I’m so glad you dropped by to read Friday Figures! All information from the GLVAR MLS system. Here is what you and your Realtor need to know when touring, making offers, or listing property this weekend.

Summary: Amazingly, available inventory continues to drop and contingent/pending sales continue to rise, with stable prices. This is despite having over 2000 new listings since last Friday (including rentals, land, etc). For the first time in some weeks, the number of bank owned available listings ticked up slightly, but not by much. It seems clear that banks are carefully putting out more inventory, but are still a bit slow to approve short sales. Multiple offer situations are still typical, which is reflected in a continued trend of sales prices being slightly better than asking prices on average.

Available Listings: There are 9542 single family homes (down), with a median price of $180,000 (down slightly), $93 per square foot (unchanged), with median time on market of  95 days (down). In addition, there are 2899 condominiums and townhomes (down), with a median price of $114,900 (down insignificantly), $98 per square foot (unchanged), and median time on market of 118 days (unchanged). 693 (24%) of those units are in high-rise communities, with a median price of $459,900 (down) and median 190 days on market (up). Of all available listings, 4319 are owner occupied, 1450 are tenant occupied, and 6672 are vacant.

Distressed Properties: Of available listings, there are 4990 short sales (down) and 2696 bank-owned properties (up). Median price for a short sale is $136,400 (up); median price on a bank-owned home is $113,850 (down). Short sale listings, whether available or contingent, must be considered at risk of becoming bank owned properties. The 4717 non-distressed properties for sale had a median price of $349,000, unchanged yet again.

Single Family Home Prices: Of available listings, 211 under $50,000; 1471 between $50,000-$100,000; 3761 between $100,000-$200,000; 2720 between $200,000-$500,000; 833 between $500,000-$1,000,000; and 676 over $1,000,000.

Condo and Townhome Prices: 384 under $50,000; 970 between $50,000-$100,000; 788 between $100,000-$200,000; 467 between $200,000-$500,000; 211 between $500,000-$1,000,000; 134 over $1,000,000.

Contingent and Pending listings: Of the 13507 properties in the process of being purchased, 10959 are single family homes with median price of $144,900 (unchanged), $77 per square foot (unchanged), 62 days on market median (down); 2549 are condominiums or townhomes with median price of $69,900 (down slightly), $64 per square foot (down), 56 days days on market median (another 5% drop). Final negotiated sales prices are confidential until closing. Of those, 6898 were short sale, 5237 were bank owned, and only 1336 were non-distressed sales. Remember that although the bank owned and non-distressed sales should close within 30-45 days, the short sales may take 6 months or more (and may fall through at that time).

Recently sold: 835 properties closed in the last week, with more to come this afternoon. Of this week’s closings, 153 properties were on the market less than a week and 435 on the market 30 days or less; 74 were on the market more than 6 months (10 over a year, 1 more than 2 years); median time on market dropped substantially to 27 days (median time on market including the contingent period dropped to 94 days). Short sales accounted for 78 of them, there were 631 bank owned properties, and 128 non-distressed sales. Median sales price rose to $124,000 while median list price rose to $123,500. Again, median list is greater than median sales price. 3829 have closed in the last 30 days and 25439 have closed since the first of the year.

Rentals: 4991 homes, townhomes, and condos were available for rent in the Valley according to the MLS system. There are 681 contingent leases and 1836 leases signed in the last 30 days.

Other information: the Las Vegas Sun ran an item this week called “Home prices tumble in Vegas despite national rebound”. Remember that these are year-over-year numbers. Sure, prices are lower than last year, but things are still better than they were last month! Next week we will look at month-over-month numbers, as we do the first Friday of each month.

For more information or to get help with your real estate needs, call me today at 702-727-7842 or email bmagnus@bridgetmagnus.com. Although this information is available to all GLVAR members through the MLS system, this article was written and copyright by Bridget Magnus, and is her sole property.