Good morning and thanks for joining me for Friday Figures! All information from the GLVAR MLS system. It’s what you and your Realtor need to know when touring, making offers, or listing property this weekend.

Summary: The number of available listings continues to slowly drop, this week to 12103. Still, inventory is down over 40% from 6 months ago. The decline in available bank owned properties is even more striking, over 60%. To be perfectly clear, this is not because banks are taking property off the market; they are selling it as fast as they can. Contingent and pending listings remain over 14,000, although over half are short sales at risk of going back on the market. Sales continue to close at a typical level of about 800 per week. Final median sales prices (and the listing prices of those properties) continue to be in a range between roughly $121,000 and $127,000.

Other Information: It is no secret that Nevada is currently experiencing record unemployment levels. This is contributing to enduring high levels of foreclosure actions (remember, this 1 in 56 number they cite is everything from the initial Notice of Default up to bank owned). It is not known whether the $25 million grant for our schools will create any jobs (teaching assistants, perhaps?).  An important test of our new foreclosure mediation law is coming up in a few weeks. I will be interested in seeing if it in fact works out according to plan, or whether the banks will fall back on tired canards like “the investors won’t let us” and “we’re federally regulated and don’t have to answer to Nevada authorities.” If you are considering mediating your foreclosure in Nevada, remember that you don’t have to have an attorney, but there are circumstances where it could help.

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Home prices rose for a second month in a row according to the Case-Shiller index, and Standard and Poor’s agrees. While most metropolitan areas saw modest price increases, the year over year figures are still grim. Also according to Case-Shiller, Vegas is still having trouble.  However, the Friday Figures show that our prices are at least stable.

Stable housing prices are an important first step in getting the larger banking mess cleaned up, because banks can determine a true market value on their portfolio of foreclosed homes.

Oh and just a couple of items to brighten your day: the mayor’s desk is a mess; and skinny house with fat price tag. The description of this home reminds me of Sam Wo’s restaurant in San Francisco!

It’s time for Friday Figures! All information from the GLVAR MLS system. Here is the critical information you and your Realtor need to know when touring, making offers, or listing property this weekend.

Summary: For a while it looked like total available units were going to be up, but we finished out the week at 12139, a drop. New inventory continues to be listed, but even more properties go off the market (either as contingent/pending or withdrawn). Prices of available properties are rising as demand continues to more than meet supply. Contingent and pending units broke over 14,000, although over half are short sale. Sales continue to close at a brisk pace.

Available Listings: There are 9322 single family homes (down), with a median price of $180,000 (unchanged), $92 per square foot (down), with median time on market of  90 days (down). In addition, there are 2817 condominiums and townhomes (down), with a median price of $114,900 (down slightly), $97 per square foot (unchanged), and median time on market of 108 days (down). 658 of those units are in high-rise communities, with a median price of $450,000 (unchanged) and median 197 days on market (up). Of all available listings, 4198 are owner occupied (down), 1403 are tenant occupied (up by 1), and 6540 are vacant (up).

Distressed Properties: Of available listings, there are 4834 short sales (down) and 2614 bank-owned properties (down). Median price for a short sale is $135,000 (down); median price on a bank-owned home is $118,900 (up). Short sale listings, whether available or contingent, must be considered at risk of becoming bank owned properties. The 4657 non-distressed properties for sale (down) had a median price of $340,000, up.

Single Family Home Prices: Of available listings, 247 under $50,000; 1415 between $50,000-$100,000; 3694 between $100,000-$200,000; 2647 between $200,000-$500,000; 807 between $500,000-$1,000,000; and 674 over $1,000,000. Most categories had drops, although more million dollar plus properties are available.

Condo and Townhome Prices: 424 under $50,000; 896 between $50,000-$100,000; 788 between $100,000-$200,000; 449 between $200,000-$500,000; 195 between $500,000-$1,000,000; 127 over $1,000,000. Here the notable rise was in sub $50k units. Such units are difficult to finance and should be considered cash only, regardless of information in the listing.

Contingent and Pending listings: Of the 14093 properties in the process of being purchased, 11409 are single family homes with median price of $144,000 (up), $77 per square foot (unchanged), 53 days on market median (down); 2682 are condominiums or townhomes with median price of $69,900 (unchanged), $64 per square foot (unchanged), 52 days days on market median (down). Final negotiated sales prices are confidential until closing. Of those, 7433 were short sale (up), 5242 were bank owned (up), and 1380 were non-distressed sales (up).

