Las Vegas Real Estate in May: Sales Down 10% YoY, Inventory down 12%
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 keep rising, approaching all-time peak; GLVAR housing statistics for May 2018
Prices for existing homes sold in Southern Nevada kept rising through May and are now approaching their all-time peak, according to a report released today by the Greater Las Vegas Association of REALTORS® (GLVAR).1) Overall sales were down 9.5% year-over-year from 4,297 in May 2017 to 3,890 in May 2018.
The low supply may also be slowing down local home sales, which have been running roughly even with last year’s sales pace so far this year after increasing in recent years. The total number of existing local homes, condos and townhomes sold during May was 3,890. Compared to one year ago, May sales were down 10.7 percent for homes and down 3.8 percent for condos and townhomes.
By the end of May, GLVAR reported 4,118 single-family homes listed for sale without any sort of offer. That’s down 17.2 percent from one year ago. For condos and townhomes, the 799 properties listed without offers in May represented a 26.8 percent increase from one year ago.
Meanwhile, the number of so-called distressed sales continues to decline. GLVAR reported that short sales and foreclosures combined accounted for 2.6 percent of all existing local home sales in May, down from 6.8 percent of all sales one year ago.
2) Active inventory (single-family and condos) is down from a year ago, from a total of 5,602 in May 2017 to 4,917 in May 2018. Note: Total inventory was down 12.2% year-over-year - a significant decline - but this was the smallest year-over-year decline in inventory since May 2016.
Watch inventory. Last year, inventory declined 120 homes and condos from April to May, this year inventory was up 311 homes and condos from April to May. The inventory decline might be nearing an end in Las Vegas (and elsewhere).
3) Fewer distressed sales.