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

Summary: Total available units dropped insignificantly to 11575. Of note is the decline in prices on non-distressed properties. These owners represent both private sellers and investors with a “fix and flip” strategy. This is good news for those who don’t want to deal with banks, but bad for owners who must sell. We’ve broken over 15,000 pending and contingent sales, a truly remarkable thing, but over half are short sales that are at risk of going back on the market (either as a short sale or a bank owned property). Newer listings continue to be “where the action is”; priced right means sold quick.

Other Information: A growing problem is the “strategic default“, people suddenly walking away from their homes. This trend is exacerbated by banks trying to get homeowners to pay the balance on short sales. Oddly enough, a court ruling effecting as many as 60 million homes may limit the ability of banks to foreclose! Unfortunately, it’s really difficult to find out if any particular property is effected. Here’s the first figures I’ve seen breaking down sales to reflect condition of bank owned homes. One last thing: locally, price declines mean this is a great time to rent commercial property according to the Las Vegas Sun.

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