Mar 10
19
Welcome (or welcome back) to Friday Figures! All information from the GLVAR MLS system. Here is 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 inventory dropped just a little more to 10,562 units. To keep things in perspective, that’s just over half of what we had a year ago! No surprise that with available inventory down, pending and contingent inventory is up, now over 15,000. Of course, about 2/3 of those are short sales; when will they close, if ever? Sales continue to close at a brisk pace, and it is worth noting that median sales price was higher than median listing price! This is not a time for serious buyers to make low-ball offers. Rental inventory has been shrinking, giving rise to hopes that some new owners are planning on renting out their properties.
Other Information: A million homeowners are now in modifications, but only about 170,000 of those are permanent. Without permanent modifications, those homes stand a very good chance of becoming future foreclosures. As more sub-prime and variable rate loans reset over the next 2 years, this will become a more important issue. Some experts think that working through foreclosures — probably something on the order of 7 million more of them — is the only way to get back to a healthy housing market. However, there are signs that we are closer to the end than the beginning of our housing problems.
Available Listings: There are 8633 single family homes (down), with a median price of $175,000 (up), $88 per square foot (up), with median time on market of 76 days (down). In addition, there are 1929 condominiums and townhomes (down), with a median price of $79,900 (unchanged), $71 per square foot (up), and median time on market of 69 days (up). One year ago we had 15640 available single family homes, 4602 condominiums and townhomes.
Distressed Properties: Of available listings, there are 4837 short sales (down) and 1488 bank-owned properties (down). Median price for a short sale is $129,000 (unchanged); median price on a bank-owned home is $134,050 (up). Short sale listings, whether available or contingent, must be considered at risk of becoming bank owned properties. The 4212 non-distressed properties for sale (up) had a median price of $239,350, up. 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 then renovated by investors. Since last year we had 6897 short sales and 6752 foreclosures, this is also huge progress.
Single Family Home Prices: Of available listings, 117 under $50,000; 1226 between $50,000-$100,000; 3921 between $100,000-$200,000; 2165 between $200,000-$400,000; 638 between $400,000-$700,000; 226 between $700,000-$1,000,000; and 494 over $1,000,000. A year ago, we had 305 under $50,000; 2201 between $50,000-$100,000; 6784 between $100,000-$200,000; 4628 between $200,000-$500,000; 1124 between $500,000-$1,000,000; and 791 over $1,000,000.
Condo and Townhome Prices: Of available listings, 409 under $50,000; 878 between $50,000-$100,000; 531 between $100,000-$200,000; 120 between $200,000-$400,000; 29 between $400,000-$700,000; 6 between $700,000-$1,000,000; and 1 over $1,000,000. The biggest differences from last year are in the high end. We had 492 under $50,000; 1641 between $50,000-$100,000; 1342 between $100,000-$200,000; 739 between $200,000-$500,000; 286 between $500,000-$1,000,000; and 165 over $1,000,000.
Contingent and Pending listings: Of the 15227 properties in the process of being purchased (up), 12289 are single family homes with median price of $135,000 (unchanged); 2939 are condominiums or townhomes with median price of $65,000 (unchanged). Final negotiated sales prices are confidential until closing. Of those, 10402 were short sale (up), 3100 were bank owned (up), and 1709 were non-distressed sales (up). It’s hard to believe that last March we only had about 8700 contingent and pending listings.
Recently sold: 713 properties closed in the last week, 3485 in the last 30 days, and 8123 so far this year. For properties closed in the last 30 days, median time on market was 32 days (down, time on market including the contingent period was 110 days). Median sales price was $122,000 (up); median list price was $121,000 (up). Short sales accounted for 845 of them (a nice jump!), there were 1828 bank owned properties, and 805 non-distressed sales. While the number of sales is at a similar level, the prices are down from last year, when median sales price was $133,000 and median list price was $139,000. Not only have prices stopped going down every week since then, final sales prices have become much stronger in relationship to listing prices.
Rentals: 4540 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 816 contingent leases waiting to be signed and 2224 leases signed in the last 30 days. This is comparable to rental levels from last year.
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.
