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Friday, September 06, 2019

Las Vegas Real Estate in August: Sales up 1.4% YoY, Inventory up 37% YoY

by Calculated Risk on 9/06/2019 01:00:00 PM

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 More signs that Southern Nevada’s real estate roller-coaster ride has slowed down; GLVAR housing statistics for August 2019

The total number of existing local homes, condos and townhomes sold during August was 3,935. Compared to one year ago, August sales were up 3.1% for homes, but down 5.1% for condos and townhomes.

By the end of August, GLVAR reported 7,766 single-family homes listed for sale without any sort of offer. That’s up 33.5% from one year ago. For condos and townhomes, the 1,860 properties listed without offers in August represented a 57.1% increase 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 has about a 2.5-month supply of homes available for sale.
[T]he number of so-called distressed sales remains near historically low levels. GLVAR reported that short sales and foreclosures combined accounted for just 2.1% of all existing local property sales in August. That compares to 2.5% of all sales one year ago and 6.1% two years ago.
emphasis added
1) Overall sales were up 1.4% year-over-year to 3,935 in August 2019 from 3,881 in August 2018.

2) Active inventory (single-family and condos) is up from a year ago, from a total of 7,002 in August 2018 to 9,626 in August 2019. Note: Total inventory was up 37% year-over-year. This is a significant increase in inventory, although the year-over-year increase is down substantially from earlier this year.  And months of inventory is still low.

3) Low level of distressed sales.