Summary: The number of available units has slid back under 16,000 to 15895. We’re continuing to see downward pricing pressure from foreclosed properties. We did have a rise in contingent and pending units about the same size as the decrease in available units! The number of contingent and pending short sales did jump this week; hopefully this is a one-time event rather than the beginning of a trend. There was also a jump in the number of new leases signed, probably a side effect of people moving after the holidays.

Other Information: For the first time in 10 months, interest rates on a 30 year fixed mortgage are over 5%. I will leave to the experts speculation about how high rates will go. One thing that will likely make rates go up is that the Treasury and the President — and some bank executives — want to find a way for the mortgage market to run without Fannie Mae and Freddie Mac. It seems likely that minimum down-payments will also go up (I consider this a good thing, even though it would reduce the number of potential buyers I have). Expect something solid by the end of the year. If it becomes harder to obtain a mortgage, prices are likely to go down because there will be fewer qualified buyers.

The official 4th quarter numbers are in, and it housing prices have become stable despite a 1.8% drop in December, which is in turn resulting in strong sales (even without a tax credit!). In addition, January saw a slower rate of “some” foreclosures. This is partly the aftermath of cleaning up foreclosure fraud. This is on top of overall delinquency declining in 2010 — remember, delinquency is what happens before the foreclosure begins, so it’s a leading indicator. Bank of America is trying to clean up its backlog of foreclosures and modifications with a new boss in charge of the mess. If you are behind or struggling to pay your mortgage, there are two must-read items this week: Dylan Ratigan on “Mortgage isn’t a Life Sentence”; and The Market Ticker on “Foreclosure-Related Scams.” In truth, he’s got a lot of good advice on avoiding fraud in general!

In local news, let’s start with a follow-up: the Hard Rock has avoided foreclosure. Our local economy is starting to come back, with 3.7% more visitors in 2010. And the Associated Press has noticed that when it comes to buying a home in Vegas, cash is king.

Available Listings: There are 13078 single family homes (down), with a median price of $135,990 (down), $74 per square foot (unchanged), with median time on market of 109 days (unchanged). In addition, there are 2816 condominiums and townhomes (down), with a median price of $65,500 (down), $59 per square foot (unchanged), and median time on market of 101 days (up).

Distressed Properties: Of available listings, there are 7818 short sales (down) and 3063 bank-owned properties (down). Median price for a short sale is $114,900 (down); median price on a bank-owned home is $104,900 (unchanged). All short sale listings must be considered at risk of becoming bank owned properties whether they are available or contingent. The 4999 non-distressed properties for sale (down) had a median price of $174,900 (unchanged). 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, 383 under $50,000; 3320 between $50,000-$100,000; 6276 between $100,000-$200,000; 2137 between $200,000-$400,000; 550 between $400,000-$700,000; 205 between $700,000-$1,000,000; and 392 over $1,000,000.

Condo and Townhome Prices: Of available listings, 874 under $50,000; 1408 between $50,000-$100,000; 480 between $100,000-$200,000; 85 between $200,000-$400,000; 13 between $400,000-$700,000; 4 between $700,000-$1,000,000; and 2 over $1,000,000.

Contingent and Pending Listings: Of the 11811 properties in the process of being purchased (up), 9622 are single family homes with median price of $129,900 (down); 2191 are condominiums or townhomes with median price of $60,000 (unchanged). Final negotiated sales prices are confidential until closing. Of the total, 7615 were short sale (up), 2811 were bank owned (up), and 1384 were non-distressed sales (up).

Recently Sold: 564 properties closed this week, 3199 in the last 30 days, and 4006 so far this year. For properties closed in the last 30 days, median time on market was 50 days (up, time on market including the contingent period was 131 days). Median sales price was $112,875 (down); median list price was $115,000 (down). For single family homes, median sales price was $125,000 (unchanged), and for condos/townhomes, it was $60,228 (down). Short sales accounted for 863 of the total, there were 1639 bank owned properties, and 699 non-distressed sales.

Rentals: 4027 homes, townhomes, and condos were available for rent in the Valley in the MLS system (down). Median square footage of these units is 1356 and median rent is $1095. There are 857 contingent leases waiting to be signed and 2168 leases signed in the last 30 days (up) with median rent of $1100 (unchanged) and median square footage of 1503.

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.