It’s time for Friday Figures! All information from the GLVAR MLS system. This is what you and our Realtor need to know if you are touring, making offers, or listing property this weekend in the Las Vegas Valley!

Summary: Available listings remain under 11,000 for a third week. Prices of available single family homes are stable, but prices of available condos and townhomes are sliding. Since time on market continues to decline, it appears that sellers are pricing aggressively. The number of pending and contingent units is stable, just under 15,000. However, 59% of those are short sale, with a risk of never closing. This week saw fewer closes than the week prior, which is not unusual for the first week of the month. Next week, banks and title offices will be closed on Wednesday the 11th for Veterans Day, so I expect another week of soft closings. The following week may well be madness for title offices as people try to get closed before the Thanksgiving holiday week and the end of the month. Realtors, title officers, loan officers, and buyers all need to be on top of details to make sure those escrows close on time!

Other Information: It’s official: the President has signed an extension of the home buyers tax credit into law; this version includes a credit of up to $6500 for non first time buyers. The same bill also extends unemployment benefits, which is a good thing since the official national unemployment rate is up over 10% for the first time since 1983 (remember, this is the “optimistic” U3 number and doesn’t reflect several types of jobless people). Some experts are noticing “Home Buyers Doing More Shopping than Buying.” And one last item: a round-up of opinions on what is in store for housing prices in Las Vegas.

Available Listings: There are 8780 single family homes (up), with a median price of $179,900 (down), $91 per square foot (unchanged), with median time on market of 80 days (down). In addition, there are 2060 condominiums and townhomes (down), with a median price of $89,900 (down), $77 per square foot (down), and median time on market of 75 days (down). At the beginning of last month, we had 8896 single family homes and 2297 condominiums/townhomes.

Distressed Properties: Of available listings, there are 4469 short sales (down) and 2196 bank-owned properties (up). Median price for a short sale is $133,000 (up); median price on a bank-owned home is $119,900 (down). Short sale listings, whether available or contingent, must be considered at risk of becoming bank owned properties. The 4148 non-distressed properties for sale (down) had a median price of $285,000, down. At the beginning of last month we had 4732 short sales, 2194 bank-owned properties, and 4238 non-distressed sales.

Single Family Home Prices: Of available listings, 159 under $50,000; 1303 between $50,000-$100,000; 3610 between $100,000-$200,000; 2188 between $200,000-$400,000; 744 between $400,000-$700,000; 304 between $700,000-$1,000,000; and 626 over $1,000,000. Last month, we had 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, 404 under $50,000; 825 between $50,000-$100,000; 559 between $100,000-$200,000; 219 between $200,000-$400,000; 54 between $400,000-$700,000; 21 between $700,000-$1,000,000; and 26 over $1,000,000. The notable drop in inventory priced above $400,000 may be due to listing agreements expiring at the end of October. Last month, we had 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 14752 properties in the process of being purchased (up by 2), 11976 are single family homes with median price of $139,900 (unchanged), $76 per square foot (unchanged), 51 days on market median (up); 2775 are condominiums or townhomes with median price of $69,500 (down), $62 per square foot (down), 46 days days on market median (up). Final negotiated sales prices are confidential until closing. Of those, 8727 were short sale (up), 4451 were bank owned (down), and 1552 were non-distressed sales (up). Last month we had 14980 pending/contingent.

Recently sold: 554 properties closed in the last week, 4187 in the last 30 days, and 39349 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 85 days). Median sales price was $126,000 (up); median list price was $125,000 (up). Short sales accounted for 679 of them, there were 2676 bank owned properties, and 818 non-distressed sales. Last month we had median sales price of $125,000 and median list price was $123,000 on 4014 closes in the prior 30 days.

Rentals: 5164 homes, townhomes, and condos were available for rent in the Valley according to the MLS system. There are 594 contingent leases and 1872 leases signed in the last 30 days. Last month we had 4906 available, 588 contingent leases and 1747 leases signed.

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.