Friday, July 06, 2018

Las Vegas Real Estate in June: Sales Down 4% YoY, Inventory down 11%

by Bill McBride on 7/06/2018 03:05:00 PM

This is a key former 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 housing market looking a lot like the summer weather, GLVAR housing statistics for June 2018

A housing market report released today by the Greater Las Vegas Association of REALTORS® (GLVAR) looks a lot like the summer weather in Southern Nevada, with local home prices continuing to heat up from last year at this time while the housing supply stayed desert dry.
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The total number of existing local homes, condos and townhomes sold during June was 4,194. Compared to one year ago, June sales were down 8.9 percent for homes, but up 18.5 percent for condos and townhomes.
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By the end of June, GLVAR reported 4,335 single-family homes listed for sale without any sort of offer. That’s down 16.2 percent from one year ago. For condos and townhomes, the 822 properties listed without offers in June represented a 28.6 percent increase from one year ago.
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At the same time, the number of so-called distressed sales continues to decline. GLVAR reported that short sales and foreclosures combined accounted for 2.6 percent of all existing local home sales in June, down from 6.3 percent of all sales one year ago.
emphasis added
1) Overall sales were down 4.0% year-over-year from 4,368 in June 2017 to 4,194 in June 2018.

2) Active inventory (single-family and condos) is down from a year ago, from a total of 5,813 in June 2017 to 5,157 in June 2018. Note: Total inventory was down 11.3% year-over-year - a significant decline - but this was the smallest year-over-year decline in inventory since May 2016.

3) Fewer distressed sales.