Sep 11
23
Time for Friday Figures! All information from the GLVAR MLS system. It’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 we talk about new construction and ways to reduce your heating and cooling bills.
Summary: Available properties were down again this week to 13588, but more importantly the “Law of Supply and Demand” seems to finally be causing prices to tick upward! It should be no shock that with available inventory going down, the number of properties under contract is going up. That’s a good thing, because it means those listings aren’t just expiring but they’re (probably) going to be sold! Expect a spike of closings next week as institutional sellers want to get properties off the books for the end of the 3rd quarter of the year. The 4th quarter is around the corner, so let’s see how the year end plays out! Some of those sales are finding their way into the rental market, but we still have stable rents and about 9 weeks of inventory.
The News: Banks and State Attorneys General are sitting down to talk about a possible mortgage fraud settlement again. But will the settlement have teeth or will it just let the banks get away with business as usual? In other foreclosure news, I hope nobody is surprised by the fact that bigger loans are taking longer to foreclose.
Low, low mortgage rates may be encouraging buyers, but about 4 out of 5 applications are for people trying to refinance! However, many people can’t refinance due to lack of equity and underwriting changes. Federal programs that were supposed to help are not helping as many people as they were supposed to.
Some of the housing price indices are showing small increases in prices in July of this year. In fact, local statistics show a increases for non-distressed properties. The number of sales was also up, but keep in mind that last year we had unusually low sales due to the end of the Home Buyers Tax Credit.
Two Senators have introduced legislation that would add sexual orientation and gender identity to the classes of people protected by fair housing law. Some states already have laws on the books, but this would be Federal and would have all the Federal fines attached. If you have a strong opinion, contact your Senators.
In local news, the unemployment rate in Clark County is up to 14.2%.
Available Listings: There are 11496 single family homes (down), with a median price of $136,950 (up), $72 per square foot (unchanged). In addition, there are 2092 condominiums and townhomes (down), with a median price of $64,900 (unchanged), $57 per square foot (up).
Distressed Properties: Of available listings, there are 6139 short sales (down) and 2960 bank-owned properties (down). Median price for a short sale is $110,000 (up); median price on a bank-owned home is $105,000 (up). All short sale listings should be considered at risk of becoming bank owned properties whether they are available or contingent. The 4489 non-distressed properties for sale (down) had a median price of $179,830 (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, 462 under $50,000; 3130 between $50,000-$100,000; 4874 between $100,000-$200,000; 2089 between $200,000-$400,000; 560 between $400,000-$700,000; 214 between $700,000-$1,000,000; and 305 over $1,000,000.
Condo and Townhome Prices: Of available listings, 719 under $50,000; 986 between $50,000-$100,000; 338 between $100,000-$200,000; 66 between $200,000-$400,000; 18 between $400,000-$700,000; 0 between $700,000-$1,000,000; and 2 over $1,000,000. For technical reasons, these figures do not include high-rise communities.
Contingent and Pending Listings: Of the 13515 properties in the process of being purchased (up), 11263 are single family homes with median price of $124,888 (Down $12); 2251 are condominiums or townhomes with median price of $57,000 (up). Final negotiated sales prices are confidential until closing. Of the total, 8519 are short sale, 3419 are foreclosed, and 1577 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: 721 properties closed this week, 3939 in the last 30 days, and 33665 so far this year. For properties closed in the last 30 days, median time on market was 42 days (up). Median sales price was $105,000 (unchanged); median list price was $107,500 (down). For single family homes, median sales price was $121,000 (up), and for condos/townhomes, it was $53,700 (down). Short sales accounted for 900 of the total, there were 2009 bank owned properties, and 1030 non-distressed sales.
Rentals: 5168 homes, townhomes, and condos were available for rent in the Valley in the MLS system (up). Median square footage of these units is 1480 and median rent is $1100. There are 982 contingent leases waiting to be signed and 2370 leases signed in the last 30 days (down) with median rent of $1100 (unchanged) and median square footage of 1530.
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.
