Las Vegas Real Estate in October: Sales up 7% YoY, Inventory up 6% 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 stall to start fall, though still higher than last year; GLVAR housing statistics for October 2019
The total number of existing local homes, condos and townhomes sold during October was 3,571. Compared to one year ago, October sales were up 7.9% for homes and up 3.5% for condos and townhomes.1) Overall sales were up 7.1% year-over-year to 3,571 in October 2019 from 3,335 in October 2018.
As for inventory, by the end of October, GLVAR reported 7,210 single-family homes listed for sale without any sort of offer. That’s up 4.2% from one year ago. For condos and townhomes, the 1,808 properties listed without offers in October represented a 15.7% increase from one year ago.
While the local housing supply has increased over the past year, 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 2.4% of all existing local property sales in October. That compares to 3.0% 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 8,481 in October 2018 to 9,018 in October 2019. Note: Total inventory was up 6.3% year-over-year. This year-over-year increase is down substantially from earlier this year. And months of inventory is still low.
3) Low level of distressed sales.