Friday, December 06, 2019

Las Vegas Real Estate in November: Sales up 3% YoY, Inventory down 4% YoY

by Calculated Risk on 12/06/2019 02:48:00 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 Southern Nevada home prices stay the same for two months, still up from last year GLVAR housing statistics for November 2019

The total number of existing local homes, condos and townhomes sold during November was 2,946. Compared to one year ago, November sales were up 5.0% for homes, but down 4.6% for condos and townhomes.

By the end of November, GLVAR reported 6,531 single-family homes listed for sale without any sort of offer. That’s down 6.7% from one year ago. For condos and townhomes, the 1,711 properties listed without offers in November represented a 6.6% increase from one year ago.
Along the same lines, 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 November. That compares to 2.6% of all sales one year ago and just under 5% two years ago.
emphasis added
1) Overall sales were up 3.1% year-over-year to 2,946 in November 2019 from 2,857 in November 2018.

2) Active inventory (single-family and condos) is down from a year ago, from a total of 8,608 in November 2018 to 8,242 in November 2019. Note: Total inventory was down 4.3% year-over-year. This year-over-year decrease follows 16 consecutive months with a YoY increase in inventory.  And months of inventory is still low.

3) Low level of distressed sales.