Thank you for looking at the Friday Figures! This data is compiled from the GLVAR MLS system. It’s what you and your Realtor need to know before conducting residential real estate business this weekend.

Available listings for sale:  There are 13871 available single family homes, 4206 condominiums and townhomes. Of these, 58% are vacant. We’ve finally broken under 14,000 available houses. For comparison, we had over 16,500 houses and 4600 condos/townhomes this time last year, and 52% were vacant.

Distressed Properties: Of those listings, 6749 are noted as short sales and 5193 are bank-owned (a drop of nearly 500). That means 37% of inventory is short sales and 28% is bank owned, compared to 25% short sales and only 19% bank owned last year!

Contingent and Pending listings:  Properties in the process of being purchased are 8800 single family homes, 1667 condos and townhomes. These figures continue to rise. Last year we had almost 5200 houses and almost 700 condos/townhomes with pending sales. It’s worth pointing out that of our current pending/contingent sales, all but about 450 are distressed sales. It’s not an easy market for traditional sellers.

Single Family Home Prices: Of available listings, 250 under $50,000; 2070 between $50,000-$100,000; 5899 between $100,000-$200,000 (a huge drop!); 4024 between $200,000-$500,000; 1032 between $500,000-$1,000,000; and 762 over $1,000,000. This marks the third straight week of dropping inventory at all price levels. Last year there were over 1100 homes over $1,000,000 available; whether the price on these homes dropped or whether the market got better for selling them is left to the reader’s speculation.

Condo and Townhome Prices: 498 under $50,000; 1495 between $50,000-$100,000; 1195 between $100,000-$200,000; 659 between $200,000-$500,000; 268 between $500,000-$1,000,000; and 166 over $1,000,000. Every category except under $50,000 is down. 

Recently sold: 750 properties have closed in the last week, springing back from last week’s reduced level. 3601 have closed in the last 30 days — roughly double last year’s levels — and 10663 have closed since the first of the year. This time last year we had closed about 6400 year to date. Of the properties closed in the last week, an unbelievable 90 properties were on the market less than a week; 7 were on the market over a year; 57 were on the market more than 6 months; median dropped to 496 days. 103 properties sold for $50,000 or less, 13  sold for more than $500,000. Median sales price rose to $130,000 and median list price was close to unchanged at  $135,000.  While it is still important to research local market values before making a purchase offer, most homes are still selling for near their asking price.

Rentals: 4807 homes, townhomes, and condos were available for rent in the Valley according to the MLS system. Last year, less than 3900 units were available for lease. There are 541 contingent leases and 1733 leases signed in the last 30 days. Hopefully some of the recent sales are being turned into rental properties, something essential to a healthy housing market.

Other information: There are 13764 active Realtors in GLVAR today. Choose one who knows their stuff. Just because she’s a neighbor or because you know his dad isn’t a good enough reason to let them help you with the most important purchase or sale you can make.

To learn more, or to solve your residential real estate problem in Vegas, please click the “Contact Me!” link in the sidebar, or just call the number at the top of the page. Friday Figures is published by Bridget Magnus on BridgetMagnus.com and is her property, even though any GLVAR Realtor can access this data.