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Wednesday, September 08, 2021

Las Vegas Real Estate in August: Sales up 14% YoY, Inventory down 36% YoY

by Calculated Risk on 9/08/2021 08:09:00 PM

The Las Vegas Realtors reported Southern Nevada home prices pause at record level; LVR housing statistics for August 2021

A report released Wednesday by Las Vegas REALTORS® (LVR) shows local home prices holding steady as families were preoccupied getting their kids in school, graduates off to college and all the seasonal reasons that cause what LVR leaders called a momentary pause while the market readies for its last surge before the expected holiday slowdown begins.

Meanwhile, the local housing supply continues to grow slowly, making August the seventh straight month when there were more properties available without offers than in the previous month.
LVR reported a total of 4,098 existing local homes, condos and townhomes sold during August. Compared to one year ago, August sales were up 10.3% for homes and up 29.8% for condos and townhomes. So far this year, local home sales are on pace to exceed last year’s total.

By the end of August, LVR reported 3,256 single-family homes listed for sale without any sort of offer. While up from the previous month, that’s down 29.8% from the same time last year. The 687 condos and townhomes listed without offers in August was down 55.5% from one year ago.
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 0.3% of all existing local property sales in August. That compares to 1.2% of all sales one year ago, 2.1% of all sales two years ago, 2.5% three years ago and 6.1% four years ago.
emphasis added
1) Overall sales (single family and condos) were up 14.0% year-over-year from 3,594 in August 2020 to 4,098 in August 2021.

2) Active inventory (single-family and condos) is down 36.2% from a year ago, from a total of 6,183 in August 2020 to 3,943 in August 2021.  And months of inventory is extremely low.

3) Active inventory is up 7.5% from the previous month (July 2021), and up 68% from the all time low in February 2021 (2,352 single family and condos active listings).