Sep 11
16
Once again it is time for Friday Figures! All information from the GLVAR MLS system. Here’s what you and your REALTOR should know 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 2:00 PM. Today’s show is about “Due Diligence” and listing errors that can cost you.
Summary: Available properties slid to 13754, a change from 15042 a year ago. The median price of single family homes is up just a little bit, and the number of non-distressed properties for sale is up (those things are probably related). The number of super-cheap properties available is still alarming, but not so bad when you consider year-over-year changes. The change in the number of properties under contract is unremarkable until you consider that the number of contingent and pending short sales is down over 11% from last September. Even though prices are down from last year, the number of sales is up. This promises to be the biggest year for sales since the boom ended.
The News: Foreclosure starts are up sharply from June (but still down from a year ago), particularly in the Western states — if you guessed that includes Nevada, you’re right! The biggest factor is that Bank of America is ramping up its foreclosure pipeline. Since it does take time to process those foreclosures, it would be reasonable to expect a surge of bank owned property after the first of the year. Since over 60% of Nevada homeowners have negative equity (“are underwater”), and current lending standards are not what they were for your grandparents, foreclosures and short sales will be with us for the foreseeable future.
Available Listings: There are 11633 single family homes (down), with a median price of $135,900 (up), $72 per square foot (unchanged). In addition, there are 2120 condominiums and townhomes (down), with a median price of $64,900 (unchanged), $56 per square foot (up). Last year, median home price was $150,000 and median condo/townhome price was $70,000.
Distressed Properties: Of available listings, there are 6152 short sales (down) and 3082 bank-owned properties (down). Median price for a short sale is $100,000 (up); median price on a bank-owned home is $104,900 (unchanged). All short sale listings should be considered at risk of becoming bank owned properties whether they are available or contingent. The 4523 non-distressed properties for sale (up) had a median price of $179,000 (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. Last September we had 6999 shorts, 3103 foreclosures, and 4913 traditional sales.
Single Family Home Prices: Of available listings, 469 under $50,000; 3192 between $50,000-$100,000; 4951 between $100,000-$200,000; 2088 between $200,000-$400,000; 560 between $400,000-$700,000; 217 between $700,000-$1,000,000; and 311 over $1,000,000. A year ago the numbers were 229 under $50,000; 2350 between $50,000-$100,000; 6210 between $100,000-$200,000; 2355 between $200,000-$400,000; 620 between $400,000-$700,000; 251 between $700,000-$1,000,000; and 459 over $1,000,000.
Condo and Townhome Prices: Of available listings, 725 under $50,000; 994 between $50,000-$100,000; 352 between $100,000-$200,000; 66 between $200,000-$400,000; 15 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. In September 2010 we had 639 under $50,000; 1442 between $50,000-$100,000; 606 between $100,000-$200,000; 97 between $200,000-$400,000; 18 between $400,000-$700,000; 6 between $700,000-$1,000,000; and 3 over $1,000,000.
Contingent and Pending Listings: Of the 13464 properties in the process of being purchased (up), 11196 are single family homes with median price of $124,900 (unchanged); 2273 are condominiums or townhomes with median price of $56,000 (up). Final negotiated sales prices are confidential until closing. Of the total, 8492 are short sale, 3409 are foreclosed, and 1564 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. That’s a change from 13675 a year ago, including 9439 short sales. Slowly but surely, we are chewing through that contingent short sale inventory despite the fact that new ones pop up every day. Do I really think this backlog will be completely cleared in 90 days? No.
Recently Sold: 671 properties closed this week, 4045 in the last 30 days, and 32815 so far this year. For properties closed in the last 30 days, median time on market was 41 days (up). Median sales price was $105,000 (unchanged); median list price was $107,894 (down). For single family homes, median sales price was $120,744 (up), and for condos/townhomes, it was $54,505 (up). Short sales accounted for 898 of the total, there were 2111 bank owned properties, and 1039 non-distressed sales. A year ago, we only had 3284 sales in the previous 30 days; median sales price was $124,000 and median list price was $125,000.
Rentals: 5073 homes, townhomes, and condos were available for rent in the Valley in the MLS system (up). Median square footage of these units is 1476 and median rent is $1100. There are 910 contingent leases waiting to be signed and 2395 leases signed in the last 30 days (down) with median rent of $1100 (unchanged) and median square footage of 1537. Last September we had 4145 available and 2136 new leases. Median rents were $1100 for available and $1150 for recent leases.
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.
