This is a key distressed market to follow since Las Vegas has seen the largest price decline of any of the Case-Shiller composite 20 cities.
The Greater Las Vegas Association of Realtors reported Southern Nevada Home Prices Heat Up Heading Into Summer, GLVAR Housing Statistics for May 2016
According to GLVAR, the total number of existing local homes, condominiums and townhomes sold in May was 3,349, down slightly from 3,363 total sales in May of 2015. Compared to the same month one year ago, 1.6 percent fewer homes, but 4.9 percent more condos and townhomes sold in May.
By the end of May, GLVAR reported 7,626 single-family homes listed without any sort of offer. That’s up 6.9 percent from one year ago. For condos and townhomes, the 2,237 properties listed without offers in May represented a 1.4 percent decrease from one year ago.
GLVAR continued to report declines in distressed sales and a corresponding increase in traditional home sales, where lenders are not controlling the transaction. In May, 4.5 percent of all local sales were short sales – when lenders allow borrowers to sell a home for less than what they owe on the mortgage. That’s down from 7.3 percent of all sales one year ago. Another 6.1 percent of all May sales were bank-owned, down from 8.0 percent one year ago.
1) Overall sales were down 0.4% year-over-year.
2) The percent of cash sales decreased year-over-year from 29.1% in May 2015 to 28.2% in May 2016. Cash buying peaked in February 2013 at 59.5%. This has been trending down.
3) Non-contingent inventory for single-family homes was up 6.9% year-over-year. Inventory for condos was down 1.4%. Inventory is important to watch – and inventory is still tight, but increasing.