Tuesday, November 06, 2018

Las Vegas Real Estate in October: Sales Down 8% YoY, Inventory up 52% YoY

by Bill McBride on 11/06/2018 08:00:00 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 fall back from $300,000 mark as supply rises GLVAR housing statistics for October 2018

Local home prices slipped slightly last month, with more homes on the market and fewer people electing to buy homes in Southern Nevada compared to the same time last year.

So says a report on the local housing market released Tuesday 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 October was 3,335. Compared to one year ago, October sales were down 9.6 percent for homes and down 2.1 percent for condos and townhomes.
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After seeing the local housing supply shrink over the past few years, Bishop said “we’re almost up to a three-month housing supply, which means we’re getting closer to a more balanced market.”

By the end of October, GLVAR reported 6,919 single-family homes listed for sale without any sort of offer. That’s up 44.3 percent from one year ago. For condos and townhomes, the 1,562 properties listed without offers in October represented a hefty 102.9 percent increase from one year ago.
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The number of so-called distressed sales continues to drop each year. GLVAR reported that short sales and foreclosures combined accounted for just 3.0 percent of all existing local home sales in October, down from 5.2 percent of all sales one year ago.
emphasis added
1) Overall sales were down 8.2% year-over-year from 3,633 in October 2017 to 3,335 in October 2018.

2) Active inventory (single-family and condos) is up sharply from a year ago, from a total of 5,565 in October 2017 to 8,481 in October 2018. Note: Total inventory was up 52.4% year-over-year.   This is a significant increase in inventory.

3) Fewer distressed sales.