Nov 11
4
Thanks for reading Friday Figures! All information from the GLVAR MLS system. Here’s the actual no-spin data 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 by viewer request we’ll be talking about Fannie Mae and Freddie Mac. Be sure to join us!
Summary: The number of available units did drop again to 13017, changed from 13433 a month ago. I’m pleased that the number of properties available for less than $100,000 is continuing to drop. The number of properties under contract has dropped under 13,000. Normally I would say this is a good sign, but the number of contingent and pending short sales is actually up slightly from last month. Part of this is simply that we have 7% fewer available short sales than we had at the beginning of October.
The News: Freddie Mac sold over 25,000 foreclosed properties last quarter, but they foreclosed on over 24,000 new ones. Experts say it will take poor Freddie a decade to work through the inventory at the current rate.
Earlier this week I told you about the possibility of getting an independent review of your foreclosure if you were foreclosed on in 2009 or 2010. It turns out I’m not the only one who is a bit critical of the proposal. I’m also not the only person who is very critical about the rumors concerning what’s in the latest version of the foreclosure fraud settlement: the banks get a slap on the wrist and we all pay the price. Let your Congressmen know what you think: Senate, House. Just a month ago, we were talking about how the settlement might be dead.
Mortgage rates did fall again this week to a nice even 4.00% average. I’m sure that has something to do with why housing shows “more evidence of a bottom” — and that’s from someone who has been pretty bearish on housing over the years!
And one bit of local real estate news. Apartment complexes are experiencing high occupancy rates, but average rent is down this quarter to $752 per month. Analysts expect that continued high occupancy will result in higher rents. However, it’s worth remembering that thanks to investors getting incredible deals, renters now have much greater choice in rental housing.
Available Listings: There are 11079 single family homes (down), with a median price of $138,000 (unchanged), $72 per square foot (unchanged). In addition, there are 1177 condominiums (down), with a median price of $54,000 (up), $53 per square foot (unchanged) and 761 townhomes (down) with a median price of $79,900 (unchanged), $59 per square foot (down). Last month we had 11384 single family homes with a median price of $137,250 and 2049 condominiums and townhomes with a median price of $63,800.
Distressed Properties: Of available listings, there are 5841 short sales (down) and 2701 bank-owned properties (up). Median price for a short sale is $109,999 (up); median price on a bank-owned home is $102,900 (down). All short sale listings should be considered at risk of becoming bank owned properties whether they are available or contingent. The 4473 non-distressed properties for sale (down) 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. At the beginning of October we had 6111 shorts, 2874 foreclosures, and 4447 traditional listings available.
Single Family Home Prices: Of available listings, 467 under $50,000; 3053 between $50,000-$100,000; 4579 between $100,000-$200,000; 2072 between $200,000-$400,000; 531 between $400,000-$700,000; 202 between $700,000-$1,000,000; and 321 over $1,000,000. The October figures were 470 under $50,000; 3111 between $50,000-$100,000; 4792 between $100,000-$200,000; 2118 between $200,000-$400,000; 521 between $400,000-$700,000; 199 between $700,000-$1,000,000; and 307 over $1,000,000.
Condo and Townhome Prices: Of available listings, 711 under $50,000; 862 between $50,000-$100,000; 302 between $100,000-$200,000; 66 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. Last month it was 726 under $50,000; 941 between $50,000-$100,000; 324 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.
Contingent and Pending Listings: Of the 12993 properties in the process of being purchased (down), 10854 are single family homes with median price of $124,000 (down); 1348 are condominiums with median price of $50,000 (unchanged); 791 are townhomes with a median price of $74,000 (up). Final negotiated sales prices are confidential until closing. Of the total, 8504 are short sale, 2964 are foreclosed, and 1524 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. Just last month we had 13100 under contract, 8423 of them short sales.
Recently Sold: 802 properties closed this week, 3848 in the last 30 days, and 39562 so far this year. For properties closed in the last 30 days, median time on market was 44 days (unchanged). Median sales price was $109,000 (down); median list price was $109,900 (down). For single family homes, median sales price was $120,888 (down), for condos $50,000 (down), and for townhomes $73,750 (up). Short sales accounted for 998 of the total, there were 1845 bank owned properties, and 1006 non-distressed sales. At the beginning of October we had 3985 recent closes; median sales price was $108,000 median list price was $109,900.
Rentals: 5566 homes, townhomes, and condos were available for rent in the Valley in the MLS system (up). Median square footage of these units is 1497 and median rent is $1100. There are 796 contingent leases waiting to be signed and 2320 leases signed in the last 30 days (down) with median rent of $1100 (unchanged) and median square footage of 1535. Last month there were 5277 available and 2393 new leases, both with median rent of $1100 per month.
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.
Very nice Bridget! Love the blog and some good info here. I especially like the weekly data reports. Interesting to see how your market compares to what is happening in the Houston area. I may have to create something similar on my blog for the Sugar Land area. If there is anything you wish to use or link to feel free. My blog is http://www.Homes-In-Sugar-Land.com/blog/ and our website is without the blog extension.