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.
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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.
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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.
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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.