Tuesday, July 09, 2019

Las Vegas Real Estate in June: Sales down 11% YoY, Inventory up 89% YoY

by Calculated Risk on 7/09/2019 11:54:00 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 increase slightly after three-month holding pattern, GLVAR housing statistics for June 2019

Local home prices broke out of a three-month holding pattern to post a slight increase during June, according to a report released Tuesday by the Greater Las Vegas Association of REALTORS® (GLVAR).
The total number of existing local homes, condos and townhomes sold during June was 3,626. Compared to one year ago, June sales were down 11.1% for homes and down 12.0% 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. While the local housing supply is up from one year ago, she said it’s still below what would normally be considered a balanced market.

By the end of June, GLVAR reported 7,815 single-family homes listed for sale without any sort of offer. That’s up 80.3% from one year ago. For condos and townhomes, the 1,937 properties listed without offers in June represented a 135.6% 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 2.2% of all existing local property sales in June. That compares to 2.6% of all sales one year ago and 6.3% two years ago.
emphasis added
1) Overall sales were down 11.3% year-over-year to 3,626 in June 2019.

2) Active inventory (single-family and condos) is up sharply from a year ago, from a total of 5,157 in June 2018 to 9,752 in June 2019. Note: Total inventory was up 89% year-over-year.   This is a significant increase in inventory, although months-of-supply is still somewhat low.

3) Low level of distressed sales.