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Friday, November 06, 2020

Las Vegas Real Estate in October: Sales up 11% YoY, Inventory down 34% YoY

by Calculated Risk on 11/06/2020 12:16:00 PM

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

The Las Vegas Realtors reported With rising prices and supply not meeting demand, local housing market looking like rest of U.S.; LVR housing statistics for October 2020

“COVID-19 appears to have extended the typical summer buying period by several months,” said 2020 LVR President Tom Blanchard, a longtime local REALTOR®. “The continued demand in our housing market is still not being met and is putting upward pressure on home values. Although we see increased permits by local homebuilders, they are still not meeting the demand that is out there.”
LVR reported a total of 3,961 existing local homes, condos and townhomes were sold during October. Compared to the same time last year, October sales were up 11.2% for homes and up 9.5% for condos and townhomes.
By the end of October, LVR reported 4,501 single-family homes listed for sale without any sort of offer. That’s down 37.6% from one year ago. For condos and townhomes, the 1,428 properties listed without offers in October represent a 21.0% drop from one year ago.

Despite the coronavirus crisis, the number of so-called distressed sales remains near historically low levels. LVR reported that short sales and foreclosures combined accounted for just 0.9% of all existing local property sales in October. That compares to 2.4% of all sales one year ago, 3.0% two years ago and 5.2% three years ago.
emphasis added
1) Overall sales were up 10.9% year-over-year to 3,961 in October 2020 from 3,571 in October 2019.

2) Active inventory (single-family and condos) is down from a year ago, from a total of 9,164 in October 2019 to 5,929 in October 2020. Note: Total inventory was down 34.3% year-over-year.   And months of inventory is low.

3) Low level of distressed sales.