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Friday, July 08, 2016

Las Vegas Real Estate in June: Sales Increased 7% YoY

by Calculated Risk on 7/08/2016 12:54:00 PM

This is a key distressed market to follow since Las Vegas has seen the largest price decline of any of the Case-Shiller composite 20 cities.

The Greater Las Vegas Association of Realtors reported Southern Nevada Housing Market Stays Hot, GLVAR Housing Statistics for June 2016

“It’s shaping up to be a strong summer for our local housing market, and I think most of our members are optimistic that we can continue this momentum in the coming months,” said 2016 GLVAR President Scott Beaudry, a longtime local REALTOR®. “As we’ve been saying all year, we’re still concerned about our limited housing supply, which is about half of what we’d like it to be. But overall, the housing market seems to be moving in a positive direction and avoiding the volatility we experienced in past years.”

According to GLVAR, the total number of existing local homes, condominiums and townhomes sold in June was 3,957, up from 3,693 total sales in June of 2015. Compared to the same month one year ago, 6.3 percent more homes, and 11.3 percent more condos and townhomes sold in June.
At the current sales pace, Beaudry said Southern Nevada has been dealing with less than a three-month supply of homes available for sale, when a six-month supply is considered to be a balanced market.
GLVAR continued to track declines in distressed sales and a corresponding increase in traditional home sales, where lenders are not controlling the transaction. In June, 4.4 percent of all local sales were short sales – when lenders allow borrowers to sell a home for less than what they owe on the mortgage. That’s down from 6.7 percent of all sales one year ago. Another 5.9 percent of all June sales were bank-owned, down from 7.6 percent one year ago.
GLVAR said 27 percent of all local properties sold in June were purchased with cash, down from 28.4 percent one year ago. That cash buyer percentage has stabilized in recent months. It’s still less than half of the February 2013 peak of 59.5 percent, suggesting that cash buyers and investors remain more active in Southern Nevada than in most markets, but that their influence continues to wane.
emphasis added
1) Overall sales were up 7.1% year-over-year.

2) The exact number of listings - and homes listed without offers - is not currently available.