Thursday, December 06, 2018

Las Vegas Real Estate in November: Sales Down 12% YoY, Inventory up 63% YoY

by Calculated Risk on 12/06/2018 06:26:00 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 home prices level off heading into holidays; GLVAR housing statistics for November 2018

Southern Nevada home prices leveled off heading into the holidays, with more homes on the market and fewer properties changing hands. So says a report released Thursday by the Greater Las Vegas Association of REALTORS® (GLVAR).
The total number of existing local homes, condos and townhomes sold during November was 2,857. Compared to one year ago, November sales were down 11.6 percent for homes and down 7.1 percent for condos and townhomes.
As for the number of local homes available for sale, Bishop said it’s still below what would be considered a balanced market but continued its recent rise to what is now a three-month housing supply. By the end of November, GLVAR reported 7,003 single-family homes listed for sale without any sort of offer. That’s up 54.3 percent from one year ago. For condos and townhomes, the 1,605 properties listed without offers in November represented a 118.4 percent jump from one year ago.
The number of so-called distressed sales continues to drop each year. GLVAR reported that short sales and foreclosures combined accounted for just 2.6 percent of all existing local property sales in November, down from just under 5 percent of all sales one year ago and 10.5 percent two years ago.
emphasis added
1) Overall sales were down 10.8% year-over-year from 3,202 in November 2017 to 3,335 in November 2018.

2) Active inventory (single-family and condos) is up sharply from a year ago, from a total of 5,273 in November 2017 to 8,608 in November 2018. Note: Total inventory was up 63.2% year-over-year.   This is a significant increase in inventory.

3) Fewer distressed sales.