Good afternoon, everyone! Here’s the latest local market data from the GLVAR MLS.  This is what you and your Realtor should know before touring, making purchase offers, or putting your home on the market this weekend.

Available listings for sale:  15852 available single family homes, 4542 condominiums and townhomes. 12686 of these properties are vacant, a substantial 62%. Available houses dropped far more than available condos/townhomes. It’s been a while since we had fewer than 16,000 houses available!

Distressed Properties: Of those listings, 6863 are noted as short sales (a decline) and 6867 are bank-owned (also a decline). So much for trends continuing. This is probably a result of accepted offers taking distressed property out of inventory. As happy as I am to see this, it won’t continue forever (see other info, below).

Contingent and Pending listings:  Properties are in the process of being purchased are 6795 single family homes (a gain of 158, continuing a trend of gains), 1253 condos and townhomes (up 15, but still up). Closed sales will almost certainly trend upwards as well.

Single Family Home Prices: 288 under $50,000; 2085 between $50,000-$100,000; 6857 between $100,000-$200,000; 4828 between $200,000-$500,000 (a substantial drop); 1167 between $500,000-$1,000,000 (down 22); and 798 over $1,000,000 (up 3). Most price ranges had very similar inventory levels to last week. the $200,000-$500,000 range being the only exception. Perhaps this week had a lot of “affordable luxury” buyers.

Condo and Townhome Prices: 431 under $50,000 (up 29); 1601 between $50,000-$100,000; 1357 between $100,000-$200,000; 759 between $200,000-$500,000; 286 between $500,000-$1,000,000; and 167 over $1,000,000 (down just one for the second week in a row). Inventory levels at most price ranges is stable. There’s still plenty of inventory for “bargain hunters” both here and in single family housing.

Recently sold: Another 774 properties have closed in the last week, 2907 in the last 30 days, and 5782 have closed since the first of the year. This is great news for working through inventory and absorbing future foreclosures. Of the properties closed in the last week, an amazing 64 properties were on the market less than a week; only 6 properties were on the market for longer than a year; median was 53 days (effectively unchanged from last week’s 54 days). Median sales price was $125,000 while median list price was $149,000. 71 properties closed for $50,000 or less, a couple of them at a ludicrous bargain over list price (was the sales price entered wrong? was there are fire?); 652 sold for $250,000 or less. Homes listed between $70,000 and $450,000 generally sold near list price, or at a premium over list price. Only 18 homes sold for more than $500,000.

Rentals: 4742 homes, townhomes, and condos were available for rent. Only 1002 are willing to consider less than a year lease; 173 are willing to consider a lease option.

Other Data to consider: it seems that roughly 55% of Nevadans are underwater on their mortgages. Further, Clark County is one of only 35 counties leading the nation in foreclosures. With so many Nevadans owing more than their homes are worth, short sales and foreclosed properties will be part of our real estate landscape for some time to come.

I am available to answer your questions, to help you find a home, or to put your home on the market. Yes, I can even help you if you are underwater on your mortgage. To learn more, click the “Contact Me!” link in the sidebar, or just call the number at the top of the page. Have a great weekend!