Thanks for reading 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 in the Las Vegas Valley.

Summary: Available inventory continues to slowly decline to 11687 units and pending sales continue to rise. However, well over half of those pending units are short sales which may or may not close. Actual sales remain strong, with the results of multiple offer situations showing up in the fact that median sales price is greater than median list price. This is not a time to “low-ball” if you are serious about buying.

Other Information: A bit of good news, your Vegas area Realtor is now able to search by (or exclude!) auction properties. Existing homes are selling fast, but new home sales are increasing too, just a little. Our available rental units may owe something to accidental landlords, people who can’t sell their homes so they put them up for rent instead. I am still a little nervous about the fact that our unemployment rate is up to 13.2%, and that by the narrow Department of Labor definition. And one caution to those considering a mortgage modification: 27% of modifications are resulting in higher monthly payments! Read carefully before you sign anything!

Available Listings: There are 9034 single family homes (down), with a median price of $180,000 (unchanged), $92 per square foot (unchanged), with median time on market of  85 days (up). In addition, there are 2655 condominiums and townhomes (down), with a median price of $115,000 (unchanged), $97 per square foot (up), and median time on market of 107 days (up). 644 of those units are in high-rise communities (down), with a median price of $439,950 (down) and median 201 days on market (up).

Distressed Properties: Of available listings, there are 4799 short sales (down) and 2390 bank-owned properties (down). Median price for a short sale is $135,000 (unchanged); median price on a bank-owned home is $119,000 (unchanged). Short sale listings, whether available or contingent, must be considered at risk of becoming bank owned properties. The 4470 non-distressed properties for sale (down) had a median price of $330,000, down.

Single Family Home Prices: Of available listings, 255 under $50,000; 1316 between $50,000-$100,000; 3647 between $100,000-$200,000; 2166 $200,000-$400,000; 798 $400,000-$700,000; 341 between $700,000-$1,000,000; and 664 over $1,000,000.

Condo and Townhome Prices: Of available listings, 362 under $50,000; 859 between $50,000-$100,000; 765 between $100,000-$200,000; 342 between $200,000-$400,000; 163 between $400,000-$700,000; 96 between $700,000-$1,000,000; and 118 over $1,000,000.

Contingent and Pending listings: Of the 14794 properties in the process of being purchased (up), 11952 are single family homes with median price of $140,000 (down), $77 per square foot (unchanged), 48 days on market median (down); 2842 are condominiums or townhomes with median price of $70,000 (unchanged), $64 per square foot (unchanged), 49 days days on market median (down). Final negotiated sales prices are confidential until closing. Of those, 8116 were short sale (up), 5205 were bank owned (up), and 1445 were non-distressed sales (up).

Recently sold: 735 properties closed in the last week. Of this week’s closings, 149 properties were on the market less than a week; only 47 were on the market more than 6 months (7 over a year); median time on market dropped to 20 days (median time on market including the contingent period was up at 77 days). Short sales accounted for 99 of them, there were 491 bank owned properties, and 142 non-distressed sales. Median sales price was $121,000; median list price was $119,900. 4045 have closed in the last 30 days and 32185 have closed since the first of the year.

Rentals: 5249 homes, townhomes, and condos were available for rent in the Valley according to the MLS system. There are 610 contingent leases and 1888 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.