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.

Available Listings: There are 8792 single family homes (down), with a median price of $183,000 (down), $92 per square foot (unchanged), with median time on market of 81 days (down). In addition, there are 2189 condominiums and townhomes (down), with a median price of $95,000 (down), $82 per square foot (down), and median time on market of 83 days (down).

Distressed Properties: Of available listings, there are 4602 short sales (down) and 2122 bank-owned properties (down). Median price for a short sale is $132,000 (down); median price on a bank-owned home is $123,000 (up). It is interesting that the gap between short sale prices and foreclosure pricing is narrowing. Short sale listings, whether available or contingent, must be considered at risk of becoming bank owned properties. The 4227 non-distressed properties for sale (up) had a median price of $299,900, down.

Single Family Home Prices: Of available listings, 197 under $50,000; 1268 between $50,000-$100,000; 3547 between $100,000-$200,000; 2192 between $200,000-$400,000; 773 between $400,000-$700,000; 325 between $700,000-$1,000,000; and 636 over $1,000,000.

Condo and Townhome Prices: Of available listings, 35 under $50,000; 833 between $50,000-$100,000; 620 between $100,000-$200,000; 262 between $200,000-$400,000; 78 between $400,000-$700,000; 33 between $700,000-$1,000,000; and 35 over $1,000,000.

Contingent and Pending listings: Of the 15159 properties in the process of being purchased (up), 12272 are single family homes with median price of $139,900 (unchanged), $76 per square foot (unchanged), 47 days on market median (unchanged); 2887 are condominiums or townhomes with median price of $70,000 (unchanged), $63 per square foot (down), 48 days days on market median (up). Final negotiated sales prices are confidential until closing. Of those, 8709 were short sale (up), 4831 were bank owned (down), and 1595 were non-distressed sales (up).

Recently sold: 818 properties closed in the last week, 4206 in the last 30 days, and 37131 so far this year. For properties closed in the last 30 days, median time on market was 22 days (unchanged, time on market including the contingent period was 84 days). Median sales price was $125,000 (unchanged); median list price was $124,413 (up). Short sales accounted for 615 of them, there were 2794 bank owned properties, and 785 non-distressed sales.

Rentals: 5174 homes, townhomes, and condos were available for rent in the Valley according to the MLS system. There are 694 contingent leases and 1890 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.