Las Vegas Real Estate in January: Sales up 13% YoY, Inventory down 50% YoY

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

The Las Vegas Realtors reported Southern Nevada housing market starts year with prices still rising, supply shrinking; LVR housing statistics for January 2021

LVR reported a total of 3,262 existing local homes, condos and townhomes were sold during January. Compared to the same time last year, January sales were up 15.5% for homes and up 5.4% for condos and townhomes.

According to LVR, the total number of existing local homes, condos, townhomes and other residential properties sold in Southern Nevada during 2020 was 41,617. That’s up from 41,269 total sales in 2019. By comparison, LVR reported 42,876 total sales in 2018 and 45,388 in 2017.

By the end of January, LVR reported 2,315 single-family homes listed for sale without any sort of offer. That’s down 52.8% from one year ago. For condos and townhomes, the 847 properties listed without offers in January represent a 40.3% 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 1.2% of all existing local property sales in January. That compares to 2.7% of all sales one year ago, 2.8% two years ago, 4.3% three years ago and 11% four years ago.
emphasis added

1) Overall sales were up 13.4% year-over-year to 3,262 in January 2021 from 2,875 in January 2020.

2) Active inventory (single-family and condos) is down from a year ago, from a total of 6,324 in January 2020 to 3,162 in January 2021. Note: Total inventory was down 50% year-over-year.   And months of inventory is low.

3) Low level of distressed sales.