Welcome (or welcome back) to Friday Figures! All information from the GLVAR MLS system. This is the state of the local real estate market right now, and what you and your Realtor need to know before touring, making an offer, or listing a home in the Las Vegas Valley this weekend.

Summary: Available units are barely over 11,000 again. Notably, the supply of available condominiums and townhomes has dropped by a third in the last 6 months. The number of contingent and pending listings has stopped falling, insuring more closings in the future. The number of contingent short sales is still a concern, as many of these will not receive bank approval to move forward. Closings are solid, but a little lighter than levels we got used to before the end of the year.

Other Information: Here’s a great item on condo overbuilding. Of course it’s easy for everyone to see in hindsight, but local developers knew certain projects were doomed from the beginning. Of course 2009 Vegas property sales are up 36.9% from 2008, but we aren’t out of the woods yet. Nevada still has the top foreclosure rate at 10.17% (that includes everything from Notice of Default through bank owned and for sale) and bankruptcies are up by over 50%. While some temporary modifications are becoming permanent, some experts expect another wave of foreclosures after temporary modifications fail. Just in this morning’s news, we have found that HUD has denied a request for $367 million in stimulus funds for Southern Nevada’s Neighborhood Stabilization Program. While things are steady for now, there is the potential for storms to come.

Available Listings: There are 9142 single family homes (up), with a median price of $170,123 (down), $88 per square foot (unchanged), with median time on market of 89 days (up). In addition, there are 1926 condominiums and townhomes (down), with a median price of $83,000 (up), $72 per square foot (unchanged), and median time on market of 79 days (unchanged).

Distressed Properties: Of available listings, there are 4820 short sales (up) and 2168 bank-owned properties (down). Median price for a short sale is $129,894 (effectively unchanged); median price on a bank-owned home is $128,700 (down). Short sale listings, whether available or contingent, must be considered at risk of becoming bank owned properties. The 4053 non-distressed properties for sale (up) had a median price of $249,900, unchanged.

Single Family Home Prices: Of available listings, 180 under $50,000; 1399 between $50,000-$100,000; 4068 between $100,000-$200,000; 2199 between $200,000-$400,000; 678 between $400,000-$700,000; 239 between $700,000-$1,000,000; and 536 over $1,000,000.

Condo and Townhome Prices: Of available listings, 370 under $50,000; 877 between $50,000-$100,000; 522 between $100,000-$200,000; 147 between $200,000-$400,000; 36 between $400,000-$700,000; 10 between $700,000-$1,000,000; and 9 over $1,000,000.

Contingent and Pending listings: Of the 13396 properties in the process of being purchased (up), 10735 are single family homes with median price of $137,500 (up); 2661 are condominiums or townhomes with median price of $65,000 (unchanged). Final negotiated sales prices are confidential until closing. Of those, 8975 were short sale (up), 3245 were bank owned (up), and 1158 were non-distressed sales (up).

Recently sold: 591 properties closed in the last week, 3374 in the last 30 days, and 1114 so far this year. For properties closed in the last 30 days, median time on market was 25 days (up, time on market including the contingent period was 93 days). Median sales price was $120,200 (unchanged); median list price was $119,900 (unchanged). Short sales accounted for 675 of them, there were 2024 bank owned properties, and 667 non-distressed sales.

Rentals: 5231 homes, townhomes, and condos were available for rent in the Valley according to the MLS system. Median square footage of these units is 1396 and median rent is $1100. There are 632 contingent leases waiting to be signed and 1475 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.