Wednesday, September 09, 2020

Las Vegas Real Estate in August: Sales down 9% YoY, Inventory down 36% YoY

by Calculated Risk on 9/09/2020 12:03:00 PM

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

The Las Vegas Realtors reported Southern Nevada home prices rise again, though fewer homes are selling; LVR housing statistics for August 2020

LVR reported a total of 3,594 existing local homes, condos and townhomes were sold during August. Compared to the same time last year, August sales were down 8.1% for homes and down 10.8% for condos and townhomes.
...
By the end of August, LVR reported 4,639 single-family homes listed for sale without any sort of offer. That’s down 40.3% from one year ago. For condos and townhomes, the 1,544 properties listed without offers in August represented a 17.0% drop from one year ago.

Despite the coronavirus crisis, the number of so-called distressed sales in August 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 August. That compares to 2.1% of all sales one year ago, 2.5% two years ago and 6.1% three years ago.
emphasis added
1) Overall sales were down 8.7% year-over-year to 3,594 in August 2020 from 3,935 in August 2019.

2) Active inventory (single-family and condos) is down from a year ago, from a total of 9,626 in August 2019 to 6,183 in August 2020. Note: Total inventory was down 35.8% year-over-year.   And months of inventory is low.

3) Low level of distressed sales.