Las Vegas Real Estate in November: Sales up 28% YoY, Inventory down 54% YoY

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

The Las Vegas Realtors reported Southern Nevada home prices set record for sixth straight month amid pandemic; LVR housing statistics for November 2020

LVR reported a total of 3,761 existing local homes, condos and townhomes were sold during November. Compared to the same time last year, November sales were up 26.1% for homes and up 34.7% for condos and townhomes.

“Like other places around the country, we’re seeing multiple offers on properties listed for sale,” said 2020 LVR President Tom Blanchard, a longtime local REALTOR®. “The supply of available homes is very low, and demand is high. I hope the new year will bring some additional inventory as local homeowners start to feel more comfortable moving. We can easily absorb three or four times the current available inventory without tilting the scales of meeting our current demand for housing here in Southern Nevada.”

He said the number of local homes available for sale remains well below the six-month supply considered to be a balanced market. In fact, the sales pace in November equates to just over a one-month supply of homes available for sale, creating what Blanchard said is a local housing shortage.

By the end of November, LVR reported 3,756 single-family homes listed for sale without any sort of offer. That’s down 42.5% from one year ago. For condos and townhomes, the 1,288 properties listed without offers in November represent a 24.7% 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 0.8% of all existing local property sales in November. That compares to 2.0% of all sales one year ago, 2.6% two years ago and just under 5% three years ago.
emphasis added

1) Overall sales were up 27.7% year-over-year to 3,761 in November 2020 from 2,946 in November 2019.

2) Active inventory (single-family and condos) is down from a year ago, from a total of 8,242 in 2019 to 3,756 in November 2020. Note: Total inventory was down 54.4% year-over-year.   And months of inventory is low.

3) Low level of distressed sales.