May 09
22
Thank you for taking the time to check the Friday Figures! All information from the GLVAR MLS system. It’s all the important details about the Las Vegas real estate market, and what you should know before touring, making an offer, or listing a home this weekend.
Summary: Inventory continues to drop, with just over 15,000 total units available. In particular the number of bank owned properties available continues to plummet — not that long ago about a third of available homes were bank owned, and now it’s just over one in 5. Inventory is dropping in almost every price range. Pending sales are dropping slightly as the properties are sold. More properties have sold since the first of the year than are currently available, and the year is not yet half over. Desirable properties are moving fast and getting multiple offers. Both median list price of available homes, and median sales/list prices of sold homes is up. Recovery is happening.
Available listings for sale: There are 11553 available single family homes, 3641 condominiums and townhomes. Current median list price rose again to $$169,000, and median time on market is up slightly to 110 days.
Distressed Properties: Of those listings, 6157 are noted as short sales and 3438 are bank-owned. Median price for a short sale is unchanged at $139,900; Median price on bank-owned is slightly down at $114,900. Non-distressed properties for sale had a median price of $330,000.
Contingent and Pending listings: Properties in the process of being purchased are 10261 single family homes, 2083 condos and townhomes. Median asking price of contingent houses is slightly down at $149,000; median asking price of contingent condos/townhomes is down to $72,000. The accepted price is confidential until the sale closes.
Single Family Home Prices: Of available listings, 242 under $50,000; 1697 between $50,000-$100,000; 4739 between $100,000-$200,000; 3320 between $200,000-$500,000; 967 between $500,000-$1,000,000; and 754 over $1,000,000. Only sub-$50,000 inventory is up. Median price on an available single family home is unchanged at $179,900; median price per square foot is $94.
Condo and Townhome Prices: 437 under $50,000; 1238 between $50,000-$100,000; 1035 between $100,000-$200,000; 600 between $200,000-$500,000; 256 between $500,000-$1,000,000; and 150 over $1,000,000. Median asking price on these units is up at $115,500; median price per square foot is up to $100.
Recently sold: 850 properties have closed in the last week, as asset managers push to get bank-owned properties off the book before the coming short work week. 4080 have closed in the last 30 days and 15335 have closed since the first of the year. Of the properties closed in the last week, 92 properties were on the market less than a week; 62 were on the market more than 6 months; median dropped to 39 days (median time on market including the contingent period was also down to 120 days). Median sales price rose to $130,000 and median list price jumped to $130,250. These numbers are almost insignificantly close. While some properties sold slightly below list price, others sold for above list price.
Rentals: 4720 homes, townhomes, and condos were available for rent in the Valley according to the MLS system. There are 603 contingent leases and 1790 leases signed in the last 30 days.
Other information: Here’s an interesting item on median home prices. I use them because they are a lot closer to what’s really happening than simple average prices. There is pressure to have a uniform way of handling short sales, including time guidelines. If that comes to pass, it will greatly streamline the current process, and hopefully get those properties sold!
Buying, selling, curious with questions? Please click the “Contact Me!” link in the sidebar or 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.
