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.

Available Listings: There are 9010 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 (unchanged). In addition, there are 2,560 condominiums and townhomes (down), with a median price of $109,900 (down), $93 per square foot (down), and median time on market of 106 days (down).

Distressed Properties: Of available listings, there are 4788 short sales (down) and 2356 bank-owned properties (down). Median price for a short sale is $135,000 (unchanged); median price on a bank-owned home is $119,900 (up). Short sale listings, whether available or contingent, must be considered at risk of becoming bank owned properties. The 4397 non-distressed properties for sale (down) had a median price of $325,000, down.

Single Family Home Prices: Of available listings, 220 under $50,000; 1337 between $50,000-$100,000; 3623 between $100,000-$200,000; 2210 $200,000-$400,000; 785 $400,000-$700,000; 339 between $700,000-$1,000,000; and 651 over $1,000,000.

Condo and Townhome Prices: Of available listings, 360 under $50,000; 866 between $50,000-$100,000; 731 between $100,000-$200,000; 339 between $200,000-$400,000; 140 between $400,000-$700,000; 77 between $700,000-$1,000,000; and 100 over $1,000,000.

Contingent and Pending listings: Of the 15025 properties in the process of being purchased (up), 12107 are single family homes with median price of $140,000 (unchanged), $76 per square foot (down), 47 days on market median (down); 2919 are condominiums or townhomes with median price of $70,000 (unchanged), $64 per square foot (unchanged), 46 days days on market median (down). Final negotiated sales prices are confidential until closing. Of those, 8300 were short sale (up), 5202 were bank owned (down), and 1498 were non-distressed sales (up).

Recently sold: 787 properties closed in the last week. Next week should be a higher number due to month end. Of this week’s closings, 173 properties were on the market less than a week; only 47 were on the market more than 6 months (6 over a year, 3 over 2 years!); median time on market dropped to 19 days (median time on market including the contingent period was up at 67 days). Short sales accounted for 119 of them, there were 506 bank owned properties, and 158 non-distressed sales. Median sales price was $130,000; median list price was $129,900. 4006 have closed in the last 30 days and 33141 have closed since the first of the year.

Rentals: 5196 homes, townhomes, and condos were available for rent in the Valley according to the MLS system. There are 664 contingent leases and 1868 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.