It’s time for  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: We have officially crept back over 11,000 available units, but don’t panic. Instead, remember that we began December of 2007 with over 25,000 available units! There were increases in both distressed and non-distressed properties, which I consider a good sign. What does bother me is the jump in houses under $50,000. This price level in most areas of town is essentially being sold for the value of the land, with the house itself considered a “tear-down” (cash only regardless of what the listing says!). Pending and contingent listings are still strong, but down slightly. This drop is expected, since we had over 800 properties close this week. Next week should have light closings due to the Thanksgiving holiday.

Other Information: Last quarter, 70.1% of homes sold were “affordable,” at least, CNN adds, for those who were employed. As for housing prices going forward, Calculated Risk has compiled a few choice opinions. I am certainly seeing an increase in inventory, and some signs of downward price pressure. As I’ve said before, long term housing recovery depends on people having jobs.

Available Listings: There are 9033 single family homes (up), with a median price of $175,000 (down), $90 per square foot (unchanged), with median time on market of 79 days (up). In addition, there are 2022 condominiums and townhomes (down), with a median price of $85,000 (down), $74 per square foot (down), and median time on market of 77 days (up).

Distressed Properties: Of available listings, there are 4577 short sales (up) and 2245 bank-owned properties (up). Median price for a short sale is $130,000 (unchanged); median price on a bank-owned home is $122,560 (up). Short sale listings, whether available or contingent, must be considered at risk of becoming bank owned properties. The 4206 non-distressed properties for sale (up) had a median price of $269,900, down.

Single Family Home Prices: Of available listings, 180 under $50,000; 1356 between $50,000-$100,000; 3833 between $100,000-$200,000; 2195 between $200,000-$400,000; 729 between $400,000-$700,000; 281 between $700,000-$1,000,000; and 619 over $1,000,000.

Condo and Townhome Prices: Of available listings, 395 under $50,000; 864 between $50,000-$100,000; 537 between $100,000-$200,000; 186 between $200,000-$400,000; 47 between $400,000-$700,000; 18 between $700,000-$1,000,000; and 24 over $1,000,000.

Contingent and Pending listings: Of the 14725 properties in the process of being purchased (down), 11928 are single family homes with median price of $139,900 (unchanged), $76 per square foot (unchanged), 23 days on market median (down); 2796 are condominiums or townhomes with median price of $68,694 (down), $61 per square foot (down), 21 days days on market median (up). Final negotiated sales prices are confidential until closing. Of those, 8845 were short sale (up), 4300 were bank owned (down), and 1553 were non-distressed sales (down). Since only 699 short sales closed in the last 30 days (see below), it will be a long time before we make a dent in the number of contingent short sales.

Recently sold: 819 properties closed in the last week,  4105 in the last 30 days, and 41051 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 89 days). Median sales price was $126,000 (down); median list price was $125,000 (unchanged). Short sales accounted for 699 of them, there were 2551 bank owned properties, and 846 non-distressed sales.

Rentals: 5263 homes, townhomes, and condos were available for rent in the Valley according to the MLS system. Median square footage of these units is 1400, and median rent is $1100. There are 643 contingent leases waiting to be signed and 1892 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.