Aug 11
12
It’s Friday again, and that means it’s time for the Friday Figures! All information from the GLVAR MLS system. Be sure you look at this before touring, making an offer, or preparing a listing this weekend. You can see me tell you about the figures live on Getting REAL (Estate) in Vegas on the Vegas Video Network today and every Friday at 1 PM. Today we talk about interest rates, and introduce a great new segment called “What Were They Thinking?”
Summary: The number of available properties was unchanged at 14202. The median price on foreclosed properties appears to be recovering, which is very good news for the market as a whole. The number of rentals has been on the rise, but that hasn’t made any dent in rental rates.
The News: Mortgage rates are at record lows — for reasons I will explain on the show today. If you can pull off a 15 year mortgage, you can have a rate as low as 3.25%. As a result, mortgage applications are up over 20%.
While home prices are down 12.7% nationwide from last year, other people are starting to notice that median prices are changing within a narrow range (alert the media, Lawrence Yun agrees with me!). Remember that a year ago, we were still sorting out the end of the Home Buyer Tax Credit. Home inventory is also down, by 13.3%.
Foreclosures are down as well, for the 10th month in a row! However, Fannie, Freddie, and HUD still own a quarter million foreclosures between them, and a lot of strange ideas are being floated to get rid of them. Fannie Mae is selling them at a record pace, partly thanks to HomePath financing, but since they just got saddled with a bunch of mortgages from Bank of America, expect plenty more FNMA foreclosures. I hope nobody is surprised that banks are dragging their feet when it comes to foreclosing on more expensive homes.
Available Listings: There are 11936 single family homes (up), with a median price of $135,000 (unchanged), $72 per square foot (unchanged), with median time on market of 45 days (down). In addition, there are 2266 condominiums and townhomes (down), with a median price of $61,000 (down), $55 per square foot (unchanged), and median time on market of 60 days (down).
Distressed Properties: Of available listings, there are 6258 short sales (down) and 3390 bank-owned properties (up). Median price for a short sale is $109,900 (unchanged); median price on a bank-owned home is $103,250 (up). All short sale listings should be considered at risk of becoming bank owned properties whether they are available or contingent. The 4556 non-distressed properties for sale (up) had a median price of $179,990 (up). 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, 493 under $50,000; 3296 between $50,000-$100,000; 5058 between $100,000-$200,000; 2128 between $200,000-$400,000; 574 between $400,000-$700,000; 225 between $700,000-$1,000,000; and 326 over $1,000,000.
Condo and Townhome Prices: Of available listings, 811 under $50,000; 1066 between $50,000-$100,000; 359 between $100,000-$200,000; 57 between $200,000-$400,000; 12 between $400,000-$700,000; 0 between $700,000-$1,000,000; and 1 over $1,000,000. For technical reasons, these figures do not include high-rise communities.
Contingent and Pending Listings: Of the 13584 properties in the process of being purchased (up), 11235 are single family homes with median price of $124,900 (down); 2349 are condominiums or townhomes with median price of $57,500 (up). Final negotiated sales prices are confidential until closing. Of the total, 8383 are short sale, 3531 are foreclosed, and 1670 are traditional sales. While the bank-owned and traditional sales are likely to close within 30-45 days, no time frame is available for unapproved short sales.
Recently Sold: 683 properties closed this week, 4092 in the last 30 days, and 28000 so far this year. For properties closed in the last 30 days, median time on market was 39 days (up, time on market including the contingent period was 77 days). Median sales price was $107,000 (unchanged); median list price was $109,100 (up). For single family homes, median sales price was $122,000 (unchanged), and for condos/townhomes, it was $54,900 (down). Short sales accounted for 873 of the total, there were 2074 bank owned properties, and 1145 non-distressed sales.
Rentals: 4598 homes, townhomes, and condos were available for rent in the Valley in the MLS system (up). Median square footage of these units is 1459 and median rent is $1100. There are 1014 contingent leases waiting to be signed and 2446 leases signed in the last 30 days (up) with median rent of $1150 (unchanged) and median square footage of 1534.
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.
