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Wednesday, August 07, 2019

Las Vegas Real Estate in July: Sales down 2% YoY, Inventory up 71% YoY

by Calculated Risk on 8/07/2019 10:42:00 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 still higher than one year ago, but not by much, GLVAR housing statistics for July 2019

Local home prices continue to be higher than they were a year ago, but not by much. 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 July was 3,883. Compared to one year ago, July sales were down 0.8% for homes and down 5.9% for condos and townhomes.
By the end of July, GLVAR reported 7,808 single-family homes listed for sale without any sort of offer. That’s up 63.1% from one year ago. For condos and townhomes, the 1,864 properties listed without offers in July represented a 112.3% jump from one year ago.

While the local housing supply is up from one year ago, Carpenter said it’s still below what would normally be considered a balanced market. At the current sales pace, she said Southern Nevada still has less than a three-month supply of homes available for sale.
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 July. That compares to 2.9% of all sales one year ago and 6.4% two years ago.
emphasis added
1) Overall sales were down 1.8% year-over-year to 3,883 in July 2019 from 3,955 in July 2018.

2) Active inventory (single-family and condos) is up sharply from a year ago, from a total of 5,665 in July 2018 to 9,752 in July 2019. Note: Total inventory was up 71% year-over-year. This is a significant increase in inventory, although months-of-supply is still somewhat low.

3) Low level of distressed sales.