Recently sold: 731 properties closed in the last week. Of this week’s closings, 138 properties were on the market less than a week and 401 on the market 30 days or less; 51 were on the market more than 6 months (4 over a year); median time on market rose to 26 days (median time on market including the contingent period dropped to 79 days). Short sales accounted for 101 of them, there were 493 bank owned properties, and 138 non-distressed sales. Median sales price was $121,500 while median list price was $121,140. 4034 have closed in the last 30 days and 28305 have closed since the first of the year.

Rentals: 5119 homes, townhomes, and condos were available for rent in the Valley according to the MLS system. There are 680 contingent leases and 1963 leases signed in the last 30 days.

Other information: Even the Review Journal is reporting that prices of real estate are starting to rise! Bank lending is tight and expected to remain that way through 2010, so be sure to get your pre-qualification from a really good mortgage person before you start looking at houses. A legal battle is heating up over mortgage modification programs; in short, the investors who purchased the mortgages may be able to prevent servicers like Countrywide from helping people. I guess those investors would rather lose even more money by foreclosing. This is pretty scary stuff when 9% of mortgages are delinquent (13% when you include foreclosures), and Nevada still has the most. The housing crisis is not over until this problem is solved and most of the resultant foreclosures are sold. One problem with getting property sold is the appraisal mess. Still, home sales still continue to rise nationally, even as prices still drop in most of the country.

Need more information or 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.

I hear stories all the time from people about how “my buddy” got a great deal on a foreclosed home. Usually, the person telling the story doesn’t really understand that what a house sold for 3  years ago has nothing to do with what that same house’s market value is today. Here’s one Realtor’s take on the great deal.

And another reminder that just because the price is low doesn’t mean it’s a good deal!

Thank you for taking the time to read this week’s Friday Figures! All information from the GLVAR MLS system. It’s what you and your Realtor need to know when touring, making offers, or listing property this weekend.

Summary: Available units are down an insignificant amount to 12260. It would not be surprising for availabilities to start rising as both private and institutional sellers try to take advantage of buyer interest. Bank owned properties are coming into the market, coincidentally raising the number of vacant available units. The only soft spot in our market is high rise condos, which continue to move slowly due to price and financing issues. There is new hope for bargain hunters, with rises in inventory in low price categories. Pending sales continue to rise, but over 7000 of those are short sales at risk of never closing. Median prices remain stable on all categories, a good sign when Forbes is still reporting our prices are in “free fall” based on year-over-year Zestimates. Well, year-over-year, our availabilities are in free fall too!

Available Listings: There are 9423 single family homes (down), with a median price of $180,000 (unchanged), $93 per square foot (unchanged), with median time on market of  91 days (down). In addition, there are 2836 condominiums and townhomes (down), with a median price of $115,000 (unchanged), $97 per square foot (up), and median time on market of 112 days (down significantly). 663 (23%) of those units are in high-rise communities, with a median price of $450,000 (unchanged) and median 195 days on market (up). Of all available listings, 4227 are owner occupied (down), 1402 are tenant occupied (down), and 6632 are vacant (up). On August 11 of last year we had 20727 available units: 16151 houses and 4576 condos/townhomes.

Distressed Properties: Of available listings, there are 4895 short sales (down) and 2628 bank-owned properties (up). Median price for a short sale is $135,888 (down barely); median price on a bank-owned home is $116,000 (down slightly). Short sale listings, whether available or contingent, must be considered at risk of becoming bank owned properties. The 4702 non-distressed properties for sale (up) had a median price of $338,000, down slightly. Last year we had 5228 bank owned properties and 6262 short sales, with 9237 non-distressed sellers.

Single Family Home Prices: Of available listings, 245 under $50,000; 1432 between $50,000-$100,000; 3743 between $100,000-$200,000; 2677 between $200,000-$500,000; 818 between $500,000-$1,000,000; and 667 over $1,000,000. Note the rise in units available under $200,ooo.

Condo and Townhome Prices: 418 under $50,000; 901 between $50,000-$100,000; 793 between $100,000-$200,000; 455 between $200,000-$500,000; 194 between $500,000-$1,000,000; 130 over $1,000,000.

Contingent and Pending listings: Of the 13815 properties in the process of being purchased, 11196 are single family homes with median price of $143,476 (down), $77 per square foot (unchanged), 54 days on market median (down 10%); 2619 are condominiums or townhomes with median price of $69,900 (unchanged), $64 per square foot (unchanged), 53 days days on market median (down). Final negotiated sales prices are confidential until closing. Of those, 7263 were short sale (up), 5187 were bank owned (up), and 1327 were non-distressed sales (up). Last year we only had 6996 pending and contingent listings: 6146 houses and 806 condos/townhomes.

