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Las Vegas Real Estate in July: Sales up 5% YoY, Inventory down 43% YoY

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by Calculated Risk on 8/06/2021 05:52:00 PM

The Las Vegas Realtors reported Southern Nevada home prices eclipse $400,000 mark; LVR housing statistics for July 2021

A report released Friday by Las Vegas REALTORS(R) (LVR) shows local home prices passing the $400,000 mark for the first time while demand continues to outpace supply.

LVR reported a total of 4,225 existing local homes, condos and townhomes sold during July. Compared to one year ago, July sales were up 0.8% for homes and up 24.7% for condos and townhomes. So far this year, local home sales are on pace to exceed last year’s total and surpass the last post-recession high of 38,153 in 2011.

By the end of July, LVR reported 3,007 single-family homes listed for sale without any sort of offer. Although down 37.4% from the same time last year, Martinez noted the number of homes listed without offers actually increased for the fifth straight month – “indicators of the market fighting with all its might to normalize, but consumer consumption continues to remain strong.” For condos and townhomes, the 662 properties listed without offers in July were more than were listed during the previous month, though that inventory is still down 58.1% from the same time last year.

With eviction and foreclosure bans still in place, the number of so-called distressed sales remains near historically low levels. LVR reported that short sales and foreclosures combined accounted for just 0.3% of all existing local property sales in July. That compares to 1.2% of all sales one year ago, 2.0% two years ago, 2.9% three years ago and 6.4% four years ago.
emphasis added

1) Overall sales (single family and condos) were up 5.0% year-over-year from 4,025 in July 2020 to 4,225 in July 2021.

2) Active inventory (single-family and condos) is down 42.6% from a year ago, from a total of 6,387 in July 2020 to 3,669 in July 2021. And months of inventory is extremely low.

3) Active inventory is up 21.1% from the previous month (June 2021), and up 56% from the all time low in February 2021 (2,352 single family and condos active listings).

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