Las Vegas Real Estate in March: Sales up 36% YoY, Inventory down 68% YoY

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

The Las Vegas Realtors reported Southern Nevada home prices keep springing forward amid tight supply; LVR housing statistics for March 2021

“This is the first month where our housing statistics show a year-over-year comparison to the beginning of the pandemic,” said 2021 LVR President Aldo Martinez. “At the rate we’re going, we could see even greater gains in home prices and sales next month, since the housing market stalled briefly last April before roaring back since then.”

LVR reported a total of 4,724 existing local homes, condos and townhomes were sold during March. Compared to the same time last year, March sales were up 35.1% for homes and up 39.8% for condos and townhomes.

By the end of March, LVR reported 1,772 single-family homes listed for sale without any sort of offer. While up from the previous month, that’s still down 68.8% from one year ago. For condos and townhomes, the 597 properties listed without offers in March represent a 63.3% drop from one year ago.

Despite the ongoing pandemic and accompanying 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 March. That compares to 2.0% of all sales one year ago, 2.5% of all sales two years ago, 2.9% three years ago, and 9.8% four years ago.
emphasis added

1) Overall sales (single family and condos) were up 36.1% year-over-year to 4,724 in March 2021 from 7,315 in March 2020.

2) Active inventory (single-family and condos) is down from a year ago, from a total of 5,454 in March 2020 to 2,369 in March 2021. Note: Total inventory was down 67.6% year-over-year.   And months of inventory is extremely low.

3) Very low level of distressed sales.