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Wednesday, July 07, 2021

Las Vegas Real Estate in June: Sales up 53% YoY, Inventory down 46% YoY

by Calculated Risk on 7/07/2021 11:25:00 AM

Note: Sales slumped in April and May 2020 everywhere due to the pandemic, and were still low in June 2020 in Las Vegas - although sales picked up in July last year.

The Las Vegas Realtors reported Southern Nevada home prices inch closer to $400,000 mark; LVR housing statistics for June 2021

A report released Wednesday by Las Vegas REALTORS® (LVR) shows local home prices continuing to set records while sales rise and the local housing supply remains tight.
LVR reported a total of 4,486 existing local homes, condos and townhomes sold during June. Compared to one year ago, June sales were up 43.8% for homes and up 100.6% for condos and townhomes. So far this year, local home sales are on pace to exceed last year’s total.

By the end of June, LVR reported 2,454 single-family homes listed for sale without any sort of offer. Although down 51.7% from the same time last year, Martinez noted the number of homes listed without offers actually increased for the fourth straight month. For condos and townhomes, the 575 properties listed without offers in June were more than were listed during the previous month, though that inventory is still down 64.4% from the same time last year.
With eviction and foreclosure bans still in place, the number of so-called distressed sales remains near historically low levels. LVR reported that short sales and foreclosures combined accounted for just 0.7% of all existing local property sales in June. That compares to 2.2% of all sales one year ago, 2.2% of all sales two years ago, 2.6% three years ago and 6.3% four years ago. Martinez added that these percentages may increase once government moratoriums are lifted.
emphasis added
1) Overall sales (single family and condos) were up 52.8% year-over-year from 2,934 in June 2020 to 4,486 in June 2021.

2) Active inventory (single-family and condos) is down 45.7% from a year ago, from a total of 6,695 in June 2020 to 3,029 in June 2021.  And months of inventory is extremely low.

3) Active inventory is up 18.3% from the previous month (May 2021).