Wednesday, February 07, 2018

Las Vegas Real Estate in January: Sales Up 5% YoY, Inventory down 35%

by Bill McBride on 2/07/2018 09:40:00 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 home prices dip slightly in January, still up 11 percent from last year; GLVAR housing statistics for January 2018

Local home prices cooled off slightly in January but are still up more than 11 percent from one year ago, according to a report released today by the Greater Las Vegas Association of REALTORS® (GLVAR).
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By the end of January, GLVAR reported 3,718 single-family homes listed for sale without any sort of offer. That’s down 36.5 percent from one year ago. For condos and townhomes, the 634 properties listed without offers in January represented a 21.8 percent drop from one year ago.

“That’s the lowest our condo inventory has been since 2004,” he added.

The total number of existing local homes, condos and townhomes sold during January was 2,812. Compared to one year ago, January sales were up 5.5 percent for homes and up 3.8 percent for condos and townhomes.
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GLVAR reported that 29.2 percent of all local properties sold in January were purchased with cash, compared to 29.8 percent one year ago. That’s less than half of the February 2013 peak of 59.5 percent, indicating that cash buyers and investors are still active, but have been playing a smaller role in the local housing market in recent years.

At the same time, the number of so-called distressed sales continues to decline. GLVAR reported that short sales and foreclosures combined accounted for 4.3 percent of all existing local home sales in January, compared to 11 percent of all sales one year ago.
emphasis added
1) Overall sales were up 5% year-over-year from 2,675 in January 2017 to 2,812 in January 2018.

2) Active inventory (single-family and condos) is down sharply from a year ago, from a total of 6,663 in January 2017 to 4,352 in January 2018.

3) Fewer distressed sales.