Oct 11
28
Happy Nevada Day! Let’s celebrate the founding of our great state with some Friday Figures! All information from the GLVAR MLS system. It’s what you and your REALTOR need to know before touring, making an offer, or preparing a listing in the Las Vegas Valley this weekend. Join me as I talk about the figures live on Getting REAL (Estate) in Vegas on the Vegas Video Network today and every Friday at 2:00 PM! Today I’ll be talking about the upcoming HUD auction where you can buy a home for $100 down, and changes in the HARP refinancing program. Be sure to join us!
Summary: State and county offices are closed for Nevada Day, which means no closed properties today. However it’s still month end, so escrow companies were under a lot of pressure to cram 5 days of work into 4, and Monday promises to be a busy day for them as well. Even with the short work week, they managed to close well over 900 transactions. The number of available properties did drop slightly to 13170. One pleasant surprise is a drop in the number of condos available for less than $100,000. The number of homes under contract is down, but that just reflects the strong number of closings we are seeing. By the way, the number of short sales under contract is also down and the number of closed short sales is up; that means banks are actually slogging through the backlog of short sales. Will they really get every Nevada file out the door within 90 days? Don’t count on it, but they’re getting closer.
The News: The experts see multiple signs of a real estate rebound, even though we have yet to really clear the foreclosure crisis and the aftermath of underwater homes. This is despite the fact that home sales were down in September — but up from last year.
On the foreclosure front, MERS faces yet another lawsuit, this one in Delaware where the AG (who happens to be the Vice President’s son) says they “engaged and continues to engage in a range of deceptive trade practices that sow confusion among consumers, investors and other stakeholders in the mortgage finance system, damage the integrity of Delaware’s land records, and lead to unlawful foreclosure practices.” Since it can be hard to keep up with all the foreclosure fraud and financial crisis figures, here’s a handy cheat sheet. Sorry for the accidental pun.
Available Listings: There are 11193 single family homes (down), with a median price of $138,000 (down), $72 per square foot (unchanged). In addition, there are 1215 condominiums (down), with a median price of $53,000 (down), $53 per square foot (down) and 820 townhomes (up) with a median price of $79,900 (unchanged), $60 per square foot (up).
Distressed Properties: Of available listings, there are 6004 short sales (down) and 2690 bank-owned properties (down). Median price for a short sale is $109,900 (unchanged); median price on a bank-owned home is $103,990 (down). All short sale listings should be considered at risk of becoming bank owned properties whether they are available or contingent. The 4483 non-distressed properties for sale (up) had a median price of $179,900 (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, 474 under $50,000; 3091 between $50,000-$100,000; 4642 between $100,000-$200,000; 2079 between $200,000-$400,000; 548 between $400,000-$700,000; 197 between $700,000-$1,000,000; and 316 over $1,000,000.
Condo and Townhome Prices: Of available listings, 739 under $50,000; 869 between $50,000-$100,000; 313 between $100,000-$200,000; 69 between $200,000-$400,000; 20 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 13156 properties in the process of being purchased (down), 10982 are single family homes with median price of $124,500 (down); 1376 are condominiums with median price of $50,000 (down); 798 are townhomes with a median price of $73,550 (down). Final negotiated sales prices are confidential until closing. Of the total, 8487 are short sale, 3131 are foreclosed, and 1538 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: 970 properties closed this week, 4117 in the last 30 days, and 38542 so far this year. For properties closed in the last 30 days, median time on market was 44 days (unchanged). Median sales price was $110,000 (unchanged); median list price was $110,000 (unchanged). For single family homes, median sales price was $124,900 (up), for condos $50,083 (up), and for townhomes $72,750 (down). Short sales accounted for 1035 of the total, there were 1985 bank owned properties, and 1097 non-distressed sales.
Rentals: 5502 homes, townhomes, and condos were available for rent in the Valley in the MLS system (up). Median square footage of these units is 1492 and median rent is $1100. There are 937 contingent leases waiting to be signed and 2417 leases signed in the last 30 days (down) with median rent of $1100 (unchanged) and median square footage of 1520.
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.
