Friday, January 06, 2017

Las Vegas Real Estate in December: Sales up 3.4% YoY, Inventory down Sharply

by Bill McBride on 1/06/2017 05:55:00 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 Home Sales Rose in 2016, Including During December, GLVAR Housing Statistics for December 2016

The Greater Las Vegas Association of REALTORS® (GLVAR) reported Friday that more existing homes were sold in Southern Nevada in 2016 than in 2015, even with a tight housing supply and rising home prices.
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The total number of existing local homes, condos and townhomes sold in December was 3,402, up from 3,290 in December 2015. According to GLVAR, a total of 41,720 such properties were sold in 2016. That was more than the 38,577 properties sold during 2015. It was also more than in 2014, but fewer than during each of the previous five years.
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By the end of December, GLVAR reported 5,951 single-family homes listed for sale without any sort of offer. That’s down 17.6 percent from one year ago. For condos and townhomes, the 910 properties listed without offers in December represented a 56.5 percent decrease from one year ago.
emphasis added
1) Overall sales were up 3.4% year-over-year.

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