Las Vegas Real Estate in April: Sales up 89% YoY, Inventory down 70% YoY
This report is for closed sales in April; sales are counted at the close of escrow, so the contracts for these homes were mostly signed in February and March.
The Las Vegas Realtors reported Another month, another record for Southern Nevada home prices; LVR housing statistics for April 2021
“These April statistics benefit from a comparison to the same month last year, when our housing market was hit hard by the beginning of this pandemic,” said 2021 LVR President Aldo Martinez. “It’s still striking to see how home prices here and nationwide continue to rise to record levels. April did signify the first month this year when single-family home sales did not exceed the previous month. ...”1) Overall sales (single family and condos) were up 88.8% year-over-year from 2,411 in April 2020 to 4,552 in April 2021.
LVR reported a total of 4,552 existing local homes, condos and townhomes sold during April. Compared to the same time last year, April sales were up 79.0% for homes and up 132.7% for condos and townhomes. So far this year, local home sales are on pace to exceed last year’s total.
By the end of April, LVR reported 1,827 single-family homes listed for sale without any sort of offer. Although down from the same period last year, Martinez said “it’s the second straight month where we ended up with more inventory without offers – 3.1% more. The same cannot be said for condos and townhomes. The 519 properties listed without offers in April represent a 13.1% decrease from the previous month and the fifth straight month this year where that inventory continues to decline. This just shows how consumers are adjusting their sights when it comes to affordable housing.”
Despite the pandemic, the number of so-called distressed sales remains near historically low levels. LVR reported that short sales and foreclosures combined accounted for just 0.9% of all existing local property sales in April. That compares to 1.5% of all sales one year ago, 3.0% of all sales two years ago, 2.5% three years ago and 8.4% four years ago. Martinez suggested that these percentages may rise slightly as some homeowners “may have difficulty coming out of forbearance programs – however nowhere near what we had seen in the last recession.”
2) Active inventory (single-family and condos) is down from a year ago, from a total of 7,815 in April 2020 to 2,346 in March 2021. Note: Total inventory was down 70.0% year-over-year. And months of inventory is extremely low.
3) Very low level of distressed sales.