Las Vegas Real Estate in February: Sales up 13% YoY, Inventory down 57% YoY

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

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.

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.

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.