Tuesday, January 07, 2020

Las Vegas Real Estate in December: Sales up 21% YoY, Inventory down 13% YoY

by Calculated Risk on 1/07/2020 02:27:00 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 GLVAR reports year ended with higher home prices, dip in annual home sales; GLVAR housing statistics for December 2019

According to GLVAR, the total number of existing local homes, condos, townhomes and other residential properties sold in Southern Nevada during 2019 was 41,269. That’s down from 42,876 total sales in 2018 and from 45,388 in 2017.

The total number of existing local homes, condos and townhomes sold during December was 3,214. Compared to one year ago, December sales were up 21.8% for homes and up 17.2% for condos and townhomes.
By the end of December, GLVAR reported 5,538 single-family homes listed for sale without any sort of offer. That’s down 16.3% from one year ago. For condos and townhomes, the 1,555 properties listed without offers in December represented a 1.8% increase from one year ago.

At the same time, the number of so-called distressed sales remains near historically low levels. GLVAR reported that short sales and foreclosures combined accounted for 1.8% of all existing local property sales in December. That compares to 2.9% of all sales one year ago, 3.6% two years ago and 11% three years ago.
emphasis added
1) Overall sales were up 20.9% year-over-year to 3,214 in December 2019 from 2,658 in December 2018.

2) Active inventory (single-family and condos) is down from a year ago, from a total of 8,143 in December 2018 to 7,093 in December 2019. Note: Total inventory was down 12.9% year-over-year.   This is the second consecutive month with a year-over-year decrease in inventory, and that follows 16 consecutive months with a YoY increase in inventory.  And months of inventory is still low.

3) Low level of distressed sales.