 percent decrease from one year ago.
emphasis added
1) Overall sales were up 5.5% year-over-year.

2) Active inventory (single-family and condos) is down sharply from a year ago (A very sharp decline in condo inventory).