Sep 11
30
Thanks for stopping by to read the Friday Figures! All information from the GLVAR MLS system. This is the real deal: the no-nonsense information 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 get deeper into the topic of new construction, and you’ll hear the story of The Air Conditioner Lottery.
Summary: The number of available properties continues to slide, now at 13541. There is still just a little evidence that home prices are starting to tick upwards, in part due to slightly higher prices on foreclosed homes — up 7% since July! The good news keeps coming: the number of short sales awaiting lender approval has dropped under 8000. It will still be a big task to clear the system of these short sales, considering that more come on the market every day and an estimated 60-70% of Nevada homeowners are “underwater” on their mortgages.
The News: Remember that tomorrow, new FHA loan limits go into effect. Locally, the new limit will be $287,500. Many consider this an issue because large downpayments are an obstacle for some buyers, but since 11668 of our 13541 available properties are priced under $287,500 I don’t consider this to be an issue locally. Rates on conventional mortgages have hit yet another all time low, now at 4.01% on a 30 year fixed-rate mortgage.
Nationwide, the number of pending sales is at a 4 month low, partly due to Hurricane Irene. Locally, we are still moving at a brisk clip: sales are at a 5 year high and we have plenty of contingent and pending contracts waiting to close. Meanwhile, the amount of so-called “shadow inventory” is down.
Programs designed to prevent foreclosure are not reaching nearly as many people as hoped, and to add insult to injury 1 in 5 people who get a mortgage modification re-default! And even worse, the current spike in Bank of America foreclosure activity (for more, look towards the end of this story) may be a side effect of their recent $8,500,000,000 settlement with investors.
Oh, and for those of you who just can’t get enough What Were They Thinking, enjoy these home “improvement” nightmares!
Available Listings: There are 11496 single family homes (down), with a median price of $136,000 (down), $72 per square foot (unchanged). In addition, there are 2095 condominiums and townhomes (up), with a median price of $64,900 (unchanged), $56 per square foot (down).
Distressed Properties: Of available listings, there are 6113 short sales (down) and 2945 bank-owned properties (down). Median price for a short sale is $110,000 (unchanged); median price on a bank-owned home is $107,500 (up). All short sale listings should be considered at risk of becoming bank owned properties whether they are available or contingent. The 4477 non-distressed properties for sale (down) had a median price of $179,900 (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, 476 under $50,000; 3104 between $50,000-$100,000; 4835 between $100,000-$200,000; 2114 between $200,000-$400,000; 539 between $400,000-$700,000; 211 between $700,000-$1,000,000; and 305 over $1,000,000.
Condo and Townhome Prices: Of available listings, 725 under $50,000; 979 between $50,000-$100,000; 333 between $100,000-$200,000; 69 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 13360 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, 8465 are short sale, 3309 are foreclosed, and 1583 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: 907 properties closed this week, 3732 in the last 30 days, and 34705 so far this year. For properties closed in the last 30 days, median time on market was 43 days (up). Median sales price was $105,900 (up); median list price was $108,694 (up). For single family homes, median sales price was $121,000 (unchanged), and for condos/townhomes, it was $53,100 (down). Short sales accounted for 883 of the total, there were 1897 bank owned properties, and 952 non-distressed sales.
Rentals: 5144 homes, townhomes, and condos were available for rent in the Valley in the MLS system (down). Median square footage of these units is 1476 and median rent is $1100. There are 907 contingent leases waiting to be signed and 2426 leases signed in the last 30 days (up) with median rent of $1100 (unchanged) and median square footage of 1516.
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.
