Feb 10
12
Happy Lincoln’s Birthday and welcome to Friday Figures! All information from the GLVAR MLS system. Here’s 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 dropped ever so slightly to 10927. Prices of available units are in a tight range not really reflected by the week-to-week change. I am concerned by the jump in available condos under $50,000, but many of these are just price drops from the $50,000-$100,000 range, and the median price is only down by $100. Pending and contingent sales rose over 14,000 again; it seems likely that this number will remain in a tight range just like the number of available units. It is worth noticing that over 9500 of those units are short sales and many are at risk of foreclosing before closing! More short sales are closing as a percentage of total closings, but it will still take well over a year to clear out the current contingent short sales alone, let alone any currently available short sales. Thanks to a surge in signed leases, the number of available rentals has dropped below 5000.
Other Information: The Review-Journal points out that January sales were up 17% year over year, and that 21% of existing homes sold were short sales. Unfortunately, that doesn’t make a dent in available short sales. Zillow does think we are putting in a bottom for prices this year after a further “correction,” but I think that’s only with the cooperation of the banks and the appraisers! After all, even though foreclosures were down in January month over month, they were still up year over year and a “surge” is expected. Average monthly apartment rent has declined to $766 due to a higher vacancy rate, but rental houses are still moving fast at a median rent of $1095. Those of you who are new to the area should be aware that we are in the process of rolling out Real ID compliant drivers licenses; this article tells you what you need to know and what you need to bring with you to the DMV. I wonder how many women will have a hard time producing a marriage certificate.
Available Listings: There are 9000 single family homes (down), with a median price of $174,900 (up), $88 per square foot (unchanged), with median time on market of 90 days (up). In addition, there are 1932 condominiums and townhomes (down), with a median price of $79,900 (down), $70 per square foot (unchanged), and median time on market of 81 days (up).
Distressed Properties: Of available listings, there are 4946 short sales (down) and 1817 bank-owned properties (down). Median price for a short sale is $129,500 (unchanged); median price on a bank-owned home is $129,900 (unchanged). Short sale listings, whether available or contingent, must be considered at risk of becoming bank owned properties. The 4145 non-distressed properties for sale (down) had a median price of $245,000, unchanged. While many of the non-distressed properties are traditional sellers, many others were purchased less than 6 months ago as short sale or bank owned, and renovated by investors.
Single Family Home Prices: Of available listings, 154 under $50,000; 1307 between $50,000-$100,000; 4065 between $100,000-$200,000; 2192 between $200,000-$400,000; 672 between $400,000-$700,000; 235 between $700,000-$1,000,000; and 513 over $1,000,000.
Condo and Townhome Prices: Of available listings, 406 under $50,000; 887 between $50,000-$100,000; 512 between $100,000-$200,000; 128 between $200,000-$400,000; 27 between $400,000-$700,000; 9 between $700,000-$1,000,000; and 3 over $1,000,000.
Contingent and Pending listings: Of the 14194 properties in the process of being purchased (up), 11405 are single family homes with median price of $135,000 (down); 2789 are condominiums or townhomes with median price of $65,000 (unchanged). Final negotiated sales prices are confidential until closing. Of those, 9518 were short sale (up), 3265 were bank owned (up), and 1393 were non-distressed sales (up).
Recently sold: 489 properties closed in the last week, 3160 in the last 30 days, and 4153 so far this year. For properties closed in the last 30 days, median time on market was 30 days (up, time on market including the contingent period was 102 days — this increase was due to a rise in the number of short sales that closed). Median sales price was $121,285 (up); median list price was $120,000 (up). Short sales accounted for 695 of them, there were 1820 bank owned properties, and 641 non-distressed sales.
Rentals: 4928 homes, townhomes, and condos were available for rent in the Valley in the MLS system. Median square footage of these units is 1362 and median rent is $1095. There are 757 contingent leases waiting to be signed and 2089 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.
