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

Summary: It’s really close, but we’ve now had 4 straight weeks of under 11,000 available listings! Prices of available units are sliding a little bit, but time on market is down as well; owners are pricing to sell and sell fast, attracting multiple offers in the process. Pending and contingent listings remain high, and will stay high until the almost 8800 short sales are either approved or foreclosed upon. While we had a light week for closings because of the banking holiday, it’s still a relatively strong number of closes.

Other Information: It remains to be seen whether any of the mortgage modification programs will actually have a long term impact on preventing foreclosures. One thing is for certain: there are plenty of scammers who want to take advantage of people seeking a mortgage modification! If they want a lot of money up front, chances are they aren’t legit. One more thing for those of you with a transaction in escrow: next week will be very busy for title and mortgage people because the following work week is short, and the Monday after that is the end of the month. Take time today to make sure everything is on track and make sure all your documents are in order!

Available Listings: There are 8947 single family homes (up), with a median price of $179,000 (down), $90 per square foot (unchanged), with median time on market of 77 days (down). In addition, there are 2054 condominiums and townhomes (down), with a median price of $87,900 (down), $75 per square foot (down), and median time on market of 72 days (down).

Distressed Properties: Of available listings, there are 4554 short sales (up) and 2227 bank-owned properties (up). Median price for a short sale is $130,000 (down); median price on a bank-owned home is $120,400 (up). Short sale listings, whether available or contingent, must be considered at risk of becoming bank owned properties. The 4199 non-distressed properties for sale (up) had a median price of $274,900, down.

Single Family Home Prices: Of available listings, 157 under $50,000; 1351 between $50,000-$100,000; 3764 between $100,000-$200,000; 2202 between $200,000-$400,000; 730 between $400,000-$700,000; 293 between $700,000-$1,000,000; and 622 over $1,000,000.

Condo and Townhome Prices: Of available listings, 415 under $50,000; 837 between $50,000-$100,000; 549 between $100,000-$200,000; 206 between $200,000-$400,000; 51 between $400,000-$700,000; 18 between $700,000-$1,000,000; and 25 over $1,000,000. I am a little surprised that the inventory over $400,000 is still low.

Contingent and Pending listings: Of the 14776 properties in the process of being purchased (up), 11978 are single family homes with median price of $139,900 (unchanged), $76 per square foot (unchanged), 24 days on market median (down); 2796 are condominiums or townhomes with median price of $69,000 (down), $62 per square foot (unchanged), 20 days days on market median (down). Final negotiated sales prices are confidential until closing. Of those, 8786 were short sale (up), 4397 were bank owned (up), and 1569 were non-distressed sales (up).

Recently sold: 629 properties closed in the last week (that number is a little low because of the Veterans Day holiday; next week should be insane as people try to close ahead of Thanksgiving), 4163 in the last 30 days, and 40103 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 88 days). Median sales price was $126,500 (up); median list price was $125,000 (unchanged). Short sales accounted for 700 of them, there were 2624 bank owned properties, and 830 non-distressed sales.

Rentals: 5254 homes, townhomes, and condos were available for rent in the Valley according to the MLS system. There are 631 contingent leases and 1889 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.