Nov 11
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It’s time for Friday Figures! All information from the GLVAR MLS system. Here’s the real deal, information 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! Be sure to join us!
Summary: The number of available properties dropped again, this time to 12645. That’s a change from 16474 last year. There were major declines in the number of distressed properties for sale over the last year, and a more modest change in the number of non-distressed listings. While there’s not much seasonality for foreclosures, “smart money” short sellers and traditional sellers have their homes on the market now, through the holidays. They know that only serious buyers are out before year end! There is a small divergence in median prices of available vs. contingent/pending single family homes, probably due to bargain hunters.
The News: You read that item I posted earlier about 2 people being indicted on 606 counts of mortgage fraud right here in Nevada, right? I can’t believe that’s not all over the Review-Journal’s online edition!
The HARP changes announced a few weeks ago now have guidelines to go with them. Underwater and need to refinance? This might help you. Speaking of refinancing, Freddie Mac has made the startling discovery that most people who are refinancing — at record low interest rates, I might add — are choosing fixed rate mortgages! I guess they are surprised that people are using common sense.
Remember that just 6 weeks ago, new lower FHA limits came out? Now Congress has passed a bill allowing those limits to be raised again. There’s no word yet on whether there will really be any change here in Clark County. I stand by what I said on air: we have a lot of houses available for less than $287,500, and if you can really afford a $300,000 home you can surely afford to put down more than 3.5%.
And just one more local item: 10 of the strangest shops in Vegas. Ready for Christmas shopping season yet?
Available Listings: There are 1782 single family homes (down), with a median price of $138,900 (up), $72 per square foot (unchanged). In addition, there are 1150 condominiums (down), with a median price of $54,000 (down), $53 per square foot (unchanged) and 710 townhomes (down) with a median price of $82,844 (up), $61 per square foot (unchanged). That compares to 13467 single family homes with a median price of $144,000 and 3006 condominiums and townhomes with a median price of $69,900 last year.
Distressed Properties: Of available listings, there are 5738 short sales (down) and 2539 bank-owned properties (down). Median price for a short sale is $110,000 (up); median price on a bank-owned home is $104,900 (up). All short sale listings should be considered at risk of becoming bank owned properties whether they are available or contingent. The 4371 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. Last November we had 7849 shorts, 3539 foreclosures, and 5045 “classic” listings available.
Single Family Home Prices: Of available listings, 467 under $50,000; 2924 between $50,000-$100,000; 4505 between $100,000-$200,000; 2021 between $200,000-$400,000; 516 between $400,000-$700,000; 200 between $700,000-$1,000,000; and 319 over $1,000,000. A year ago it was 329 under $50,000; 2985 between $50,000-$100,000; 6728 between $100,000-$200,000; 2370 between $200,000-$400,000; 589 between $400,000-$700,000; 243 between $700,000-$1,000,000; and 428 over $1,000,000.
Condo and Townhome Prices: Of available listings, 676 under $50,000; 827 between $50,000-$100,000; 301 between $100,000-$200,000; 68 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. November 2010′s numbers were 811 under $50,000; 1534 between $50,000-$100,000; 607 between $100,000-$200,000; 88 between $200,000-$400,000; 15 between $400,000-$700,000; 5 between $700,000-$1,000,000; and 4 over $1,000,000.
Contingent and Pending Listings: Of the 13361 properties in the process of being purchased (up), 11153 are single family homes with median price of $120,800 (down); 1380 are condominiums with median price of $50,000 (unchanged); 829 are townhomes with a median price of $70,500 (down). Final negotiated sales prices are confidential until closing. Of the total, 8603 are short sale, 3115 are foreclosed, and 1643 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. A year ago we had 12515 under contract, 8284 of them short sales.
Recently Sold: 577 properties closed this week, 3851 in the last 30 days, and 41100 so far this year. For properties closed in the last 30 days, median time on market was 45 days (up). Median sales price was $110,000 (up); median list price was $111,900 (up). For single family homes, median sales price was $123,750 (up), for condos $49,000 (down), and for townhomes $74,900 (down). Short sales accounted for 987 of the total, there were 1858 bank owned properties, and 1014 non-distressed sales. At this time last year we had 3443 recent closes; back then, median sales price was $120,000 and median list price was $120,000.
Rentals: 5720 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 910 contingent leases waiting to be signed and 2359 leases signed in the last 30 days (down) with median rent of $1095 (down) and median square footage of 1527. Last year there were 4309 available rentals and 1979 new leases; rents are unchanged from last year.
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.
