I hope everyone had a great Thanksgiving! Thank you for taking time out of the biggest shopping day of the year for Black Friday Figures! All information from the GLVAR MLS system. This is exactly 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 units inched up slightly to 11150 units. In a move that was no surprise, the number of bank-owned homes available rose while the number of short sales went down. I would be alarmed by the drop in median prices on non-distressed properties, except that many of those properties were sold as distressed some months ago; they have been rehabbed and are being sold at a premium over the previous sale price. Pending and contingent units slipped a little, but remain well over 14,000. I expected a soft number of closes this week because of the holiday and was pleasantly surprised to see well over 700. Rentals are staying pretty steady both in terms of availability and price, which is good news for investors and renters alike.

Other Information: Wall Street is waiting and watching to see people like you and I are out spending money today. Next week we should start to get information on November economic data, including a rundown of retail sales over the holiday weekend. That information will be chewed over by every economist, politician, journalist, and blogger as some ask whether we need an additional economic stimulus. Of interest to potential buyers, Fannie Mae is trying to tighten up lending standards, which will make it more difficult for some people to be approved for a mortgage, but at least rates are at a record low. If you aren’t sure where you stand, contact a good mortgage broker now (I can give you several people to call, click the Contact Me! link at the side). There seems to be good news coming out of Nevada’s foreclosure mediation program:  not only are foreclosures down 4% (compared with up 19% nationwide), mediators are reporting “good outcomes” as much as 60% of the time. Judges nationwide are continuing to hold banks’ feet to the fire at foreclosure proceedings nationwide.

Available Listings: There are 9107 single family homes (up), with a median price of $175,000 (unchanged), $90 per square foot (unchanged), with median time on market of 80 days (up). In addition, there are 2043 condominiums and townhomes (down), with a median price of $85,000 (unchanged), $74 per square foot (unchanged), and median time on market of 75 days (down).

Distressed Properties: Of available listings, there are 4539 short sales (down) and 2363 bank-owned properties (up). Median price for a short sale is $130,000 (unchanged); median price on a bank-owned home is $124,900 (up). Short sale listings, whether available or contingent, must be considered at risk of becoming bank owned properties. The 4222 non-distressed properties for sale (up) had a median price of $264,900, down.

Single Family Home Prices: Of available listings, 185 under $50,000; 1399 between $50,000-$100,000; 3841 between $100,000-$200,000; 2234 between $200,000-$400,000; 728 between $400,000-$700,000; 282 between $700,000-$1,000,000; and 608 over $1,000,000.

Condo and Townhome Prices: Of available listings, 388 under $50,000; 888 between $50,000-$100,000; 548 between $100,000-$200,000; 184 between $200,000-$400,000; 47 between $400,000-$700,000; 16 between $700,000-$1,000,000; and 22 over $1,000,000.

Contingent and Pending listings: Of the 14550 properties in the process of being purchased (down), 11778 are single family homes with median price of $139,834 (down slightly), $76 per square foot (unchanged), 22 days on market median (down); 2772 are condominiums or townhomes with median price of $67,625 (down), $61 per square foot (unchanged), 23 days days on market median (up). Final negotiated sales prices are confidential until closing. Days on market is limited to the time the property was actually available and excludes the contingent period. Of those, 8943 were short sale (down), 4089 were bank owned (down), and 1490 were non-distressed sales (down).

Recently sold: 787 properties closed in the last week, 4000 in the last 30 days, and 42030 so far this year. For properties closed in the last 30 days, median time on market was 21 days (down, time on market including the contingent period was 87 days). Median sales price was $127,000 (up); median list price was $125,000 (unchanged). Short sales accounted for 677 of them, there were 2477 bank owned properties, and 841 non-distressed sales.

Rentals: 5265 homes, townhomes, and condos were available for rent in the Valley according to the MLS system. Median square footage of these units is 1398, and median rent is $1100. There are 680 contingent leases waiting to be signed and 1808 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.