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Wednesday, May 08, 2019

Las Vegas Real Estate in April: Sales Up 2% YoY, Inventory up 101% YoY

by Calculated Risk on 5/08/2019 10:22:00 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 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).
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.
emphasis added
1) Overall sales were up 1.5% year-over-year from 3,571 in April 2018 to 3,625 in April 2019.

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.