Thursday, August 06, 2020

Las Vegas Real Estate in July: Sales up 4% YoY, Inventory down 35% YoY

by Calculated Risk on 8/06/2020 10:11:00 AM

This report is for closed sales in July; sales are counted at the close of escrow, so the contracts for these homes were mostly signed in May and June.

The Las Vegas Realtors reported Southern Nevada home prices remain in record territory despite pandemic; LVR housing statistics for July 2020

LVR reported a total of 4,025 existing local homes, condos and townhomes were sold during July. Compared to the same time last year, July sales were up 5.3% for homes, but down 3.3% for condos and townhomes. Sales were up significantly from the previous month.
...
By the end of July, LVR reported 4,806 single-family homes listed for sale without any sort of offer. That’s down 38.4% from one year ago. For condos and townhomes, the 1,581 properties listed without offers in July represented a 15.2% drop from one year ago.

Despite the coronavirus crisis, the number of so-called distressed sales in July remained near historically low levels. The association reported that short sales and foreclosures combined accounted for just 1.2% of all existing local property sales in July. That compares to 2.0% of all sales one year ago, 2.9% two years ago and 6.4% three years ago.
emphasis added
1) Overall sales were up 3.7% year-over-year to 4,025 in July 2020 from 3,883 in July 2019.

2) Active inventory (single-family and condos) is down from a year ago, from a total of 9,752 in July 2019 to 6,387 in July 2020. Note: Total inventory was down 34.5% year-over-year.   And months of inventory is still low.

3) Low level of distressed sales.