Once again it’s time for reading Friday Figures! All information from the GLVAR MLS system. Touring, listing, or making a purchase offer this weekend? Read this first!

Summary: Available units rose again, this time to 12521, and median price on single family homes dropped and median time on market rose by a day. The number of properties in the process of being purchased dropped very slightly, but this is not a cause for concern as many of these properties have been in that state quite a while awaiting short sale approval. Over half the homes that are now closing were on the market less than a month, so there is still some competition for the “most desirable” properties. In fact, 95 of the 658 properties that closed in the last 7 days were on the market less than a week before an offer was accepted!

Other Information: Please be careful out there this weekend! We have an excessive heat warning; don’t count on working air conditioning in a vacant property! Unfortunately, Nevada once again leads the nation in foreclosures while we are at a record high as a nation. Home mortgage applications are falling while rates remain low. And just for fun, some statistics on American homes.

Available Listings: There are 10131 single family homes (up), with a median price of $160,900 (down), $84 per square foot (unchanged), with median time on market of 73 days (up). In addition, there are 2390  condominiums and townhomes (up), with a median price of $75,000 (unchanged), $67 per square foot (unchanged), and median time on market of 67 days (up). Condo prices didn’t go down because they are already at bottom due to financing issues. On July 17 of last year we had 9735 single family homes with a median price of $179,900, $94 per square foot, median time on market of 99 days and 2957 condominiums/townhomes with a median price of $115,000, $99 per square foot, median time on market of 121 days.

Distressed Properties: Of available listings, there are 5370 short sales (up) and 2557 bank-owned properties (up). Median price for a short sale is $129,500 (up); median price on a bank-owned home is $123,250 (down). All short sale listings must be considered at risk of becoming bank owned properties whether they are available or contingent. The 4550 non-distressed properties for sale (up) had a median price of $214,900 (down). While many of the non-distressed properties are traditional sellers, many others were purchased fairly recently as short sale or bank owned, and then renovated by investors. Last year, we had 5114 short sales with a median price of $128,000 and 2732 bank-owned properties with a median price of only $112,900. Price of foreclosed homes has partly been influenced by “cash for keys” programs and stepped-up short sale processes. Another factor is that foreclosure has already run its course in some of our lowest cost neighborhoods.

Single Family Home Prices: Of available listings, 140 under $50,000; 1536 between $50,000-$100,000; 5101 between $100,000-$200,000; 2186 between $200,000-$400,000; 547 between $400,000-$700,000; 244 between $700,000-$1,000,000; and 477 over $1,000,000. Last July, we had 218 under $50,000; 1516 between $50,000-$100,000; 3832 between $100,000-$200,000; 2777 between $200,000-$500,000; 842 between $500,000-$1,000,000; and 678 over $1,000,000.

Condo and Townhome Prices: Of available listings, 507 under $50,000; 1231 between $50,000-$100,000; 547 between $100,000-$200,000; 118 between $200,000-$400,000; 22 between $400,000-$700,000; 5 between $700,000-$1,000,000; and 2 over $1,000,000. These figures exclude high-rise communities for technical reasons.

Contingent and Pending listings: Of the 14757 properties in the process of being purchased (down), 11864 are single family homes with median price of $135,000 (unchanged); 2892 are condominiums or townhomes with median price of $65,000 (unchanged). Final negotiated sales prices are confidential until closing. Of the total, 10536 were short sale (down), 2686 were bank owned (up), and1522  were non-distressed sales (up). Last year we had 13221 contingent and pending listings and rising due to a combination of short sales and home buyer tax credit.

Recently sold: 657 properties closed in the last week, 3933 in the last 30 days, and 22869 so far this year. For properties closed in the last 30 days, median time on market was 27 days (unchanged, time on market including the contingent period was 111 days). Median sales price was $125,000 (unchanged); median list price was $125,000 (unchanged). Short sales accounted for 1343 of them, there were 1579 bank owned properties, and 1005 non-distressed sales. The number of short sales closed in the last month went down for the first time in recent memory, but not enough to signal danger ahead. Last year we had 827 close in a week with a median list price of $125,000 and a median sales price of $127,950.

Rentals: 3968 homes, townhomes, and condos wereavailable for rent in the Valley in the MLS system (up). Median square footage of these units is 1385 and median rent is $1100. There are 751 contingent leases waiting to be signed and 1962 leases signed in the last 30 days with median rent of $1145 and median square footage of 1515.

Need more information or help with your real estate needs? Call me today at 702-727-7842 or email bmagnus@bridgetmagnus.com. Based on information from the Greater Las Vegas Association of REALTORS  Multiple Listing Service for the date specified above. This article was written and copyright by Bridget Magnus, and is her sole property.