Wednesday, September 06, 2017

Las Vegas Real Estate in August: Sales up 6% YoY, Inventory down Sharply

by Bill McBride on 9/06/2017 02:19:00 PM

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 Local Home Sales Keep Increasing While Prices Level Off in August, GLVAR Housing Statistics for August 2017

The Greater Las Vegas Association of REALTORS® (GLVAR) reported today that local home sales continued to rise while home prices started to level off in August.
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By the end of August, GLVAR reported 5,157 single-family homes listed for sale without any sort of offer. That’s down 32.1 percent from one year ago. For condos and townhomes, the 683 properties listed without offers in August represented a 45.1 percent drop from one year ago. If there’s a bright spot in the housing supply, Tina explained, it’s that “at least we had more homes available for sale in August than we did the previous month.”

Meanwhile, more homes are selling each month. The total number of existing local homes, condos and townhomes sold during August was 4,012, up from 3,789 in August 2016. Compared to one year ago, sales were up 5.9 percent for homes and up 6.0 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. At this rate, GLVAR statistics show that 2017 is on pace to be the best year for local home sales since at least 2012.
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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 August, when 3.7 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 4.1 percent of all sales in August 2016. Another 2.4 percent of all August sales were bank-owned, down from 5.5 percent one year ago.
emphasis added
1) Overall sales were up 6% year-over-year.

2) Active inventory (single-family and condos) is down sharply from a year ago.

3) Fewer distressed sales.