Tuesday, May 08, 2018

Las Vegas Real Estate in April: Sales Up Slightly YoY, Inventory down 19%

by Calculated Risk on 5/08/2018 12:11:00 PM

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 keep climbing while supply keeps shrinking; GLVAR housing statistics for April 2018

Local home prices kept climbing through April as the local housing supply continued contracting, according to a report released today by the Greater Las Vegas Association of REALTORS®(GLVAR).
The low supply may also be slowing down local home sales, which have been running roughly even with last year’s sales pace so far this year after increasing in recent years. The total number of existing local homes, condos and townhomes sold during April was 3,571. Compared to one year ago, April sales were up 0.4 percent for homes and up 4.5 percent for condos and townhomes.
By the end of April, GLVAR reported 3,816 single-family homes listed for sale without any sort of offer. That’s down 24.9 percent from one year ago. For condos and townhomes, the 790 properties listed without offers in April represented a 23.6 percent increase from one year ago.
Meanwhile, the number of so-called distressed sales continues to decline. GLVAR reported that short sales and foreclosures combined accounted for 2.5 percent of all existing local home sales in April, down from 8.4 percent of all sales one year ago.
emphasis added
1) Overall sales were up slightly year-over-year from 3,529 in April 2017 to 3,571 in April 2018.

2) Active inventory (single-family and condos) is down sharply from a year ago, from a total of 5,722 in April 2017 to 4,606 in April 2018. Note: Total inventory was down 19.5% year-over-year - a large decline - but the smallest year-over-year decline in inventory since November 2016.  

Watch inventory.  Last year, inventory declined almost 500 homes from March to April, this year inventory was up slightly from March to April.   The inventory decline might be nearing an end in Las Vegas (and elsewhere).

3) Fewer distressed sales.