Welcome to Friday Figures! All information from the GLVAR MLS system. If you are touring, making offers, or listing property this weekend in the Las Vegas Valley, read this first.

Summary: Total availability dropped slightly to 11420. Average time on market continues to decline, but condo/townhome prices are also down sharply — a symptom of our oversupply. Locally, pending and contingent sales are trending down as properties close, but we still have over 14,000 of them and well over half are still short sales. Non-distressed properties are moving fast as investors “fix and flip” and buyers get frustrated with banks on both foreclosures and short sales.

Other Information: I am still very concerned about how the latest employment data is going to impact housing. People who aren’t working can’t pay the mortgage (or the rent). Even though pending sales are high, so are foreclosures! First time buyers account for 43% of current buyers; how many of those people are going to still be around after the tax credit expires, and for that matter how many qualified first time buyers are left? Since it turns out the Feds turned a blind eye to sub-prime abuses, are they likewise choosing to ignore current abuses that will turn into 2012′s foreclosures? As much good news as we have, there is also plenty of reason to be cautious about the market going forward.

Available Listings: There are 9010 single family homes (unchanged), with a median price of $180,000 (unchanged), $92 per square foot (unchanged), with median time on market of 77 days (down). In addition, there are 2408 condominiums and townhomes (down), with a median price of $105,000 (down), $89 per square foot (down), and median time on market of 91 days (down). At the beginning of last month we had 9207 single family homes, with a median price of $180,000, $92 per square foot, with median time on market of  79 days. and 2713 condominiums and townhomes, with a median price of $115,000, $96 per square foot, and median time on market of 99 days.

Distressed Properties: Of available listings, there are 4784 short sales (down) and 2311 bank-owned properties (down). Median price for a short sale is $134,900 (down); median price on a bank-owned home is $119,900 (unchanged). Short sale listings, whether available or contingent, must be considered at risk of becoming bank owned properties. The 4298 non-distressed properties for sale (down) had a median price of $320,000, down. Last month there were 4810 short sales and 2527 bank-owned properties.

Single Family Home Prices: Of available listings, 212 under $50,000; 1352 between $50,000-$100,000; 3623 between $100,000-$200,000; 2206 between $200,000-$400,000; 791 between  $400,000-$700,000; 333 between $700,000-$1,000,000; and 637 over $1,000,000. Last month’s figures were 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.

Condo and Townhome Prices: Of available listings, 359 under $50,000; 852 between $50,000-$100,000; 711 between $100,000-$200,000; 298 between $200,000-$400,000; 116 between $400,000-$700,000; 55 between $700,000-$1,000,000; and 77 over $1,000,000. Last month it was 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. Big changes!

Contingent and Pending listings: Of the 14737 properties in the process of being purchased (down), 11843 are single family homes with median price of $140,000 (unchanged), $76 per square foot (down), 53 days on market median (up); 2895 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, 8333 were short sale (up), 4927 were bank owned (down), and 1923 were non-distressed sales (way up). Last month we had 14199 contingent/pending listings.

Recently sold: 1163 properties closed in the last week, higher than average because of month end. Of this week’s closings, 233 properties were on the market less than a week (23 had buyers the first day, 48 had buyers within 48 hours); only 71 were on the market more than 6 months (6 over a year); median time on market was 21 days (median time on market including the contingent period was up at 71 days). Short sales accounted for 165 of them, there were 773 bank owned properties, and 227 non-distressed sales. Median sales price was $130,000; median list price was $129,000. At the beginning of last month, median sales price was $125,000 and median list price was $121,999. 4014 have closed in the last 30 days and 34442 have closed since the first of the year.

Rentals: 5091 homes, townhomes, and condos were available for rent in the Valley according to the MLS system. There are 615 contingent leases and 1784 leases signed in the last 30 days. Last month there were 5100 available, 548 contingent, and 1934 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.