Welcome to today’s Friday Figures. I’ll be presenting information from the GLVAR MLS system. Since it’s the last Friday of the quarter, I will add some 4th quarter 2008 statistics (courtesy of the NAR) for comparison. Here’s what you and your Realtor need to know before conducting residential real estate business this weekend.

Available listings for sale:  15462 available single family homes, 4555 condominiums and townhomes. The change in single family was an inconsequential 2 homes, while condos/townhomes were down 1%.

Distressed Properties: Of those listings, 6935 are noted as short sales and 6526 are bank-owned. A slight rise in short sales, but a rather substantial drop in bank owned properties. 

Contingent and Pending listings:  Properties in the process of being purchased are 7713 single family homes, 1444 condos and townhomes. Not only did we break over 9000, we pushed right through 9100.  Of those properties, 5052 were listed at or below $150,000 and 6866 under $200,000. Reduced prices and record low mortgage rates are coming together to bring buyers to the table.

Single Family Home Prices: Of available listings, 316 under $50,000; 2238 between $50,000-$100,000; 6641 between $100,000-$200,000; 4553 between $200,000-$500,000; 1112 between $500,000-$1,000,000; and 796 over $1,000,000 (unchanged). The only price ranges with increases were the sub-$100k market and the million plus market.  The fall in other price ranges is a combination of homes going to contingent/pending status, and simply revising the list price downwards. 

Condo and Townhome Prices: 516 under $50,000; 1608 between $50,000-$100,000; 1325 between $100,000-$200,000; 725 between $200,000-$500,000; 283 between $500,000-$1,000,000; and 164 over $1,000,000 (5 weeks in a row of down just one!). My prediction of over 500 units priced under $50,000 this week was accurate if obvious. All other segments had small changes.

Recently sold: 681 properties have closed in the last week, under 700 but in line with the last 5 weeks. There were 3456 in the last 30 days, and 8057 have closed since the first of the year.  Of the properties closed in the last week, 63 properties were on the market less than a week (mostly priced under $200,000); 49 were on the market more than 6 months; median dropped to 55 days. Median sales price this rose slightly to $135,000 while median list price was almost unchanged at $139,900. For comparison, median since the first of the year is roughly $145,000, and median for Q4 2008 was $181,700. In addition to the sheer volume of distressed property sales, “foreclosure rage” may be driving down home prices. Actual sales are up to 2006 levels, while sales growth is at unprecedented levels.

Rentals: 4741 homes, townhomes, and condos were available for rent in the Valley (up 1). There are 595 contingent leases (unchanged) and 1826 leases signed in the last 30 days (down). These figures are strictly from the MLS system. Almost all of them are professionally managed (or owned by real estate licensees). “For rent by owner” is largely unrepresented here.

Other information:  While the Las Vegas Valley did lose 15,500 jobs in 2008, we are still up 14,100 jobs over a 3 year period. Even though we have homeless people like everywhere else, at least we don’t have a huge problem with tent cities. 

I am available to help a limited number of buyers and sellers with their residential real estate needs. Please click the “Contact Me!” link in the sidebar, or just call the number at the top of the page.  While this data is available to any Realtor willing to look it up, this presentation was published by Bridget Magnus on BridgetMagnus.com and is her property. Have a great weekend!

This entry was posted on March 27, 2009 at 12:01 pm. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

Posted in Las Vegas Real Estate by Bridget Magnus 1 Comment