Las Vegas Real Estate in May: Sales down 49% YoY, Inventory down 22% YoY

Note: Las Vegas saw a significant decline in visitor and convention traffic due to COVID-19 in the 2nd half of March and in April. This report is for closed sales in May; sales are counted at the close of escrow, so the contracts for these homes were mostly signed in March and April.

The Las Vegas Realtors reported Southern Nevada home prices holding their ground during crisis, LVR housing statistics for May 2020

LVR reported that a total of 2,075 existing local homes, condos and townhomes were sold during May – the second full month since Nevadans were ordered on March 17 to “stay home for Nevada.” Compared to the same time last year, May sales were down 48.1% for homes and down 51.3% for condos and townhomes. Sales were also down from the previous month.

By the end of May, LVR reported 5,799 single-family homes listed for sale without any sort of offer. That’s down 26.2% from one year ago. For condos and townhomes, the 1,768 properties listed without offers in May represented a 5.8% drop from one year ago.

Despite the coronavirus crisis, the number of so-called distressed sales in May remained near historically low levels. The association reported that short sales and foreclosures combined accounted for 1.5% of all existing local property sales in May. That compares to 2.0% of all sales one year ago, 2.6% two years ago, and 6.8% three years ago.
emphasis added

1) Overall sales were down 48.7% year-over-year to 2,075 in May 2020 from 4,045 in May 2019.

2) Active inventory (single-family and condos) is down from a year ago, from a total of 9,261 in May 2019 to 7,567 in May 2020. Note: Total inventory was down 22.2% year-over-year.   And months of inventory is still low.

3) Low level of distressed sales.