Thursday, February 06, 2020

Las Vegas Real Estate in January: Sales up 25% YoY, Inventory down 29% YoY

by Calculated Risk on 2/06/2020 09:52:00 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 housing market starts 2020 with home prices, sales up from one year ago GLVAR housing statistics for January 2020

The total number of existing local homes, condos and townhomes sold during January was 2,875. Sales were down from December. But compared to the same time last year, January sales were up 25.2% for homes and up 22.8% for condos and townhomes.
By the end of January, GLVAR reported 4,906 single-family homes listed for sale without any sort of offer. That’s down 32.4% from one year ago. For condos and townhomes, the 1,418 properties listed without offers in January represented a 16.7% drop from one year ago.

Meanwhile, the number of so-called distressed sales remains near historically low levels. GLVAR reported that short sales and foreclosures combined accounted for 2.7% of all existing local property sales in January. That compares to 2.8% of all sales one year ago, 4.3% two years ago and 11% three years ago.
emphasis added
1) Overall sales were up 24.7% year-over-year to 2,875 in January 2020 from 2,305 in January 2019.

2) Active inventory (single-family and condos) is down from a year ago, from a total of 8,957 in January 2019 to 7,093 in January 2020. Note: Total inventory was down 29.4% year-over-year.   This is the third 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.