Dec 09
18
Twas the Friday before Christmas, and all through the Las Vegas Valley, Realtors, buyers, and sellers needed the information in today’s 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 properties dropped just below 11,000 again! For perspective, 6 months ago we had just over 15,000 units. the price spread between bank owned and short sale homes seems to be shrinking; while short sales are usually in better condition than foreclosures, they take much more time to close. Whether this is a worthwhile trade-off is a decision each buyer should make for him/herself. Contingent and pending sales are down, but still over 14,000. The backlog of contingent short sales, however, continues to get bigger. Closings remain strong. Expect next week to be a little light on closings as most title offices will close for the holidays. On the other hand, when the title offices and mortgage brokers are open, expect them to be very busy trying to get things closed up before the end of the year!
Other Information: Nevada is swearing more foreclosure mediators, but we have yet to see if the program is really working. After all, the federal Make Home Affordable loan modification program is only seeing success rates of about 4%. A bit of good news is that Citi, Fannie Mae, and Freddie Mac are all declaring a temporary halt on foreclosures for the holidays. Of course, this only adds to the estimated 1.7 million homes in “foreclosure backlog,” homes that are considered at risk of being foreclosed upon in the near future. More good news is that 36 states, including Nevada, have decreasing unemployment rates. That probably has something to do with why our new home sales are rising. Next Friday is Christmas, so Friday Figures may be published off schedule.
Available Listings: There are 9005 single family homes (down), with a median price of $175,000 (unchanged), $89 per square foot (unchanged), with median time on market of 83 days (down). In addition, there are 1967 condominiums and townhomes (down), with a median price of $84,990 (down), $73 per square foot (down), and median time on market of 76 days (up). Six months ago median list price was $169,000 and median time on market was 110 days.
Distressed Properties: Of available listings, there are 4604 short sales (up) and 2230 bank-owned properties (down). Median price for a short sale is $129,900 (down); median price on a bank-owned home is $129,650 (up). Short sale listings, whether available or contingent, must be considered at risk of becoming bank owned properties. The 4109 non-distressed properties for sale (down) had a median price of $259,000, down. Just 6 months ago we had 6157 short sales with a median price of $139,900 and 3438 foreclosures with a median price of only $114,900.
Single Family Home Prices: Of available listings, 164 under $50,000; 1371 between $50,000-$100,000; 3906 between $100,000-$200,000; 2173 between $200,000-$400,000; 709 between $400,000-$700,000; 265 between $700,000-$1,000,000; and 575 over $1,000,000.
Condo and Townhome Prices: Of available listings, 386 under $50,000; 867 between $50,000-$100,000; 544 between $100,000-$200,000; 155 between $200,000-$400,000; 41 between $400,000-$700,000; 10 between $700,000-$1,000,000; and 15 over $1,000,000.
Contingent and Pending listings: Of the 14159 properties in the process of being purchased (down), 11421 are single family homes with median price of $137,000 (down), $75 per square foot (unchanged), 25 days on market median (up); 2739 are condominiums or townhomes with median price of $65,000 (unchanged), $60 per square foot (unchanged), 28 days days on market median (unchanged). 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, 9072 were short sale (up), 3799 were bank owned (down), and 1262 were non-distressed sales (down). Six months ago we only had a bit over 12,000 contingent and pending listings.
Recently sold: 755 properties closed in the last week, 3943 in the last 30 days, and 44846 so far this year. For properties closed in the last 30 days, median time on market was 22 days (up, time on market including the contingent period was 88 days). Median sales price was $125,000 (unchanged); median list price was $124,250 (up). Short sales accounted for 686 of them, there were 2355 bank owned properties, and 897 non-distressed sales. Six months ago we had just over 4000 closes in the previous 30 days, a comparable number.
Rentals: 5365 homes, townhomes, and condos were available for rent in the Valley according to the MLS system. Median square footage of these units is 1394, and median rent is $1100. There are 621 contingent leases waiting to be signed and 1668 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.
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