Happy Nevada Day, and thank you for dropping by to read 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, please read this first!

Summary: Available listings held steady at a total of just under 11,000. Bank owned listings did tick up slightly, although no trend has developed. There was also a rise in the number of low-priced properties. Pending and contingent listings did drop under 15,000, reflecting the abnormally large number of properties that closed prior to month-end (because today is a state holiday, there will be no more closings until Monday). There was only a $100 gap between sales price and list price on average in the last 30 days: if you are serious about buying, make your first offer your best offer; if you’re serious about selling, price it right. Despite local economic issues, both sales and rentals still appear strong.

Other Information: A lot of data came out this week. In housing, the latest Case-Shiller numbers show that Vegas housing prices are well on their way back to 2000 levels. Some experts think that housing prices are likely to drop, possibly as much as another 10%. Others think there is light at the end of the tunnel (assuming that the economy really is turning around and we get some job creation soon). Housing sales are strong, but mostly in the sub-$100k price range; this indicates that sellers who can afford to blast things out at discounted prices will have an easier time selling. In other local news, we have some Census data reported earlier this week, and some absolutely abysmal sales tax numbers. One more thing, it looks like the Senate has put together an extension of the home buyer tax credit, with some credit being extended to people who are not first time buyers. It remains to be seen whether the House of Representatives will approve a similar measure.

Available Listings: There are 8813 single family homes (up), with a median price of $179,990 (down), $91 per square foot (down), with median time on market of 82 days (up). In addition, there are 2130 condominiums and townhomes (down), with a median price of $92,500 (down), $79 per square foot (down), and median time on market of 76 days (down).

Distressed Properties: Of available listings, there are 4547 short sales (down) and 2155 bank-owned properties (up). Median price for a short sale is $130,000 (down); median price on a bank-owned home is $120,000 (down). Short sale listings, whether available or contingent, must be considered at risk of becoming bank owned properties. The 4205 non-distressed properties for sale (down) had a median price of $295,000, down.

Single Family Home Prices: Of available listings, 201 under $50,000; 1314 between $50,000-$100,000; 3575 between $100,000-$200,000; 2177 between $200,000-$400,000; 760 between $400,000-$700,000; 309 between $700,000-$1,000,000; and 631 over $1,000,000.

Condo and Townhome Prices: Of available listings, 370 under $50,000; 849 between $50,000-$100,000; 586 between $100,000-$200,000; 234 between $200,000-$400,000; 65 between $400,000-$700,000; 29 between $700,000-$1,000,000; and 32 over $1,000,000.

Contingent and Pending listings: Of the 14750 properties in the process of being purchased (down), 11950 are single family homes with median price of $139,900 (unchanged), $76 per square foot (unchanged), 47 days on market median (unchanged); 2800 are condominiums or townhomes with median price of $69,900 (down), $63 per square foot (unchanged), 45 days days on market median (down). Final negotiated sales prices are confidential until closing. Of those, 8708 were short sale (down), 4459 were bank owned (down), and 1560 were non-distressed sales (down).

Recently sold: 1149 properties closed in the last week ahead of month-end, 4373 in the last 30 days, and 38435 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 $124,900 (up). Short sales accounted for 668 of them, there were 2862 bank owned properties, and 830 non-distressed sales.

Rentals: 5116 homes, townhomes, and condos were available for rent in the Valley according to the MLS system. There are 670 contingent leases and 1934 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.