Las Vegas Real Estate in June: Sales down 19% YoY, Inventory down 31% YoY

by Calculated Risk on 7/07/2020 11:06:00 AM

This report is for closed sales in June; sales are counted at the close of escrow, so the contracts for these homes were mostly signed in April and May.

The Las Vegas Realtors reported Southern Nevada home prices holding their ground during crisis, LVR housing statistics for May 2020

LVR reported that a total of 2,934 existing local homes, condos and townhomes were sold during June – the third full month since Nevadans were ordered on March 17 to “stay home for Nevada.” Compared to the same time last year, June sales were down 15.1% for homes and down 35.0% for condos and townhomes. However, sales were up significantly from the previous month.

By the end of June, LVR reported 5,079 single-family homes listed for sale without any sort of offer. That’s down 35.0% from one year ago. For condos and townhomes, the 1,616 properties listed without offers in June represented a 16.6% drop from one year ago.

Despite the coronavirus crisis, the number of so-called distressed sales in June remained near historically low levels. The association reported that short sales and foreclosures combined accounted for 2.2% of all existing local property sales in June. That compares to 2.2% of all sales one year ago, 2.6% two years ago and 6.3% three years ago.
emphasis added

1) Overall sales were down 19.1% year-over-year to 2,934 in June 2020 from 3,626 in June 2019.

2) Active inventory (single-family and condos) is down from a year ago, from a total of 9,752 in June 2019 to 6,695 in June 2020. Note: Total inventory was down 31.3% year-over-year.   And months of inventory is still low.

3) Low level of distressed sales.

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