Welcome to Friday Figures! All information from the GLVAR MLS system. Touring, making offers, or listing property this weekend in the Las Vegas Valley? Read this first!

Summary: Available listings are just barely over 11,000, and demand continues to be strong. However, it is clear that only properties “priced right” are moving from available to contingent/pending. The number of Contingent and pending numbers continues to slide as properties sell. It is not yet known whether the new guidance on short sales from the Treasury Department will help break the logjam of 8900+ contingent short sales anytime soon. Sales remain strong, but there is a little weakness in the rental market. It remains to be seen whether this is a trend.

Other Information: Good news is that unemployment is starting to go down, and we are seeing fewer job losses. While it is painful to speak of this level of job losses as a relative good thing, it means we may sooner rather than later get to the point where the economy is creating jobs rather than losing them. This will eventually have a positive impact on both foreclosure rates and the number of future buyers.

Available Listings: There are 9082 single family homes (down), with a median price of $175,000 (unchanged), $89 per square foot (down), with median time on market of 83 days (up). In addition, there are 2001 condominiums and townhomes (down), with a median price of $87,000 (up), $74 per square foot (unchanged), and median time on market of 73 days (down). At the beginning of last month we had 8780 single family home, with a median price of $179,900, $91 per square foot, median time on market of 80 days; 2060 condominiums and townhomes, a median price of $89,900, $77 per square foot, median time on market 75 days.

Distressed Properties: Of available listings, there are 4563 short sales (up) and 2335 bank-owned properties (down). Median price for a short sale is $130,000 (unchanged); median price on a bank-owned home is $124,900 (unchanged). Short sale listings, whether available or contingent, must be considered at risk of becoming bank owned properties. The 4168 non-distressed properties for sale (down) had a median price of $264,500, down. Last month we had 4469 short sales, 2196 bank-owned properties, and 4148 non-distressed properties for sale.

Single Family Home Prices: Of available listings, 191 under $50,000; 1400 between $50,000-$100,000; 3854 between $100,000-$200,000; 2203 between $200,000-$400,000; 723 between $400,000-$700,000; 276 between $700,000-$1,000,000; and 599 over $1,000,000. Last month we had 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.

Condo and Townhome Prices: Of available listings, 384 under $50,000; 863 between $50,000-$100,000; 553 between $100,000-$200,000; 174 between $200,000-$400,000; 46 between $400,000-$700,000; 13 between $700,000-$1,000,000; and 19 over $1,000,000. 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.

Contingent and Pending listings: Of the 14259 properties in the process of being purchased (down), 11525 are single family homes with median price of $139,000 (down), $75 per square foot (down), 22 days on market median (unchanged); 2732 are condominiums or townhomes with median price of $67,000 (down), $61 per square foot (unchanged), 27 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, 8931 were short sale (down), 3934 were bank owned (down), and 1363 were non-distressed sales (down). Last month we had 14752 contingent/pending, 8727 were short sale, 4451 were bank owned, and 1552 were non-distressed sales.

Recently sold: 745 properties closed in the last week, 3866 in the last 30 days, and 43057 so far this year. For properties closed in the last 30 days, median time on market was 21 days (unchanged, time on market including the contingent period was 87 days). Median sales price was $125,000 (down); median list price was $124,900 (down). Short sales accounted for 652 of them, there were 2351 bank owned properties, and 869 non-distressed sales. Last month we had median sales price of $126,000 and median list price was $125,000 on 4187 closes in the prior 30 days.

Rentals: 5332 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 591 contingent leases waiting to be signed and 1676 leases signed in the last 30 days. Last month we had 5164 available, 594 contingent, and 1872 new 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.