Tuesday, February 07, 2017

Las Vegas Real Estate in January: Sales up 13.9% YoY, Inventory down Sharply

by Bill McBride on 2/07/2017 02:11:00 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 Prices Rise to Start 2017, GLVAR Housing Statistics for January 2017

The Greater Las Vegas Association of REALTORS® (GLVAR) reported Tuesday that Southern Nevada home prices started 2017 with a relatively rare January jump while the number of homes available for sale continued to shrink.
...
The total number of existing local homes, condos and townhomes sold in January was 2,675, up from 2,348 in January 2016. Compared to one year ago, sales were up 14.1 percent for homes and up 13.2 percent for condos and townhomes. 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.
...
By the end of January, GLVAR reported 5,852 single-family homes listed for sale without any sort of offer. That’s down 21.2 percent from one year ago. For condos and townhomes, the 811 properties listed without offers in January represented a 63.4 percent decrease from one year ago.
...
In recent years, GLVAR has been reporting fewer distressed sales and more traditional home sales, where lenders are not controlling the transaction. That trend continued in January, when 4.2 percent of all local sales were short sales – which occur when lenders allow borrowers to sell a home for less than what they owe on the mortgage. That’s down from 7.0 percent of all sales in January 2016. Another 6.8 percent of all January sales were bank-owned, down from 7.9 percent one year ago.
emphasis added
1) Overall sales were up 13.9% year-over-year.

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

3) Fewer distressed sales.