by Calculated Risk on 1/08/2019 12:38:00 PM
Tuesday, January 08, 2019
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 slowed down in December, GLVAR housing statistics for December 2018
The recent cooling trend continued through December for the local housing market, with stable home prices, fewer properties changing hands and more homes on the market than one year ago. So says a report released Tuesday by the Greater Las Vegas Association of REALTORS® (GLVAR).1) Overall sales were down 17.0% year-over-year from 3,204 in December 2017 to 2,658 in December 2018.
The total number of existing local homes, condos and townhomes sold during December was 2,658. Compared to one year ago, December sales were down 18.2 percent for homes and down 11.8 percent for condos and townhomes. GLVAR reported a total of 42,876 property sales in 2018, down from 45,388 in all of 2017.
While the number of local homes available for sale is still below what would normally be considered a balanced market, Southern Nevada now has more than a three-month housing supply. By the end of December, GLVAR reported 6,615 single-family homes listed for sale without any sort of offer. That’s up 72.9 percent from one year ago. For condos and townhomes, the 1,528 properties listed without offers in December represented a 132.9 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 2.9 percent of all existing local property sales in December, compared to 3.6 percent of all sales one year ago and 11 percent two years ago.
2) Active inventory (single-family and condos) is up sharply from a year ago, from a total of 4,483 in December 2017 to 8,143 in December 2018. Note: Total inventory was up 81.6% year-over-year. This is a significant increase in inventory, although months-of-supply is still somewhat low.
3) Fewer distressed sales.