It’s time for Friday Figures! All data from the GLVAR MLS system. Here’s what you and your Realtor need to know before touring, making a purchase offer, or listing residential property in Las Vegas this weekend.

Available listings for sale:  There are 14420 available single family homes, 4309 condominiums and townhomes. Substantially down! Total available listings are finally under 19,000.

Distressed Properties: Of those listings, 6818 are noted as short sales and 5625 are bank-owned. It’s no surprise that both these numbers are down as well.

Contingent and Pending listings:  Properties in the process of being purchased are 8457 single family homes, 1616 condos and townhomes. We now have over 10,000 pending and contingent. This is in line with the drop of available listings. Of those, 3283 are short sale and 5818 are bank-owned. The huge increase of pendings over the last few weeks means that we will have plenty of closed sales over the next 30-60 days. If this action continues, prices may well stabilize and even rise.

Single Family Home Prices: Of available listings, 267 under $50,000; 2112 between $50,000-$100,000; 6215 between $100,000-$200,000; 4174 between $200,000-$500,000; 1061 between $500,000-$1,000,000; and 764 over $1,000,000. A second week of dropping inventory at all levels tends to indicate that buyers are active in every price range.

Condo and Townhome Prices: 489 under $50,000; 1551 between $50,000-$100,000; 1235 between $100,000-$200,000; 680 between $200,000-$500,000; 272 between $500,000-$1,000,000; and 168 over $1,000,000. It’s still hard to sell a $1M+ condo, but everything else appears to be moving. 

Recently sold: Only 593 properties have closed in the last week, the first time it’s been under 600 in quite a while. Nevertheless, there were 3554 in the last 30 days, and 9841 have closed since the first of the year. Of the properties closed in the last week, 68 properties were on the market less than a week; 51 were on the market more than 6 months; median was down to 49 days. 73 properties sold for $50,000 or less while only 9 sold for more than $500,000 (3 were over $1,000,000). Median sales price dropped sharply to $127,000 and median list price dropped to $134,900. Only time will tell whether this trend continues; it could merely be a sign of working through our “bargain basement” inventory. Of properties closed in the last 30 days, only 249 were short sales (median sales and median list price of $165,000);  2823 were bank-owned (median list price $124,900); 463 standard, non-distressed sales (median sales price $254,182, median list price $219,000).

Rentals: 4844 homes, townhomes, and condos were available for rent in the Valley according to the MLS system. that’s a substantial increase! There are 533contingent leases (up 60) and 1726 leases signed in the last 30 days (down 59). Hopefully some of the recent sales are being turned into rental properties, something essential to a healthy housing market.

Other information: MSNBC brings us advice on what to do if you are turned down for a mortgage; our local homelessness problem is on the rise, so be on the lookout for squatters; prices are still dropping, even while the number of sales is increasing. 

For more information, or assistance buying/selling real estate, please click the “Contact Me!” link in the sidebar, or just call the number at the top of the page. This presentation was published by Bridget Magnus on BridgetMagnus.com and is her property, although the underlying data is available to any GLVAR Realtor. I hope you have a great weekend!

This entry was posted on April 10, 2009 at 2:38 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