Las Vegas Real Estate in August: Sales up 10% YoY, Inventory down 15%

This is a key distressed market to follow since Las Vegas has seen the largest price decline of any of the Case-Shiller composite 20 cities.

The Greater Las Vegas Association of Realtors reported Southern Nevada Home Sales Increasing While Supply Stays Tight, GLVAR Housing Statistics for August 2016

“It’s good to see that we sold more homes last month than we did during the previous month and year, even with this persistently tight inventory we’ve been dealing with this year,” said 2016 GLVAR President Scott Beaudry, a longtime local REALTOR®. “As for home prices, we’re starting to see a more normal rate of appreciation, where prices are going up more gradually, as opposed to the double-digit increases we’ve seen the last few years.”

According to GLVAR, the total number of existing local homes, condominiums and townhomes sold in August was 3,789, up from 3,454 total sales in August of 2015. Compared to the same month one year ago, 8.7 percent more homes, and 14.7 percent more condos and townhomes sold in August.
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The total number of single-family homes listed for sale on GLVAR’s Multiple Listing Service in August was 13,222, down 2.8 percent from one year ago. GLVAR tracked a total of 2,366 condos, high-rise condos and townhomes listed for sale on its MLS in August, down 31.6 percent from one year ago.

By the end of August, GLVAR reported 7,594 single-family homes listed without any sort of offer. That’s down 5.8 percent from one year ago. For condos and townhomes, the 1,244 properties listed without offers in August represented a 46.4 percent decrease from one year ago.

GLVAR continues to track declines in distressed sales and a corresponding increase in traditional home sales, where lenders are not controlling the transaction. In August, 4.1 percent of all local sales were short sales – when lenders allow borrowers to sell a home for less than what they owe on the mortgage. That’s down from 6.2 percent of all sales one year ago. Another 5.5 percent of all August sales were bank-owned, down from 7.0 percent one year ago.
emphasis added

1) Overall sales were up 9.7% year-over-year.

2) Total active inventory (single-family and condos) is down 14.9% from a year ago (A very sharp decline in condo inventory).

3) Distressed sales are down from 13.2% of sales in August 2015, to 9.6% of sales in August 2016.

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