Tuesday, March 07, 2017

Las Vegas Real Estate in February: Sales up 5.2% YoY, Inventory down Sharply

by Bill McBride on 3/07/2017 01:53:00 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 Keep Moving On Up GLVAR Housing Statistics for February 2017

The Greater Las Vegas Association of REALTORS® (GLVAR) reported Tuesday that Southern Nevada home prices and sales continued to increase despite a shrinking housing supply.
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The total number of existing local homes, condos and townhomes sold in February was 2,815, up from 2,676 in February 2016. Compared to one year ago, sales were up 6.5 percent for homes and up 0.4 percent for condos and townhomes.
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By the end of February, GLVAR reported 5,564 single-family homes listed for sale without any sort of offer. That’s down 24.1 percent from one year ago. For condos and townhomes, the 758 properties listed without offers in February represented a 66.6 percent decrease from one year ago.
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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 February, when 4.6 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 6.6 percent of all sales in February 2016. Another 6.0 percent of all February sales were bank-owned, down from 8.6 percent one year ago.
emphasis added
1) Overall sales were up 5.2% 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.