Recently sold: 684 properties closed in the last week. Of this week’s closings, 123 properties were on the market less than a week and 375 on the market 30 days or less; 46 were on the market more than 6 months (7 over a year); median time on market dropped to 24 days (median time on market including the contingent period also dropped 10% to 86 days). Short sales accounted for 66 of them, there were 480 bank owned properties, and 138 non-distressed sales. Median sales price remained at $125,000 while median list price rose slightly to $124,900. 4193 have closed in the last 30 days and 27448 have closed since the first of the year. At this time last year we had 2701 sales in the last 30 days and only 15071 sold year-to-date.

Rentals: 5164 homes, townhomes, and condos were available for rent in the Valley according to the MLS system. There are 610 contingent leases and 1933 leases signed in the last 30 days. Last years we had 4358 rentals available and 1577 leased.

Other information: The fact that we have this many pending, contingent, and sold listings in an environment of record unemployment is a very good sign indeed. Hopefully people will get back to work right about the time that more inventory comes online! Banks are delaying foreclosures (I’ve seen both data and know individual cases), but that won’t last forever. Another “is it good news or not” item, it would seem that our local homeless population is declining. And a tip for people in bankruptcy: have your lawyer demand information from your mortgage lender in writing! They might do something that actually helps you (by accident, of course).

Need more information or 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.

Business Week has put in print what many people have already suspected: some properties are money pits! They define “money pit” as any property you have to spend 2% of the value on repairs annually. So for a property worth $150,000, that’s $3000 in repairs.

Now keep in mind, sometimes big repairs have to happen, and that can blow the budget. That’s why I always insist that buyers get a home warranty, and recommend they renew it annually. A home warranty is like an insurance policy against things like broken furnaces and leaky water heaters. They only cost a few hundred dollars, but can save you a lot of money. If a covered item breaks, you call one number, the warranty company sends out a pre-screened company to make repairs, and you only pay a low deductable.

Personally, I think that 2% figure should be considered an average, and should not include planned maintenance and upgrades, such as painting, carpet, or big renovation projects. But if it seems like “there’s always something” that needs fixing, maybe it’s time to think of it as a “money pit.”

Happy Friday, it’s time for 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: Wow! Down to 12286 available listings! The condo sector doesn’t seem to be moving as well as single family homes, but it is important to remember that almost a quarter of available condo inventory is in high rises, a specialized market with unique financing issues. The median price of available bank-owned homes is up, partly as asset managers and their Realtors agree on higher asking prices and partly on low priced listings quickly being snapped up. Meanwhile, non-distressed sellers are pricing lower to compete. Contingent and pending listings continue to rise, but 52% of them are short sales — some unknown percentage of these will fall through. Considering the rising prices seen elsewhere, it would be no surprise for most of these to not get lien-holder approval. Actual sales prices continue to be higher than list price. This is no time for the low-ball offer.

Available Listings: There are 9431 single family homes (down), with a median price of $180,000 (unchanged), $93 per square foot (unchanged), with median time on market of  93 days (down). In addition, there are 2856 condominiums and townhomes (down), with a median price of $115,000 (up insignificantly), $98 per square foot (unchanged), and median time on market of 119 days (up). 678 (24%) of those units are in high-rise communities, with a median price of $450,000 (down) and median 192 days on market (up). Of all available listings, 4280 are owner occupied (down), 1412 are tenant occupied (down), and 6595 are vacant (down). At the beginning of last month, we had 9929 available single family homes, 3076 condominiums and townhomes.

Distressed Properties: Of available listings, there are 4959 short sales (down) and 2586 bank-owned properties (down). Median price for a short sale is $135,900 (down); median price on a bank-owned home is $116,450 (up). Short sale listings, whether available or contingent, must be considered at risk of becoming bank owned properties. The 4696 non-distressed properties for sale (down) had a median price of $339,250, down substantially. Last month, we had 5258 short sales and 2848 bank-owned listings.  Median price for a short sale was $135,000; Median price on bank-owned was $109,900. The 4853 non-distressed properties for sale at the time had a median price of $349,000.

