Nov 11
25
Whew! It’s nuts out there. Thanks for taking time away from the stores to check out the 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. Normally I talk about the figures live on Getting REAL (Estate) in Vegas on the Vegas Video Network every Friday at 2:00 PM, but we will be taking this week and next week off.
Summary: Available units continues to drop, now at 12582. Expect a spike after the first of the year, since many sellers don’t want to have their holidays disrupted by potential buyers. It’s very encouraging that availables are down since the number of available foreclosures and classic listings are both up! Obviously, this means we have fewer short sales this week. There are also fewer short sales under contract. Closings were very strong, considering the short work week.
The News: One of the big news items you won’t hear too much about is that PMI has filed for bankruptcy. PMI is the largest provider of private mortgage insurance — the stuff that is supposed to pay the bank if a a borrower defaults and the lender has to foreclose. Speaking of foreclosures, it looks like there might be a 49 state deal that excludes California. That is, unless New York, Delaware, and Nevada decide they have enough evidence to really tackle the fraud that banks did.
If you love charts and figures, go check out this great post over at The Mess That Greenspan Made!
Mortgage rates are down yet again, this time to an absolutely amazing 3.98%. I will be shocked if rates are this low a year from now. Maybe that’s why existing home sales are up.
Available Listings: There are 10708 single family homes (down), with a median price of $139,000 (up), $72 per square foot (unchanged). In addition, there are 1142 condominiums (down), with a median price of $54,900 (up), $53 per square foot (unchanged) and 729 townhomes (up) with a median price of $82,000 (down), $61 per square foot (unchanged).
Distressed Properties: Of available listings, there are 5688 short sales (down) and 2509 bank-owned properties (down). Median price for a short sale is $109,925 (down); 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 4385 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, 456 under $50,000; 2888 between $50,000-$100,000; 4471 between $100,000-$200,000; 2017 between $200,000-$400,000; 526 between $400,000-$700,000; 196 between $700,000-$1,000,000; and 320 over $1,000,000.
Condo and Townhome Prices: Of available listings, 666 under $50,000; 841 between $50,000-$100,000; 300 between $100,000-$200,000; 71 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 13292 properties in the process of being purchased (down), 11112 are single family homes with median price of $120,000 (down); 1374 are condominiums with median price of $50,000 (unchanged); 806 are townhomes with a median price of $70,800 (up). Final negotiated sales prices are confidential until closing. Of the total, 8588 are short sale, 3068 are foreclosed, and 1635 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: 690 properties closed this week, 3738 in the last 30 days, and 41925 so far this year. For properties closed in the last 30 days, median time on market was 45 days (unchanged). Median sales price was $110,050 (up); median list price was $113,875 (up). For single family homes, median sales price was $126,750 (up), for condos $49,000 (unchanged), and for townhomes $74,900 (unchanged). Short sales accounted for 971 of the total, there were 1777 bank owned properties, and 990 non-distressed sales.
Rentals: 5704 homes, townhomes, and condos were available for rent in the Valley in the MLS system (down). Median square footage of these units is 1484 and median rent is $1100. There are 899 contingent leases waiting to be signed and 2277 leases signed in the last 30 days (down) with median rent of $1095 (down) and median square footage of 1527.
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.
