Welcome to Friday Figures! All information from the GLVAR MLS system. Here’s what you and your Realtor should know about Vegas real estate market conditions before touring, making an offer, or listing a home this weekend.

Summary: The most important thing to remember is that interest rates are rising. My sources tell me that FHA rates are up over 6.0% now. Available inventory continues to drop to only 13838 total available, and time on market is dropping as well. As would be expected, contingent sales are up. Prices of available distressed properties were stable while prices of available non-distressed properties are in a rising trend. Final sales prices continue to be very close to list prices. Rental availability is up, much like in our apartment market.

Available listings for sale:  There are 10556 available single family homes, 3284 condominiums and townhomes. Current median list price rose to $169,000, and median time on market has dropped yet again to 99 days.

Distressed Properties: Of those listings, 5675 are noted as short sales and 2969 are bank-owned.  Median price for a short sale is unchanged again at $139,000; Median price on bank-owned is unchanged at $112,900. The 5144 non-distressed properties for sale had a median price of $348,000, up substantially from last week. As before, this is most likely because lower priced non-distressed properties had accepted offers.

Contingent and Pending listings: Properties in the process of being purchased are 10593 single family homes, 2335 condos and townhomes. Median asking price of contingent houses continues to edge down to $148,000; median asking price of contingent condos/townhomes is edged up to $71,000. The accepted price is confidential until the sale closes. Of our total 12927 pending/contingent sales, 5421 were short sales, 6099 were bank owned, and only 1363 were non-distressed. The median price on pending non-distressed properties was $199,900, supporting the theory that the rise in non-distressed available prices is due to lower-priced homes getting accepted offers.

Single Family Home Prices: Of available listings, 239 under $50,000; 1594 between $50,000-$100,000; 4230 between $100,000-$200,000; 3017 between $200,000-$500,000; 904 between $500,000-$1,000,000; and 722 over $1,000,000. There were drops in every price category. Median price on an available single family home edged up to $180,000; median price per square foot is still $94.

Condo and Townhome Prices: 417 under $50,000; 1087 between $50,000-$100,000; 924 between $100,000-$200,000; 536 between $200,000-$500,000; 235 between $500,000-$1,000,000; and 142 over $1,000,000. Median asking price on these units rose to $117,000; median price per square foot is also up at $101.

Recently sold: 753 properties have closed in the last week. 4124 have closed in the last 30 days and 18300 have closed since the first of the year. An amazing 38044 properties have closed in the last 12 months.  Of the properties closed in the last week, 95 properties were on the market less than a week; only 56 were on the market more than 6 months; rose slightly to 41 days (median time on market including the contingent period dropped to 104 days). Median sales price dropped to $125,000 and median list price dropped to $124,900.  The lowest priced property to sell was $12,900, and the highest priced property was $2,495,000.

Rentals: 4841 homes, townhomes, and condos were available for rent in the Valley according to the MLS system — up from last week. 864 are willing to consider less than a 1 year lease. There are 571 contingent leases and 1713 leases signed in the last 30 days.

Other information: an interesting idea for changing the real estate market; mortgage rates are going up; however challenging our local market may be, at least it’s not Detroit; foreclosures in May were high, but not as high as April; more on foreclosures, with a map;  an interesting item on home equity; I told you it would happen, HOAs are foreclosing over unpaid dues; and something fun from a friend, 10 things not to do in Vegas.

Questions? Problems? Need to talk to me? Just click the “Contact Me!” link in the sidebar or call the number at the top of the page. I help buyers find homes without wasting time, and I help sellers unlock the value of their properties. Friday Figures is published by Bridget Magnus on BridgetMagnus.com and is her property, even though any GLVAR Realtor can access this data.