It’s that time again! Welcome to Friday Figures! All information from the GLVAR MLS system. This is the real data you and your Realtor need to know when touring, making offers, or listing property this weekend.

Summary: We’ve dropped to 11922 total available units, under the 12,000 mark! Unfortunately, the number of contingent and pending properties is down slightly; the drop is due to 700 expirations in the last week. Both distressed and non-distressed properties are moving. However, median time on market is down substantially. We’ve also broken through 30,000 properties sold since the first of the year.

Other Information: I meant what I said yesterday, that we won’t really be out of this mess nationally until the employment-foreclosure-banking triangle is fixed. Not much to add to that.

Available Listings: There are 9207 single family homes (down), with a median price of $180,000 (effectively unchanged), $92 per square foot (unchanged), with median time on market of  79 days (a 15% drop!). In addition, there are 2713 condominiums and townhomes (down), with a median price of $115,000 (unchanged), $96 per square foot (down), and median time on market of 99 days (down 10%). 646 of those units are in high-rise communities (down), with a median price of $449,000 (down slightly) and median 190 days on market (down 5%). Of all available listings, 4138 are owner occupied (down), 1391 are tenant occupied (down), and 6387 are vacant (down). At the beginning of last month, we had 9431 single family homes, with a median price of $180,000, $93 per square foot , with median time on market of  93 days;  2856 condominiums and townhomes, with a median price of $115,000 , $98 per square foot, and median time on market of 119 days; 678 high-rise condos, with a median price of $450,000 and median 192 days on market.

Distressed Properties: Of available listings, there are 4810 short sales (down) and 2527 bank-owned properties (down). Median price for a short sale is $135,000 (unchanged); median price on a bank-owned home is $119,000 (slighly up). Short sale listings, whether available or contingent, must be considered at risk of becoming bank owned properties. The 4544 non-distressed properties for sale (down) had a median price of $339,250, slightly down. Last month we had 4959 short sales, 2586 bank-owned properties, and 4696 non-distressed properties for sale. Median prices for bank-owned homes rose while median price for non-distressed properties fell month-over-month.

Single Family Home Prices: Of available listings, 234 under $50,000; 1366 between $50,000-$100,000; 3690 between $100,000-$200,000; 2610 between $200,000-$500,000; 780 between $500,000-$1,000,000; and 663 over $1,000,000. Last month it was 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.

Condo and Townhome Prices: 406 under $50,000; 857 between $50,000-$100,000; 767 between $100,000-$200,000; 421 between $200,000-$500,000; 189 between $500,000-$1,000,000; 123 over $1,000,000. Last month we had 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.

Contingent and Pending listings: Of the 14199 properties in the process of being purchased (down), 11447 are single family homes with median price of $141,900 (down), $77 per square foot (unchanged), 57 days on market median (up); 2756 are condominiums or townhomes with median price of $70,000 (up barely), $64 per square foot (unchanged), 58 days days on market median (up). While median time on market was up for pending/contingent units, it is still far below median time on market for available units. Final negotiated sales prices are confidential until closing. Of those, 7776 were short sale (up), 5033 were bank owned (down), and 1362 were non-distressed sales (down). At the beginning of last month, we had 13514 pending and contingent properties.

Recently sold: 1034 properties closed in the last week, a number expected to be high due to month end. Next week will have light closings because of the short work week. Of this week’s closings, 230 properties were on the market less than a week and 599 on the market 30 days or less; 78 were on the market more than 6 months (10 over a year); median time on market rose slightly to 22 days (median time on market including the contingent period was down at 73 days). Short sales accounted for 145 of them, there were 703 bank owned properties, and 183 non-distressed sales. Median sales price was $125,000 while median list price was $121,999. 4088 have closed in the last 30 days and 30595 have closed since the first of the year.

Rentals: 5100 homes, townhomes, and condos were available for rent in the Valley according to the MLS system. There are 548 contingent leases and 1934 leases signed in the last 30 days. It is worth noting that only 849 of the current listings will even consider anything less than a 1 year lease. Last month we had 5111 available, 545 contingent, and 1905 new leases.

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.