The Las Vegas Realtors reported Southern Nevada home prices set new record while supply shrinks; LVR housing statistics for February 2021
LVR reported a total of 3,489 existing local homes, condos and townhomes were sold during February. Compared to the same time last year, February sales were up 12.0% for homes and up 16.8% for condos and townhomes.
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By the end of February, LVR reported 1,677 single-family homes listed for sale without any sort of offer. That’s down 60.4% from one year ago. For condos and townhomes, the 675 properties listed without offers in February represent a 44.4% drop from one year ago.
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Despite the coronavirus crisis and economic downturn, the number of so-called distressed sales remains near historically low levels. LVR reported that short sales and foreclosures combined accounted for just 0.6% of all existing local property sales in February. That compares to 2.5% of all sales one year ago, 2.6% two years ago, 3.8% three years ago and 10.6% four years ago.
emphasis added
1) Overall sales were up 12.9% year-over-year to 3,489 in February 2021 from 3,089 in February 2020.
2) Active inventory (single-family and condos) is down from a year ago, from a total of 5,454 in February 2020 to 2,352 in February 2021. Note: Total inventory was down 57% year-over-year. And months of inventory is extremely low.
3) Very low level of distressed sales.