Another Friday, another Friday Figures! All information from the GLVAR MLS system. Here’s what you and your Realtor should know before touring, listing, or making a purchase offer on a home this weekend!

Summary: Available units just barely rose to 10888, so it does seem likely that we will remain near this “stable” point for a while. List prices for available units are slightly down, perhaps under pressure now that the tax credit is gone, but time on market is still solid. The decline in price is more notable on the month-over-month figures. There has also been a remarkable rise in the number of units listed for less than $100,000. Most of these units will not qualify for FHA or VA financing, and frankly the majority won’t qualify for traditional financing either. Contingent and pending units dropped under 16,000, which is a good sign since those properties are closing. That in turn means that short sale approvals are happening! Rental units are in increasingly short supply, and there are some signs of rising rents.

Other Information: Some are concerned that we may have an issue with shadow inventory of condos, particularly high rise condos. I’m far more concerned about the fact that there are only 271 “HUD approved” condo communities in the whole state — if it’s not approved, it’s almost impossible to get a mortgage because Fannie Mae and Freddie Mac won’t buy the mortgage from your lender. Mortgage applications are way down, which is no surprise now that the home buyer tax credit is gone and refinancing is difficult because property values have dropped. Considering that today’s employment report was “uninspiring,” a full recovery of the housing market is on hold.

Available Listings: There are 8781 single family homes (up), with a median price of $174,000 (down), $87 per square foot (down), with median time on market of 69 days (unchanged). In addition, there are 2108 condominiums and townhomes (up), with a median price of $75,000 (down), $69 per square foot (unchanged), and median time on market of 60 days (down). We began May with 7949 single family homes with a median price of $179,500 and 1948 condominiums and townhomes with a median price of $78,000.

Distressed Properties: Of available listings, there are 4501 short sales (up) and 2063 bank-owned properties (up). Median price for a short sale is $130,000 (unchanged); median price on a bank-owned home is $126,800 (up). All short sale listings must be considered at risk of becoming bank owned properties whether they are available or contingent. The 4294 non-distressed properties for sale (down) had a median price of $225,000 (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. Last month we had 4168 short sales with a median price of $133,000, 1671 bank-owned properties with a median price of $128,000, and 4029 non-distressed properties for sale with  a median price of $239,900.

Single Family Home Prices: Of available listings, 132 under $50,000; 1201 between $50,000-$100,000; 4133 between $100,000-$200,000; 2137 between $200,000-$400,000; 594 between $400,000-$700,000; 240 between $700,000-$1,000,000; and 480 over $1,000,000. May’s numbers were 109  under $50,000; 986 between $50,000-$100,000; 3609 between $100,000-$200,000; 2017 between $200,000-$400,000; 624 between $400,000-$700,000; 237 between $700,000-$1,000,000; and 482 over $1,000,000.

Condo and Townhome Prices: Of available listings, 445 under $50,000; 1048 between $50,000-$100,000; 516 between $100,000-$200,000; 119 between $200,000-$400,000; 20 between $400,000-$700,000; 5 between $700,000-$1,000,000; and 1 over $1,000,000. Last month there were 409 under $50,000; 923 between $50,000-$100,000; 519 between $100,000-$200,000; 111 between $200,000-$400,000; 22 between $400,000-$700,000; 6 between $700,000-$1,000,000; and 2 over $1,000,000.

Contingent and Pending listings: Of the 15826 properties in the process of being purchased (up), 12761 are single family homes with median price of $135,000 (unchanged); 3066 are condominiums or townhomes with median price of $65,000 (unchanged). Final negotiated sales prices are confidential until closing. Of the total, 11494 were short sale (down), 2593 were bank owned (down), and 1730 were non-distressed sales (down). When May began we had 16387 properties in contingent or pending status. 11618 were short sale, 2669 were bank owned, and 2086 were non-distressed sales.

Recently sold: 771 properties closed in the last week, 3598 in the last 30 days, and 17606 so far this year. For properties closed in the last 30 days, median time on market was 29 days (up, time on market including the contingent period was 109 days). Median sales price was $130,000 (up); median list price was $130,000 (up). Short sales accounted for 1074 of them, there were 1429 bank owned properties, and 1090 non-distressed sales. Last month, median sales price was $127,500 and median list price was $128,900.

Rentals: 3725 homes, townhomes, and condos were available for rent in the Valley in the MLS system (down). Median square footage of these units is 1352 and median rent is $1100. There are 699 contingent leases waiting to be signed and 2139 leases signed in the last 30 days with median rent of $1150 and median square footage of 1524. Last month we had 4022 available (median rent $1100), 733 contingent leases, and 2077 signed new leases (median rent $1125).

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.