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 New inventory continues to be listed, but even more properties go off the market (either as contingent/pending or withdrawn).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.