Friday, April 06, 2018

Las Vegas Real Estate in March: Sales Down Slightly YoY, Inventory down 26%

by Bill McBride on 4/06/2018 08:00:00 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 continue to bloom heading into spring season; GLVAR housing statistics for March 2018

Local home prices rose again in March while the local housing supply stayed tight, according to a report released today by the Greater Las Vegas Association of REALTORS® (GLVAR).
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The total number of existing local homes, condos and townhomes sold during March was 3,886. Compared to one year ago, March sales were down 1.3 percent for homes, but up 3.7 percent for condos and townhomes.

By the end of March, GLVAR reported 3,835 single-family homes listed for sale without any sort of offer. That’s down 30.1 percent from one year ago. For condos and townhomes, the 761 properties listed without offers in March represented a 6.4 percent increase from one year ago.

Southern Nevada still has less than a two-month supply of existing homes available for sale when a six-month supply is considered a balanced market.

“We still need more homes to sell,” Bishop said. “But at least our inventory didn’t shrink any further between February and March.”
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Meanwhile, the number of so-called distressed sales continues to decline. GLVAR reported that short sales and foreclosures combined accounted for 2.9 percent of all existing local home sales in March, compared to 9.8 percent of all sales one year ago.
emphasis added
1) Overall sales were down slightly year-over-year from 3,903 in March 2017 to 3,886 in March 2018.

2) Active inventory (single-family and condos) is down sharply from a year ago, from a total of 6,203 in March 2017 to 4,596 in March 2018. Note: Total inventory was down 26% year-over-year - a large decline - but the smallest year-over-year decline in inventory since 2016.

3) Fewer distressed sales.