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Tuesday, October 06, 2020

Las Vegas Real Estate in September: Sales up 16% YoY, Inventory down 31% YoY

by Calculated Risk on 10/06/2020 01:02:00 PM

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

The Las Vegas Realtors reported Southern Nevada home prices keep climbing amid housing shortage, LVR housing statistics for September 2020

LVR reported a total of 3,996 existing local homes, condos and townhomes were sold during September. Compared to the same time last year, September sales were up 18.9% for homes and up 6.8% for condos and townhomes.
By the end of September, LVR reported 4,798 single-family homes listed for sale without any sort of offer. That’s down 34.6% from one year ago. For condos and townhomes, the 1,525 properties listed without offers in September represent a 16.7% drop from one year ago.

Despite the coronavirus crisis, the number of so-called distressed sales remains near historically low levels. The association reported that short sales and foreclosures combined accounted for just 1.0% of all existing local property sales in September. That compares to 2.0% of all sales one year ago, 2.5% two years ago and 5.2% three years ago.
emphasis added
1) Overall sales were down 16.5% year-over-year to 3,996 in September 2020 from 3,430 in September 2019.

2) Active inventory (single-family and condos) is down from a year ago, from a total of 9,164 in September 2019 to 6,323 in September 2020. Note: Total inventory was down 31.0% year-over-year.   And months of inventory is low.

3) Low level of distressed sales.