by Calculated Risk on 12/06/2017 10:41:00 AM
Wednesday, December 06, 2017
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 Take Cue from Winter Weather, But Still Well Up from 2016; GLVAR Housing Statistics for November 2017
The Greater Las Vegas Association of REALTORS® (GLVAR) reported today that local home prices continued to cool down heading into the holidays, though home prices and sales are still up from one year ago.1) Overall sales were up slightly year-over-year.
By the end of November, GLVAR reported 4,538 single-family homes listed for sale without any sort of offer. That’s down 33.1 percent from one year ago. For condos and townhomes, the 735 properties listed without offers in November represented a 29.1 percent drop from one year ago.
The total number of existing local homes, condos and townhomes sold during November was 3,202, a slight increase from November 2016. Compared to one year ago, sales were unchanged for homes and up 5.2 percent for condos and townhomes.
According to GLVAR, home sales so far in 2017 continue to run about 10 percent ahead of the pace from 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.
In recent years, GLVAR has been reporting fewer distressed sales and more traditional home sales, where lenders are not controlling the transaction. Tina said foreclosures and short sales now make up such a small share of the local housing market that “they’ve really become a non-issue.” For instance, he said short sales and foreclosures combined accounted for fewer than 5 percent of all existing home sales during November, compared to 10.5 percent of all sales one year ago.
2) Active inventory (single-family and condos) is down sharply from a year ago.
3) Fewer distressed sales.