Wednesday, December 07, 2016

Las Vegas Real Estate in November: Sales up 30% YoY, Inventory down Sharply

by Bill McBride on 12/07/2016 11:49:00 AM

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 Increasing Heading into Holidays, GLVAR Housing Statistics for November 2016

The Greater Las Vegas Association of REALTORS® (GLVAR) reported Wednesday that Southern Nevada home prices bucked seasonal trends and increased heading into the holidays while home sales continued to exceed last year’s pace.
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According to GLVAR, the total number of existing local homes, condominiums and townhomes sold in November was 3,244. That was up 30.0 percent from one year ago. Compared to the same month one year ago, 31.8 percent more homes, and 31.2 percent more condos and townhomes sold in November.

So far in 2016, Beaudry said Southern Nevada is on pace to sell more existing homes this year than during 2015 and during 2014, but fewer than during each of the previous five years.

He added that inventory remains tight, with less than a three-month supply of homes available for sale, when a six-month supply is considered to be a balanced market.
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By the end of November, GLVAR reported 7,252 single-family homes listed for sale without any sort of offer. That’s down 30.3 percent from one year ago. For condos and townhomes, the 1,141 properties listed without offers in November represented a 49.0 percent decrease from one year ago.
emphasis added
1) Overall sales were up 30% year-over-year.

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

This is the second market (Phoenix reported yesterday) with sales up 30% year-over-year. There might be some seasonal factors (more selling days), but this is a significant increase in these markets.