Welcome to Friday Figures! All information from the GLVAR MLS system. This is the no-spin data you need to know before touring, listing, or making a purchase offer this weekend.

Summary: We’re up to 13261 available houses, condos, and townhomes. I fully expect that we will have 15000 before the end of the year, particularly since time on market is going up (partly due to reduced buyer interest, partly due to short sales falling out). At least prices show signs of leveling off for the moment. While there is no doubt that we have more distressed properties coming on the market, I am seeing anecdotal evidence of an increase in rehabbed properties being sold by investors, particularly in the sub-$200k market. The number of contingent and pending units is down to 14252. Closings are strong this week as we finish up the month. I am concerned by the rise of single family homes priced under $100,000; most of these are bank owned, and few can realistically be financed. A few creative mortgage products involving a second rehab loan exist but I only know one mortgage professional who is enthusiastic about them. These cheap properties might pose an opportunity for an investor with cash, but I can’t in good conscience recommend any of them to the first time buyer who might be attracted by (im)possible low monthly payments.

Other Information: Even though prices are dropping nationally and locally, sales of new homes are up. Sales of existing homes are still “above historical median.” Home ownership is down to a 10 year low and dropping, and that unfortunately means that there are more vacant homes everywhere. Vacant homes are a target for crime, including arson, so please be careful when touring homes (and keep an eye open for strange things at vacant homes near you). A number of sources think this may be a good time to buy a home for several reasons, one of which is low interest rates.

Available Listings: There are 10710 single family homes (up), with a median price of $159,900 (down), $83 per square foot (down), with median time on market of 74 days (up). In addition, there are 2549  condominiums and townhomes (up), with a median price of $74,500 (down), $66 per square foot (unchanged), and median time on market of 70 days (up).

Distressed Properties: Of available listings, there are 5797 short sales (up) and 2787 bank-owned properties (up). Median price for a short sale is $125,000 (down); median price on a bank-owned home is $119,900 (down). All short sale listings must be considered at risk of becoming bank owned properties whether they are available or contingent. The 4637 non-distressed properties for sale (up) had a median price of $209,000 (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.

Single Family Home Prices: Of available listings, 173 under $50,000; 1781 between $50,000-$100,000; 5376 between $100,000-$200,000; 2230 between $200,000-$400,000; 581 between $400,000-$700,000; 247 between $700,000-$1,000,000; and 473 over $1,000,000.

Condo and Townhome Prices: Of available listings, 575 under $50,000; 1309 between $50,000-$100,000; 573 between $100,000-$200,000; 107 between $200,000-$400,000; 20 between $400,000-$700,000; 5 between $700,000-$1,000,000; and 3 over $1,000,000. These figures exclude high-rise communities for technical reasons.

Contingent and Pending listings: Of the 14252 properties in the process of being purchased (down), 11450 are single family homes with median price of $135,000 (unchanged); 2802 are condominiums or townhomes with median price of $65,000 (unchanged). Final negotiated sales prices are confidential until closing. Of the total, 10198 were short sale (down), 2574 were bank owned (down), and 1462 were non-distressed sales (down).

Recently sold: 859 properties closed in the last week ahead of month end, 3637 in the last 30 days, and 24626 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 104 days). Median sales price was $124,900 (down); median list price was $124,990 (down by $7). Short sales accounted for 1166 of them, there were 1531 bank owned properties, and 936 non-distressed sales.

Rentals: 3952 homes, townhomes, and condos were available for rent in the Valley in the MLS system (down). Median square footage of these units is 1369 and median rent is $1100. There are 855 contingent leases waiting to be signed and 1981 leases signed in the last 30 days (up) with median rent of $1145 and median square footage of 1535.

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.