Monday, May 08, 2017

Las Vegas Real Estate in April: Sales up slightly YoY, Inventory down Sharply

by Calculated Risk on 5/08/2017 11:08:00 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 Local home prices keep rising as Southern Nevada faces a housing shortage, GLVAR Housing Statistics for April 2017

Local home prices continued to climb in April amid what leaders of the Greater Las Vegas Association of REALTORS®(GLVAR) are now calling a housing shortage.
... The total number of existing local homes, condos and townhomes sold in April was 3,529, up from 3,518 in April 2016. Compared to one year ago, sales were up 1.7 percent for homes, but down 5.3 percent for condos and townhomes.

According to GLVAR, local home sales in 2017 continue to outpace 2016, when 41,720 total properties were sold in Southern Nevada. That was more than the 38,577 properties sold during 2015. It was also more total sales than in 2014, but fewer than each year from 2009 through 2013.
By the end of April, GLVAR reported 5,083 single-family homes listed for sale without any sort of offer. That’s down 30.9 percent from one year ago. For condos and townhomes, the 639 properties listed without offers in April represented a 71.4 percent drop from one year ago.

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 April, when 4.4 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 4.5 percent of all sales in April 2016. Another 4.0 percent of all April sales were bank-owned, down from 7.1 percent one year ago.
emphasis added
1) Overall sales were up slightly year-over-year.

2) Active inventory (single-family and condos) is down sharply from a year ago (A very sharp decline in condo inventory).

3) Fewer distressed sales.