Tuesday, August 08, 2017

Las Vegas Real Estate in July: Sales up 10% YoY, Inventory down Sharply

by Bill McBride on 8/08/2017 09:10:00 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 Southern Nevada Housing Market Stays Hot as Home Sales, Prices Keep Rising, GLVAR Housing Statistics for July 2017

The Greater Las Vegas Association of REALTORS® (GLVAR) reported today that the increasingly hot local housing market showed no signs of cooling off in July, with home prices and sales continuing to rise while the housing supply keeps shrinking.
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By the end of July, GLVAR reported 4,995 single-family homes listed for sale without any sort of offer. That’s down 31.9 percent from one year ago. For condos and townhomes, the 625 properties listed without offers in July represented a 48.4 percent drop from one year ago.

Meanwhile, local home sales continue to increase compared to the same time last year. The total number of existing local homes, condos and townhomes sold in July was 3,798, up from 3,447 in July 2016. Compared to one year ago, sales were up 10.8 percent for homes and up 7.5 percent for condos and townhomes.

According to GLVAR, total sales so far in 2017 continue to outpace 2016, when 41,720 total properties were sold in Southern Nevada.

“Home sales have been very strong this year,” Tina said. “In fact, at the rate we’re going, 2017 is on pace to be our best year for local home sales since at least 2012, and one our five best years ever.”
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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 July, when 3.0 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 compares to 5.7 percent of all sales in July 2016. Another 3.4 percent of all July sales were bank-owned, down from 5.9 percent one year ago.
emphasis added
1) Overall sales were up 10% year-over-year.

2) Active inventory (single-family and condos) is down sharply from a year ago (Almost 50% decline in condo inventory).

3) Fewer distressed sales.