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.
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.