by Calculated Risk on 5/08/2019 10:22:00 AM
Wednesday, May 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 Local home prices hovering around $300,000, with more homes on the market; GLVAR housing statistics for April 2019
Local home prices are hovering around $300,000, while the number of homes on the market continues to increase. So says a report released Wednesday by the Greater Las Vegas Association of REALTORS® (GLVAR).1) Overall sales were up 1.5% year-over-year from 3,571 in April 2018 to 3,625 in April 2019.
The total number of existing local homes, condos and townhomes sold during April was 3,625. Compared to one year ago, April sales were down 0.2% for homes, but up 8.7% for condos and townhomes.
At the current sales pace, Carpenter said Southern Nevada now has less than a three-month supply of homes available for sale. That’s up from one year ago, but still below what would normally be considered a balanced market. By the end of April, GLVAR reported 7,435 single-family homes listed for sale without any sort of offer. That’s up 94.8% from one year ago. For condos and townhomes, the 1,826 properties listed without offers in April represented a 131.1% jump from one year ago.
The number of so-called distressed sales remains near historically low levels. GLVAR reported that short sales and foreclosures combined accounted for just 3.0% of all existing local property sales in April. That compares to 2.5% of all sales one year ago and 8.4% two years ago.
2) Active inventory (single-family and condos) is up sharply from a year ago, from a total of 4,606 in April 2018 to 9,261 in April 2019. Note: Total inventory was up 101% year-over-year. This is a significant increase in inventory, although months-of-supply is still somewhat low.
3) Low level of distressed sales, but up slightly YoY.