T.G.I.F., it’s Friday Figures! All information from the GLVAR MLS system. It’s everything you and your Realtor should know about Vegas real estate market conditions before touring, making an offer, or listing a home this weekend.

Summary: Available inventory continues to drop, while median prices on on those listings remains stable (median prices overall dropped because of changes in the mix of houses vs condos). Distressed properties continue to sell briskly; if trends continue and we don’t have an abnormally large number of new listings, bank-owned listings could return to a more normal percentage of availabilities by the end of the year (a big if). While bargain hunters are still active in low-priced segments, a surprising number of higher priced properties moved off the availability lists this week. The gap between time on market for available units vs time on market for sold units suggests that very desirable and “right priced” homes are selling much faster than anything else.

Available listings for sale:  There are 10853 available single family homes, 3398 condominiums and townhomes. Current median list price dropped again to $166,900, and median time on market has dropped substantially to 104 days. At the beginning of last month, we had 12898 available single family homes, 3957 condominiums and townhomes.

Distressed Properties: Of those listings, 5853 are noted as short sales and 3143 are bank-owned.  Median price for a short sale is unchanged at $139,000; Median price on bank-owned is down at $112,900. This drop is probably because higher priced properties are being purchased, rather than a drop in prices. Non-distressed properties for sale had a median price of $340,000, up from last week. At the beginning of last month, 6523 were short sales and 4502 were bank-owned.

Contingent and Pending listings: Properties in the process of being purchased are 10336 single family homes, 2222 condos and townhomes. Median asking price of contingent houses barely down at $148,900; median asking price of contingent condos/townhomes is unchanged at $70,900. The accepted price is confidential until the sale closes. At the beginning of last month we had 9194 single family homes, 1785 condos and townhomes pending.

Single Family Home Prices: Of available listings, 241 under $50,000; 1650 between $50,000-$100,000; 4396 between $100,000-$200,000; 3073 between $200,000-$500,000; 915 between $500,000-$1,000,000; and 738 over $1,000,000. The drop in inventory over a half million dollars is notable. Median price on an available single family home is unchanged for an amazing 4th week at $179,900; median price per square foot is still $94. At the beginning of last month we had 241 under $50,000; 1901 between $50,000-$100,000; 5477 between $100,000-$200,000; 3708 between $200,000-$500,000; 986 between $500,000-$1,000,000; and 755 over $1,000,000.

Condo and Townhome Prices: 417 under $50,000; 1143 between $50,000-$100,000; 972 between $100,000-$200,000; 542 between $200,000-$500,000; 236 between $500,000-$1,000,000; and 147 over $1,000,000. Median asking price on these units remained the same at $115,000; median price per square foot is $100. At the beginning of last month we had 482 under $50,000 (back under 500, still up month-over-month); 1384 between $50,000-$100,000; 1106 between $100,000-$200,000; 631 between $200,000-$500,000; 269 between $500,000-$1,000,000; and 157 over $1,000,000. The month-over-month numbers are quite impressive.

Recently sold: 967 properties have closed in the last week, a number that was expected to be high because of month-end and month-start activity. 4032 have closed in the last 30 days and 17372 have closed since the first of the year. Of the properties closed in the last week, an amazing 139 properties were on the market less than a week; 81 were on the market more than 6 months; median dropped yet again to 39 days (median time on market including the contingent period also dropped to 106 days). Median sales price rose to $130,450 and median list price jumped to $132,500.  At the beginning of last month, median sales price was only $125,000 and median list price was $129,900.

Rentals: 4730 homes, townhomes, and condos were available for rent in the Valley according to the MLS system — up from last week. 123 are willing to consider a lease-option. There are 532 contingent leases and 1715 leases signed in the last 30 days. On May 1, there were 4761 available rentals.

Other information: Visitors, please be aware that Monsoon Season has begun, and we may have windstorms and thunderstorms over the next few weeks. You may feel dumb putting rain gear in your bag for a trip to Vegas, but you never know. One more detail, the spread between conventional and FHA mortgage interest rates seems to be narrowing. Be sure to weigh all your options before you choose a mortgage product!

You can always reach me by clicking the “Contact Me!” link in the sidebar or call the number at the top of the page. I am available to help both buyers and sellers at the present time, subject to change. Friday Figures is published by Bridget Magnus on BridgetMagnus.com and is her property, even though any GLVAR Realtor can access this data.