Wednesday, January 06, 2021

Las Vegas Real Estate in December: Sales up 27% YoY, Inventory down 38% YoY

by Calculated Risk on 1/06/2021 09:31:00 AM

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

The Las Vegas Realtors reported Southern Nevada home prices end the year in record territory; LVR housing statistics for December 2020

LVR reported a total of 4,097 existing local homes, condos and townhomes were sold during December. Compared to the same time last year, December sales were up 26.7% for homes and up 30.9% for condos and townhomes.

According to LVR, the total number of existing local homes, condos, townhomes and other residential properties sold in Southern Nevada during 2020 was 41,617. That’s up from 41,269 total sales in 2019. By comparison, LVR reported 42,876 total sales in 2018 and 45,388 in 2017.

“I think we surprised a lot of people with how the local housing market not only held up, but set records, during an otherwise rough year for our community and our local economy,” said 2021 LVR President Aldo Martinez. “I don’t see much changing in the early part of 2021. Demand for housing remains high. Our housing supply and mortgage interest rates are still very low. As long as these trends continue, it’s a good bet that local home prices will keep rising.”

By the end of December, LVR reported 3,240 single-family homes listed for sale without any sort of offer. That’s down 41.5% from one year ago. For condos and townhomes, the 1,153 properties listed without offers in December represent a 25.9% drop from one year ago.

Despite the coronavirus crisis and economic downturn, 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 December. That compares to 1.8% of all sales one year ago, 2.9% two years ago and 3.6% three years ago.
emphasis added
1) Overall sales were up 27.4% year-over-year to 4,097 in December 2020 from 3,214 in December 2019.

2) Active inventory (single-family and condos) is down from a year ago, from a total of 7,093 in 2019 to 4,393 in December 2020. Note: Total inventory was down 38.1% year-over-year.   And months of inventory is low.

3) Low level of distressed sales.