Las Vegas Real Estate in September: Sales up 14% YoY, Inventory up 22% YoY
This is a key former distressed market to follow since Las Vegas saw the largest price decline, following the housing bubble, of any of the Case-Shiller composite 20 cities.
The Greater Las Vegas Association of Realtors reported Southern Nevada home prices inch up as supply stays tight; GLVAR housing statistics for September 2019
The total number of existing local homes, condos and townhomes sold during September was 3,430. Compared to one year ago, September sales were up 12.9% for homes and up 19.5% for condos and townhomes.1) Overall sales were up 14.1% year-over-year to 3,430 in September 2019 from 3,005 in September 2018.
As for inventory, by the end of September, GLVAR reported 7,334 single-family homes listed for sale without any sort of offer. That’s up 19.3% from one year ago. For condos and townhomes, the 1,830 properties listed without offers in September represented a 35.0% increase from one year ago.
While the local housing supply is up from one year ago, Carpenter said it’s still well below the six-month supply that is considered to be a more balanced market. At the current sales pace, she said Southern Nevada has less than a three-month supply of homes available for sale.
[T]he number of so-called distressed sales remains near historically low levels. GLVAR reported that short sales and foreclosures combined accounted for just 2.0% of all existing local property sales in September. That compares to 2.5% of all sales one year ago and 5.2% two years ago.
2) Active inventory (single-family and condos) is up from a year ago, from a total of 7,504 in September 2018 to 9,164 in September 2019. Note: Total inventory was up 22% year-over-year. This is a significant increase in inventory, although the year-over-year increase is down substantially from earlier this year. And months of inventory is still low.
3) Low level of distressed sales.