by Calculated Risk on 3/06/2019 11:23:00 AM
Wednesday, March 06, 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 Local home prices dip below $300,000 as homes sell at slower pace, GLVAR housing statistics for February 2019
Local home prices dipped below $300,000 in February while fewer properties changed hands and more homes were on the market than one year ago. That’s according to a report released Wednesday by the Greater Las Vegas Association of REALTORS® (GLVAR).1) Overall sales were down 7% year-over-year from 2,704 in February 2018 to 2,508 in February 2019.
The total number of existing local homes, condos and townhomes sold during February was 2,508. Compared to one year ago, February sales were down 7.6 percent for homes and down 5.9 percent for condos and townhomes.
At the current sales pace, Carpenter said Southern Nevada now has less than a four-month supply of homes available for sale. That’s up sharply from one year ago, but still below what would normally be considered a balanced market. By the end of February, GLVAR reported 7,134 single-family homes listed for sale without any sort of offer. That’s up 95.3 percent from one year ago. For condos and townhomes, the 1,754 properties listed without offers in February represented a 158.3 percent jump from one year ago.
The number of so-called distressed sales also continues to drop. GLVAR reported that short sales and foreclosures combined accounted for just 2.6 percent of all existing local property sales in February. That’s down from 3.8 percent of all sales one year ago and 10.6 percent two years ago.
2) Active inventory (single-family and condos) is up sharply from a year ago, from a total of 4,332 in February 2018 to 8,888 in February 2019. Note: Total inventory was up 105% year-over-year. This is a significant increase in inventory, although months-of-supply is still somewhat low.
3) Fewer distressed sales.