Monday, October 08, 2018

Las Vegas Real Estate in September: Sales Down 16% YoY, Inventory up 33% YoY

by Bill McBride on 10/08/2018 10:49:00 AM

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 home prices bounce back to hit $300,000 mark, GLVAR housing statistics for September 2018

After a sluggish summer, Southern Nevada home prices bounced back in September to hit $300,000 for the first time in more than 11 years, according to a report released today by the Greater Las Vegas Association of REALTORS® (GLVAR).
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The total number of existing local homes, condos and townhomes sold during September was 3,005. Compared to one year ago, September sales were down 16.4 percent for homes and down 13.4 percent for condos and townhomes.
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For the first time in years, Bishop said Southern Nevada now has more than a two-month supply of existing homes available for sale. A six-month supply would be a more balanced market, he added. By the end of September, GLVAR reported 6,148 single-family homes listed for sale without any sort of offer. That’s up 23.7 percent from one year ago. For condos and townhomes, the 1,356 properties listed without offers in September represented a hefty 99.4 percent increase from one year ago.
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The number of so-called distressed sales continues to drop. GLVAR reported that short sales and foreclosures combined accounted for just 2.5 percent of all existing local home sales in September, down from 5.2 percent of all sales one year ago.
emphasis added
1) Overall sales were down 15.9% year-over-year from 3,571 in September 2017 to 3,881 in August 2018.

2) Active inventory (single-family and condos) is up sharply from a year ago, from a total of 5,649 in September 2017 to 7,504 in September 2018. Note: Total inventory was up 32.8% year-over-year.   This is a significant change in inventory.

3) Fewer distressed sales.