Single Family Home Prices: Of available listings, 229 under $50,000; 1412 between $50,000-$100,000; 3732 between $100,000-$200,000; 2703 between $200,000-$500,000; 833 between $500,000-$1,000,000; and 657 over $1,000,000. The rise from last week in sub-$50k homes and the drop in $1M+ homes is notable. At the beginning of last month, we had 240 under $50,000; 1556 between $50,000-$100,000; 3916 between $100,000-$200,000; 2825 between $200,000-$500,000; 852 between $500,000-$1,000,000; and 684 over $1,000,000.

Condo and Townhome Prices: 385 under $50,000; 946 between $50,000-$100,000; 788 between $100,000-$200,000; 463 between $200,000-$500,000; 201 between $500,000-$1,000,000; 131 over $1,000,000. Last month we had 405 under $50,000; 1034 between $50,000-$100,000; 818 between $100,000-$200,000; 506 between $200,000-$500,000; 219 between $500,000-$1,000,000; and 141 over $1,000,000.

Contingent and Pending listings: Of the 13514 properties in the process of being purchased, 10962 are single family homes with median price of $144,900 (unchanged), $77 per square foot (unchanged), 61 days on market median (down); 2552 are condominiums or townhomes with median price of $69,900 (down slightly), $64 per square foot (down), 55 days days on market median (down). Final negotiated sales prices are confidential until closing. Of those, 7030 were short sale (up), 5129 were bank owned (down), and only 1325 were non-distressed sales (down). Last month we had 10472 single family homes (median price $146,900), 2314 condos and townhomes (median price $72,000) pending or contingent.

Recently sold: 873 properties closed in the last week. Of this week’s closings, 147 properties were on the market less than a week and 450 on the market 30 days or less; 78 were on the market more than 6 months (9 over a year, 1 more than 2 years); median time on market rose by one day to 28 days (median time on market including the contingent period also rose by one to 95 days). Short sales accounted for 95 of them, there were 617 bank owned properties, and 158 non-distressed sales. Median sales price rose to $125,000 while median list price rose to $124,500. Again, median list is greater than median sales price. 4248 have closed in the last 30 days and 26619 have closed since the first of the year.

Rentals: 5111 homes, townhomes, and condos were available for rent in the Valley according to the MLS system. There are 545 contingent leases and 1905 leases signed in the last 30 days. Last month we had 4856 available rentals, 542 contingent leases and 1785 leases signed in the last 30 days. Clearly rental availability and demand are rising together.

Other information: In contrast to our MLS listed rentals, apartment vacancies nationwide are at a 2 decade high! A combination of combining households, unemployment, and first time buyer incentives are the likely causes. Google maps is now helping people find foreclosures — but “foreclosure” can mean anything from “late on a payment” to “notice of default served” to “bank owned and on the market.” When I used it on my neighborhood, I found homes that sold 6 months ago listed as a current bank owned listing. And just for fun, 5 cheap date nights in Vegas.

Need more information or 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.

While Calculated Risk warns us that many more listings are ready to come onto the market — and they are willing to talk about where those listings are coming from — CNN is busy fanning the froth, warning that buyers should snap up foreclosures now before it’s too late.

In CNN’s defense, the sensationalist headline masks a true story. Many properties are going into multiple offers, and it’s not just bank-owned properties. Anything priced right for location and condition is moving fast. So, CNN advises, make your “highest and best” offer first and don’t try to haggle. The frantic buying is even worse in the lower end, as investors compete with first-time buyers for homes that can be purchased cheap and fixed up relatively easily.

Foreclosures and other distressed properties won’t be going away soon, with bankruptcy rates rising 34% year-over-year (the highest level since the bankruptcy reform bill of 2005). Add to that the fact that banks are very reluctant to actually modify mortgages. When only 9% of eligible loans are getting modified, it’s a good bet that some portion of the remaining 91% will hit the market at some point. How much is anybody’s guess.

Meanwhile, on a nationwide level we have high buyer interest, low apartment occupancy, rents going down, no sign to a meaningful slowdown in the availability of distressed properties, and many cash-strapped consumers (including the unemployed and those who are declaring bankruptcy). For the moment, the buyer interest is overwhelming the negatives to the market overall. Whether that continues is anyone’s guess.

ONE MORE IMPORTANT THING!  If you are in the middle of an FHA financed purchase, be prepared for transaction turbulence. Taylor Bean, the 12th largest mortgage lender and one of the top 3 FHA originators, is stopping all mortgage originations immediately. Call your mortgage professional first thing in the morning to ask if this effects you in any way!