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Thursday, June 06, 2019

Las Vegas Real Estate in May: Sales Up 4% YoY, Inventory up 98% YoY

by Calculated Risk on 6/06/2019 10:18:00 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 stuck at $300,000, with more homes on the market, GLVAR housing statistics for May 2019

For the third straight month, the Greater Las Vegas Association of REALTORS® (GLVAR) reported that local home prices are hovering at $300,000 while the number of homes on the market continues to increase.
The total number of existing local homes, condos and townhomes sold during May was 4,045. Compared to one year ago, May sales were up 4.5% for homes and up 1.9% for condos and townhomes.
At the current sales pace, Carpenter said Southern Nevada still has less than a three-month supply of homes available for sale. The housing supply is up from one year ago, but still below what would normally be considered a balanced market.

By the end of May, GLVAR reported 7,855 single-family homes listed for sale without any sort of offer. That’s up 90.7% from one year ago. For condos and townhomes, the 1,876 properties listed without offers in May represented a 134.8% 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 2.0% of all existing local property sales in May. That compares to 2.6% of all sales one year ago and 6.8% two years ago.
emphasis added
1) Overall sales were up 4.0% year-over-year from 3,890 in May 2018 to 4,045 in May 2019.

2) Active inventory (single-family and condos) is up sharply from a year ago, from a total of 4,917 in May 2018 to 9,731 in May 2019. Note: Total inventory was up 98% year-over-year.   This is a significant increase in inventory, although months-of-supply is still somewhat low.

3) Low level of distressed sales.