Thanks for checking in on the Friday Figures! This information is from the GLVAR MLS.  It’s what you and your Realtor need to know about the current Vegas real estate market.

Available listings for sale:  15640 available single family homes, 4602 condominiums and townhomes. That is a slight rise from last week, but not enough to raise concern. The multiple week trend is still down. Sellers are clearly encouraged by the fact that pending and contingent listings (see below) are continuing to rise.

Distressed Properties: Of those listings, 6897 are noted as short sales and 6752 are bank-owned. No shock that both these numbers are slight gains as well. 

Contingent and Pending listings:  Properties are in the process of being purchased are 7401 single family homes (A huge gain!), 1359 condos and townhomes (up a little) bringing the total to over 8700. Perhaps in coming weeks we will break over 9000? It’s worth pointing out that 2770 are short sales and 5106 are bank owned. It doesn’t take a lot of math to see that “regular” sales are in the minority.

Single Family Home Prices: Of available listings, 305 under $50,000; 2201 between $50,000-$100,000; 6784 between $100,000-$200,000; 4628 between $200,000-$500,000; 1124 between $500,000-$1,000,000; and 791 over $1,000,000 (unchanged). All price ranges under $200,000 saw increased inventory. 

Condo and Townhome Prices: 492 under $50,000; 1641 between $50,000-$100,000; 1342 between $100,000-$200,000; 739 between $200,000-$500,000; 286 between $500,000-$1,000,000 (unchanged); and 165 over $1,000,000 (down just one the 4th week in a row!). I fully expect to see over 500 units priced under $50,000 next week.

Recently sold: 739 properties have closed in the last week, giving us over 700 closings for 3 of the last 4 weeks. There were 3418 in the last 30 days, and 7325 have closed since the first of the year. In the last 30 days, only 265 of our closes were short sales and an amazing 2711 were bank-owned, leaving a bit over 400 non-distressed sales. Short sales are hard to close and spend more time in contingent or pending status. Of the properties closed in the last week, 77 properties were on the market less than a week (price range of $48,000 to $550,000); 7 were on the market over a year, 62 were on the market more than 6 months; median rose to 57 days. Median sales price was dropped to $133,000 while median list price was $139,000. Bargain hunting continues while bargain inventory likewise continues.

Rentals: 4740 homes, townhomes, and condos were available for rent in the Valley (a decline). There are 595 contingent leases (up) and 1856 leases signed in the last 30 days (up). Let’s hope some of the bargain hunters are planning on renting those homes out.

Other information:  I’m not sure what to make of this story about a Chinese investor home-buying tour fizzling out before hitting Vegas; Forbes on America’s Downsized Cities (hint, all are in the Northeast); Nevada’s unemployment rate has almost doubled over the last year, so be prepared for more distressed sales; and outside sources confirm that while our home sales are up, our prices are down.

If you need help buying or selling real estate in the Las Vegas Valley, please click the “Contact Me!” link in the sidebar, or just call the number at the top of the page. Make it a great weekend!