Yes, it’s Friday again, and time for Friday Figures! All information from the GLVAR MLS system. This is what Vegas Realtors and real estate clients need to know about local market conditions before touring, making an offer, or listing a home this weekend.

Summary: Inventory of available homes continues to drop to 13552 units. Meanwhile, pending sales climbed above 13,000. Completed sales continue to number over 700 per week, and sale price of those homes is often near the list price. Interest rates are easing off last week’s levels but are still nowhere near as low as they were 60 days ago. Despite the best efforts of state and local authorities — and declining local supply — it does look like foreclosures will be with us for the foreseeable future.

Available listings for sale:  There are 10314 available single family homes, 3237 condominiums and townhomes. Current median list price stayed steady at $169,000, while median time on market has jumped sharply to 109 days. This is probably because buyers are focusing their attention on new, “right priced” listings, while listing agents are aggressively pricing new listings to attract attention and multiple offers.

Distressed Properties: Of those listings, 5553 are noted as short sales and 2904 are bank-owned.  Median price for a short sale is lower at $138,000; Median price on bank-owned is down to $109,900. Time on market for distressed properties is markedly lower than for non-distressed properties. The 5052 non-distressed properties for sale had a median price of $349,000, a rise from last week.

Contingent and Pending listings: Properties in the process of being purchased are 10709 single family homes, 2320 condos and townhomes. Median asking price of contingent houses fell again to $145,500 with median time on market of 78 days; median asking price of contingent condos/townhomes rose to $71,950 with 73 days on market. The accepted price is confidential until the sale closes. Of our total 13028 pending/contingent sales, 5636 were short sales, 5986 were bank owned, and for a second week1363 were non-distressed. The median price on pending non-distressed properties dropped to $196,310, with median time on market of only 65 days.

Single Family Home Prices: Of available listings, 249 under $50,000 (the first rise in some weeks); 1547 between $50,000-$100,000; 4108 between $100,000-$200,000; 2972 between $200,000-$500,000; 874 between $500,000-$1,000,000; and 710 over $1,000,000. Median price on an available single family home remained unchanged at $180,000; median price per square foot is still $94.

Condo and Townhome Prices: 423 under $50,000; 1089 between $50,000-$100,000; 879 between $100,000-$200,000; 531 between $200,000-$500,000; 230 between $500,000-$1,000,000; and 144 over $1,000,000. Median asking price on these units fell to $115,000; median price per square foot is down to $99.

Recently sold: 777 more properties have closed in the last week. 4180 have closed in the last 30 days and 19268 have closed since the first of the year. Of the properties closed in the last week, 93 properties were on the market less than a week; 75 were on the market more than 6 months (15 over a year and 6 over 600 days); remained stable at 41 days (median time on market including the contingent period rose  slightly to 111 days). Median sales price rose to $130,000 and median list price rose to $129,900.

Rentals: 4857 homes, townhomes, and condos were available for rent in the Valley according to the MLS system — up from last week. There are 615 contingent leases and 1719 leases signed in the last 30 days.

Other information: Be sure to check all those closing costs carefully when you buy a home. Ask hard questions about the charges on your Good Faith Estimate! I can’t say that I am surprised that Nevada’s new foreclosure mediation law may not work as planned due to companies sending representatives who can’t negotiate and due to agreements with investors. Federal foreclosure prevention plans aren’t working too well either as “lenders fail to modify loans“. One bright spot is that renters living in homes that are foreclosed on now have both state and federal protection; they can’t be evicted for 90 days (unless their lease ends before then). And one last thing, FHA borrowers need to be aware of the rules about property condition, particularly when purchasing foreclosed or short sale properties (remember, buyers have the legal right to a complete inspection, and sellers must turn on all utilities).

For more information or help with your real estate problem, 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.