Las Vegas Real Estate in March: Sales Down 16% YoY, Inventory up 92% 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 Local home prices inch up to $300,000 as homes selling at slower pace; GLVAR housing statistics for March 2019
Local home prices inched back up to the $300,000 mark in March while fewer properties changed hands and more homes were on the market than one year ago. So says a report released Monday by the Greater Las Vegas Association of REALTORS® (GLVAR).1) Overall sales were down 16% year-over-year from 3,886 in March 2018 to 3,260 in March 2019.
The total number of existing local homes, condos and townhomes sold during March was 3,260. Compared to one year ago, March sales were down 16.8 percent for homes and down 12.9 percent for condos and townhomes.
At the current sales pace, Carpenter said Southern Nevada now has less than a three-month supply of homes available for sale. That’s up sharply from one year ago, but still below what would normally be considered a balanced market. By the end of March, GLVAR reported 7,091 single-family homes listed for sale without any sort of offer. That’s up 84.9 percent from one year ago. For condos and townhomes, the 1,751 properties listed without offers in March represented a 130.1 percent jump from one year ago.
The number of so-called distressed sales also continues to drop. GLVAR reported that short sales and foreclosures combined accounted for just 2.5 percent of all existing local property sales in March. That’s down from 2.9 percent of all sales one year ago and from 9.8 percent two years ago.
2) Active inventory (single-family and condos) is up sharply from a year ago, from a total of 4,596 in March 2018 to 8,842 in March 2019. Note: Total inventory was up 92% year-over-year. This is a significant increase in inventory, although smaller than the previous two months, and months-of-supply is still somewhat low.
3) Fewer distressed sales.