Las Vegas Real Estate in May: Sales up 98% YoY, Inventory down 66% YoY
Remember - sales slumped in April and May 2020, so the year-over-year sales comparisons are crazy.
The Las Vegas Realtors reported Southern Nevada home prices reach new heights while supply stays low; LVR housing statistics for May 2021
A report released Tuesday by Las Vegas REALTORS® (LVR) shows local home prices continuing to reach new heights while the local housing supply remains near historically low levels.1) Overall sales (single family and condos) were up 97.6% year-over-year from 2,075 in May 2020 to 4,100 in May 2021.
LVR reported a total of 4,100 existing local homes, condos and townhomes sold during May. Compared to the same time last year, May sales were up 87.3% for homes and up 144.9% for condos and townhomes. So far this year, local home sales are on pace to exceed last year’s total.
By the end of May, LVR reported 2,031 single-family homes listed for sale without any sort of offer. Although down 65.0% from the same time last year, Martinez noted the number of homes listed without offers actually increased for the third straight month. For condos and townhomes, the 529 properties listed without offers in May were slightly more than were listed during the previous month, though that inventory is still down 70.1% 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 0.7% of all existing local property sales in May. That compares to 1.5% of all sales one year ago, 2.0% of all sales two years ago, 2.6% three years ago and 6.8% four years ago. Martinez suggested that these percentages may rise slightly when government moratoriums are lifted.
2) Active inventory (single-family and condos) is down 66.2% from a year ago, from a total of 7,815 in May 2020 to 2,560 in May 2021. And months of inventory is extremely low.
3) Active inventory is up 9.1% from the previous month (April 2021).