Tuesday, April 07, 2020

Las Vegas Real Estate in March: Sales up 6.5% YoY, Inventory down 17% YoY

by Calculated Risk on 4/07/2020 08:00:00 AM

Note: Las Vegas will probably see a significant decline in visitor and convention traffic over the next several months due to COVID-19.  This will likely have a significant impact on local real estate.  Sales in March were solid, and prices were at a new high, however sales are counted when at the close of escrow, so the contracts for these homes were signed in January and February.  The impact from COVID-19 will be in future months.

The Las Vegas Realtors reported Southern Nevada home prices set new record in March despite coronavirus crisis; LVR housing statistics for March 2020

The total number of existing local homes, condos and townhomes sold during March was 3,472. Compared to the same time last year, March sales were up 5.2% for homes and up 11.7% for condos and townhomes.
...
By the end of March, LVR reported 5,687 single-family homes listed for sale without any sort of offer. That’s down 19.8% from one year ago. For condos and townhomes, the 1,628 properties listed without offers in March represented a 7.0% drop from one year ago.

Meanwhile, the number of so-called distressed sales in March remained near historically low levels. The association reported that short sales and foreclosures combined accounted for 2.0% of all existing local property sales in March. That compares to 2.5% of all sales one year ago, 2.9% two years ago, and 9.8% three years ago.
emphasis added
1) Overall sales were up 6.5% year-over-year to 3,472 in March 2020 from 3,260 in March 2019.

2) Active inventory (single-family and condos) is down from a year ago, from a total of 8,842 in March 2019 to 7,315 in March 2020. Note: Total inventory was down 17.3% year-over-year.   And months of inventory is still low.

3) Low level of distressed sales.