It’s the end of the week and the end of the month. Thanks for taking time to read Friday Figures! All information from the GLVAR MLS system. No joke and no spin: this 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 units dropped slightly again to 10034. It looks like we may have hit a stable level of listings for at least a few weeks. Contingent and pending listings rose again, remaining over 16,000. Needless to say, the number of contingent short sales rose as well. Some experts are reporting that even banks that participate in the HAFA program are sometimes representing investors that do not. It is hoped that new systems will speed the majority of these short sales through the system — in which case the ability of escrow companies to close thousands of additional transactions may become an issue. Closings were strong this week ahead of month-end. The number of short sales that did actually close in the last 30 days and the number of non-distressed sales that closed in the last 30 days both rose, which is good news. Rental inventory did drop: a good sign for property owners but not for those seeking a lease.

Other Information: There’s mixed news on housing prices nationwide, but there are signs of “recovery” from hitting 2003 prices (locally, more like 2001-2002 prices in most neighborhoods). The rate of home ownership is down to 2000 levels. Experts tell us that the home buyer tax credits that will be running out soon did work, but at a steep price. Meanwhile, other experts think it will take 9 years for banks to dig out from under foreclosed inventory (surely an incentive for them to approve some short sales!). I also have 3 local interest items today: all Clark County School District schools will be on a 9 month calendar next year, saving $21,000,000 and many parental headaches; delay on Real ID drivers licenses; and how Lake Mead’s water gets to Vegas homes. The month-end luxury report will be up either late today or first thing in the morning, so don’t forget to check back.

Available Listings: There are 8095 single family homes (down), with a median price of $179,700 (down), $89 per square foot (unchanged), with median time on market of 73 days (up). In addition, there are 1938 condominiums and townhomes (up), with a median price of $78,800 (up), $70 per square foot (up), and median time on market of 64 days (up).

Distressed Properties: Of available listings, there are 4298 short sales (down) and 1561 bank-owned properties (down). Median price for a short sale is $131,875 (up); median price on a bank-owned home is $129,995 (down). All short sale listings must be considered at risk of becoming bank owned properties whether they are available or contingent. The 4148 non-distressed properties for sale (up) had a median price of $239,000 (down). 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.

Single Family Home Prices: Of available listings, 119  under $50,000; 987 between $50,000-$100,000; 3689 between $100,000-$200,000; 2056 between $200,000-$400,000; 625 between $400,000-$700,000; 245 between $700,000-$1,000,000; and 493 over $1,000,000.

Condo and Townhome Prices: Of available listings, 391 under $50,000; 920 between $50,000-$100,000; 525 between $100,000-$200,000; 109 between $200,000-$400,000; 24 between $400,000-$700,000; 6 between $700,000-$1,000,000; and 2 over $1,000,000.

Contingent and Pending listings: Of the 16384 properties in the process of being purchased (up), 13286 are single family homes with median price of $135,900 (up); 3098 are condominiums or townhomes with median price of $65,000 (unchanged). Final negotiated sales prices are confidential until closing. Of those, 11496 were short sale (up), 2751 were bank owned (up), and 2119 were non-distressed sales (up).

Recently sold: 814 properties closed in the last week, 3414 in the last 30 days, and 13185 so far this year. For properties closed in the last 30 days, median time on market was 29 days (down, time on market including the contingent period was 104 days). Median sales price was $129,900 (unchanged); median list price was $129,900 (unchanged). Short sales accounted for 924 of them, there were 1511 bank owned properties, and 976 non-distressed sales.

Rentals: 4079 homes, townhomes, and condos were available for rent in the Valley in the MLS system. Median square footage of these units is 1364 and median rent is $1100. There are 792 contingent leases waiting to be signed and 2122 leases signed in the last 30 days with median rent of $1100 and median square footage of 1514.

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.