It’s Friday again, and time for Friday Figures! All information from the GLVAR MLS system. Read this before touring, making offers, or listing property in the Las Vegas Valley this weekend!

Summary: Available listings held steady, coming in at 11,005. Price of available units was also steady. Supply of available bank owned homes continues to drop, while more short sales are available — let’s hope those short sales close and prevent foreclosures. The drop in inventory levels for both sub-$100k and million dollar plus homes is encouraging. Contingent and pending listings edged up slightly, remaining over 14,000. I am continuing to monitor the rental market for potential weakness, but rents remain steady.

Other Information: It looks like permanent loan modifications are very rare indeed; depending on the program, 2%-4% of trial modifications have resulted in permanently lower payments. This bodes ill for the long term recovery of the overall housing market.

Available Listings: There are 9027 single family homes (down), with a median price of $175,000 (unchanged), $89 per square foot (unchanged), with median time on market of 84 days (up). In addition, there are 1979 condominiums and townhomes (down), with a median price of $85,000 (down), $74 per square foot (unchanged), and median time on market of 74 days (up).

Distressed Properties: Of available listings, there are 4580 short sales (up) and 2291 bank-owned properties (down). Median price for a short sale is $130,000 (unchanged); median price on a bank-owned home is $126,950 (up). Short sale listings, whether available or contingent, must be considered at risk of becoming bank owned properties. The 4114 non-distressed properties for sale (down) had a median price of $259,999, down.

Single Family Home Prices: Of available listings, 174 under $50,000; 1359 between $50,000-$100,000; 3886 between $100,000-$200,000; 2181 between $200,000-$400,000; 719 between $400,000-$700,000; 273 between $700,000-$1,000,000; and 585 over $1,000,000.

Condo and Townhome Prices: Of available listings, 383 under $50,000; 869between $50,000-$100,000; 549 between $100,000-$200,000; 160 between $200,000-$400,000; 44 between $400,000-$700,000; 11 between $700,000-$1,000,000; and 15 over $1,000,000.

Contingent and Pending listings: Of the 14319 properties in the process of being purchased (up), 11560 are single family homes with median price of $139,000 (unchanged), $75 per square foot (unchanged), 23 days on market median (up); 2761are condominiums or townhomes with median price of $65,000 (down), $60 per square foot (down), 28 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, 9004 were short sale (up), 3934 were bank owned (unchanged), and 1357 were non-distressed sales (down).

Recently sold: 667 properties closed in the last week, 3905 in the last 30 days, and 43913 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 89 days). Median sales price was $125,000 (unchanged); median list price was $124,000 (down). Short sales accounted for 688 of them, there were 2342 bank owned properties, and 870 non-distressed sales.

Rentals: 5371 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 634 contingent leases waiting to be signed and 1686 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.