It’s Friday again?? That must mean it’s time for Friday Figures! All information from the GLVAR MLS system. Here’s the no-spin real data that you need to know before before touring, listing, or making a purchase offer in the Las Vegas Valley this weekend! You can also watch me talk about them live on the Vegas Video Network Fridays at 1 PM. Today’s guest is property management expert Vic Ruybalid. Next week we will have HOA Manager Traci Wozniak. Got questions about your HOA? Send them in!

Summary: We’ve broken the 16,000 mark with 16063 available listings. Needless to say, prices of available listings have slid a little, with the most notable drop being in bank owned homes. The number of units in contingent or pending status remained fairly stable at 13134, and the number of contingent short sales dropped. Closings were strong this week; while normally I would expect a high number for next week ahead of the end of the month, the Recorder’s Office will be closed next Friday for Nevada Day. Kids will also be out of school for Nevada Day, a pre-Halloween bonus.

Other Information: I hope you didn’t miss my article the other day on the continuing saga of “Foreclosuregate“. The issues are making it more complicated to buy a foreclosure. It’s also getting harder to foreclose in some states if the banks can’t produce the right paperwork for a judge. More banks are facing the risk that the investors they sold mortgage backed securities to will demand they buy them back, including Fannie Mae and Freddie mac, who face hundreds of billions of dollars in losses! How bad things will get depends on what happens to housing prices going forward. There is also more fallout to be seen from second mortgages; they are already complicating many short sales. Bank of America has restarted foreclosures in all 50 states — yes, including Nevada. CNN mistakenly calls “robo-signing” the beginning of the problems with foreclosures; they are in fact the result of many systemic problems that were merely brought to light by the robo-signer issue. In any event, the new financial regulations bill that passed earlier this year will be “put to the test” when it comes to foreclosures. Mortgage rates are up, but still low at 4.21%. Locally our unemployment rate is steady at 15%, but the Cosmopolitan has received its gaming license and is set to open on December 15, bringing many new jobs. Hotel Revenue per available room is up over 9% from last year, another good indicator locally. The Hoover Dam Bridge has been declared “America’s Newest Wonder.” And Federal funds will be used to build a new park in Mountain’s Edge.

Available Listings: There are 13078 single family homes (up), with a median price of $147,500 (down), $78 per square foot (down), with median time on market of 86 days (up). In addition, there are 2985 condominiums and townhomes (up), with a median price of $69,900 (down), $64 per square foot (unchanged), and median time on market of 79 days (up).

Distressed Properties: Of available listings, there are 7550 short sales (up) and 3440 bank-owned properties (down). Median price for a short sale is $119,900 (unchanged); median price on a bank-owned home is $116,900 (down). All short sale listings must be considered at risk of becoming bank owned properties whether they are available or contingent. The 5036 non-distressed properties for sale (up) had a median price of $189,900 (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.

Single Family Home Prices: Of available listings, 291 under $50,000; 2726 between $50,000-$100,000; 6530 between $100,000-$200,000; 2410 between $200,000-$400,000; 620 between $400,000-$700,000; 257 between $700,000-$1,000,000; and 447 over $1,000,000.

Condo and Townhome Prices: Of available listings, 775 under $50,000; 1515 between $50,000-$100,000; 618 between $100,000-$200,000; 95 between $200,000-$400,000; 20 between $400,000-$700,000; 5 between $700,000-$1,000,000; and 3 over $1,000,000. For technical reasons, these figures do not include high-rise communities.

Contingent and Pending listings: Of the 13134 properties in the process of being purchased (up), 10694 are single family homes with median price of $134,900 (unchanged); 2441 are condominiums or townhomes with median price of $64,000 (up). Final negotiated sales prices are confidential until closing. Of the total, 8787 were short sale (down), 2802 were bank owned (up), and 1531 were non-distressed sales (up).

Recently sold: 650 properties closed this week, 3404 in the last 30 days, and 34150 so far this year. For properties closed in the last 30 days, median time on market was 37 days (up, time on market including the contingent period was 117 days). Median sales price was $120,000 (down); median list price was $120,900 (down). For single family homes, median sales price was $135,000 (down), and for condos/townhomes, it was $60,000 (down). Short sales accounted for 1036 of the total, there were 1464 bank owned properties, and 893 non-distressed sales.

Rentals: 4234 homes, townhomes, and condos were available for rent in the Valley in the MLS system (up). Median square footage of these units is 1376 and median rent is $1100. There are 851 contingent leases waiting to be signed and 2076 leases signed in the last 30 days (down) with median rent of $1100 (unchanged) and median square footage of 1533.

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.