Thank you for dropping by to read Friday Figures! All information from the GLVAR MLS system. Are you are touring, making offers, or listing property this weekend in the Las Vegas Valley? Read this first!

Summary: As much as I hate to repeat myself, available units are down yet again, now under 11,000. Pending sales remain over 15,000, but over half are still short sales subject to lender approval. A research report I read this morning points out that only 12.4% of local closings in the last 3 months were short sales; it seems unlikely that all the contingent short sales will close anytime soon if at all. Closes remain strong, and are likely to be at high levels next week as we head towards the end of the month. Keep in mind that most Nevada banks, state offices, county offices, and city offices will be closed next Friday in celebration of Nevada Day, which actually falls on Saturday, October 31st. That’s right, school kids in Nevada and the 5th largest school district in the country get Halloween off every year! Who says Vegas isn’t family friendly?

Other Information: Home sales are at their highest level in 2 years. However commercial real estate continues to have a disconnect with residential real estate, as many businesses are cutting back on space and few new businesses are getting the funding they need to make a lease commitment (and there’s no tax credit for commercial real estate). Here’s an interesting article on the frustrating world of short sales. And finally, an interesting read on the American dream of home ownership. Remember, Vegas still has an unemployment rate barely under 14%, and this will color our real estate market going forward for at least 6 months and maybe more.

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