Thursday, April 06, 2017

Las Vegas Real Estate in March: Sales up 11.9% YoY, Inventory down Sharply

by Bill McBride on 4/06/2017 10:25:00 AM

This is a key distressed market to follow since Las Vegas saw the largest price decline, following the housing bubble, of any of the Case-Shiller composite 20 cities.

The Greater Las Vegas Association of Realtors reported Raiders Aren’t Only Ones Moving to Las Vegas, Where Home Prices and Sales Are Rising, GLVAR Housing Statistics for March 2017

The recent trend of rising home prices and sales in Southern Nevada continued through March, according to a report released Friday by the Greater Las Vegas Association of REALTORS® (GLVAR).
...
... The total number of existing local homes, condos and townhomes sold in March was 3,903, up from 3,488 in March 2016. Compared to one year ago, sales were up 14.8 percent for homes and up 0.4 percent for condos and townhomes.

According to GLVAR, 2017 is ahead of the sales pace in 2016, when 41,720 total properties were sold in Southern Nevada. That was more than the 38,577 properties sold during 2015. It was also more than in 2014, but fewer than each year from 2009 through 2013.
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By the end of March, GLVAR reported 5,488 single-family homes listed for sale without any sort of offer. That’s down 23.9 percent from one year ago. For condos and townhomes, the 715 properties listed without offers in March represented a 69.0 percent drop from one year ago.

  For several years, GLVAR has been reporting fewer distressed sales and more traditional home sales, where lenders are not controlling the transaction. That trend continued in March, when 4.4 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 5.9 percent of all sales in March 2016. Another 5.4 percent of all March sales were bank-owned, down from 7.1 percent one year ago.
emphasis added
1) Overall sales were up 11.9% 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.