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.

Available Listings: There are 9340 single family homes (up), with a median price of $179,999 (effectively unchanged), $92 per square foot (unchanged), with median time on market of  92 days (up). In addition, there are 2763 condominiums and townhomes (down), with a median price of $115,000 (up slightly), $98 per square foot (up), and median time on market of 112 days (up). 656 of those units are in high-rise communities (down), with a median price of $450,000 (unchanged) and median 198days on market (up). Of all available listings, 4186 are owner occupied (down), 1405 are tenant occupied (up by 2), and 6512 are vacant (down). Six months ago, we had 16187 available single family homes, 4577 condominiums and townhomes available. What a difference!

Distressed Properties: Of available listings, there are 4821 short sales (down) and 2615 bank-owned properties (up by 1). Median price for a short sale is $135,000 (unchanged); median price on a bank-owned home is $118,900 (unchanged). Short sale listings, whether available or contingent, must be considered at risk of becoming bank owned properties. The 4633 non-distressed properties for sale (down) had a median price of $339,500, slightly down. Six months ago we had 6958 short sales and 7001 bank-owned listings.

Single Family Home Prices: Of available listings, 251 under $50,000; 1414 between $50,000-$100,000; 3718 between $100,000-$200,000; 2630 between $200,000-$500,000; 798 between $500,000-$1,000,000; and 675 over $1,000,000. Six months ago, it was 286 under $50,000; 2087 between $50,000-$100,000; 7001 between $100,000-$200,000; 5008 between $200,000-$500,000; 1189 between $500,000-$1,000,000; and 795 over $1,000,000.

Condo and Townhome Prices: 427 under $50,000; 867 between $50,000-$100,000; 782 between $100,000-$200,000; 433 between $200,000-$500,000; 196 between $500,000-$1,000,000; 126 over $1,000,000. Six months ago, 402 under $50,000; 1613 between $50,000-$100,000; 1394 between $100,000-$200,000; 765 between $200,000-$500,000; 294 between $500,000-$1,000,000; and 168 over $1,000,000.

Contingent and Pending listings: Of the 14204 properties in the process of being purchased (up), 11506 are single family homes with median price of $143,000 (down), $77 per square foot (unchanged), 51 days on market median (down); 2698 are condominiums or townhomes with median price of $69,995 (up), $64 per square foot (unchanged), 50 days days on market median (down). Final negotiated sales prices are confidential until closing. Of those, 7651 were short sale (up), 5150 were bank owned (down), and 1367 were non-distressed sales (down). We were delighted 6 months ago to have 6637 single family homes and 1238 condos and townhomes in contingent or pending status.

Recently sold: 891 properties closed in the last week, a relatively high number as we approach month end. Of this week’s closings, 186 properties were on the market less than a week and 519 on the market 30 days or less; 60 were on the market more than 6 months (6 over a year); median time on market fell to 21 days (median time on market including the contingent period was unchanged at 79 days). Short sales accounted for 100 of them, there were 634 bank owned properties, and 156 non-distressed sales. Median sales price was $123,000 while median list price was also $123,000. 4099 have closed in the last 30 days and 29366 have closed since the first of the year. Back in February we had 778 closes, 58 of which had been on the market less than a week. Since then median time on market has dropped from 54 days, but median sales price has dropped from $135,000 (median list price had been $139,900).

Rentals: 5115 homes, townhomes, and condos were available for rent in the Valley according to the MLS system. There are 657 contingent leases and 2030 leases signed in the last 30 days.

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.