Wednesday, May 06, 2020

Las Vegas Real Estate in April: Sales down 33% YoY, Inventory down 16% YoY

by Calculated Risk on 5/06/2020 11:07:00 AM

Note: Las Vegas saw a significant decline in visitor and convention traffic due to COVID-19 in the 2nd half of March. This report is for closed sales in April; sales are counted at the close of escrow, so the contracts for these homes were mostly signed in February and March. There will be further impacts from COVID-19 in future months.

The Las Vegas Realtors reported Southern Nevada housing market feeling effects of coronavirus crisis, LVR housing statistics for April 2020

The total number of existing local homes, condos and townhomes sold during April was 2,411. Compared to the same time last year, April sales were down 31.4% for homes and down 41.6% for condos and townhomes.
...
By the end of April, LVR reported 6,043 single-family homes listed for sale without any sort of offer. That’s down 18.7% from one year ago. For condos and townhomes, the 1,772 properties listed without offers in April represented a 3.0% drop from one year ago.

Despite the coronavirus crisis, the number of so-called distressed sales in April remained near historically low levels. The association reported that short sales and foreclosures combined accounted for 1.5% of all existing local property sales in April. That compares to 3.0% of all sales one year ago, 2.5% two years ago, and 8.4% three years ago.
emphasis added
1) Overall sales were down 33.5% year-over-year to 2,411 in April 2020 from 3,625 in April 2019.

2) Active inventory (single-family and condos) is down from a year ago, from a total of 9,261 in April 2019 to 7,815 in April 2020. Note: Total inventory was down 15.6% year-over-year.   And months of inventory is still low.

3) Low level of distressed sales.