Thanks for taking the time for 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: Amazingly enough, available units dropped further to 11192. While prices of single family homes are stable (and homes in all price ranges are moving), prices of available condos are plummeting, partly due to financing difficulties and partly due to endemic HOA problems caused by the huge number of foreclosures. distressed properties continue to move quickly, pursued by bargain hunters and investors. Pending and contingent listings are on the rise again, which is no surprise, and are poised to surge over 15,000 in trends continue.

Other Information: Nationwide, both apartment and strip mall vacancies are at highs not seen in years. In good news, there are a half-million mortgage modifications underway. However, there are those who find fault with the mortgage modification program. Speaking of mortgages, I was talking to an expert this morning who tells me that minimum FICO scores are set to rise from the current low of 620. Some lenders are already demanding scores of over 686, and he fully expects to see minimum requirements of 640-660 from almost every lender. If you are considering buying real estate and you suspect your credit score is in that range, don’t delay.

Available Listings: There are 8896 single family homes (down), with a median price of $180,000 (unchanged), $92 per square foot (unchanged), with median time on market of 81 days (up). In addition, there are 2297 condominiums and townhomes (down), with a median price of 2297 (down), $86 per square foot (down), and median time on market of 89 days (down).

Distressed Properties: Of available listings, there are 4732 short sales (down) and 2194 bank-owned properties (down). Median price for a short sale is $134,894 (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 4238 non-distressed properties for sale (down) had a median price of 4238, down.

Single Family Home Prices: Of available listings, 216 under $50,000; 1312 between $50,000-$100,000; 3585 between $100,000-$200,000; 2191 between $200,000-$400,000; 775 between $400,000-$700,000; 332 between $700,000-$1,000,000; and 633 over $1,000,000.

Condo and Townhome Prices: Of available listings, 350 under $50,000; 848 between $50,000-$100,000; 675 between $100,000-$200,000; 279 between $200,000-$400,000; 97 between $400,000-$700,000; 45 between $700,000-$1,000,000; and 53 over $1,000,000.

Contingent and Pending listings: Of the 14980 properties in the process of being purchased (up), 12055 are single family homes with median price of $139,999 (effectively unchanged), $76 per square foot (unchanged), 57 days on market median (up); 2926 are condominiums or townhomes with median price of $70,000 (unchanged), $64 per square foot (unchanged), 53 days days on market median (up). Final negotiated sales prices are confidential until closing. Of those, 8490 were short sale (up), 4941 were bank owned (up), and 1523 were non-distressed sales (way down).

Recently sold: 653 properties closed in the last week, an unusually low number. Of this week’s closings, 132 properties were on the market less than a week; 49 were on the market more than 6 months (6 over a year); median time on market was 23 days (median time on market including the contingent period was unchanged at 71 days). Short sales accounted for 95 of them, there were 434 bank owned properties, and 123 non-distressed sales. Median sales price was $125,000; median list price was $123,000. 4014 have closed in the last 30 days and 34442 have closed since the first of the year.

Rentals: 4906 homes, townhomes, and condos were available for rent in the Valley according to the MLS system. There are 588 contingent leases and 1747 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.

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