Feb 12
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Thanks for dropping by to see the Friday Figures! All information from the GLVAR MLS system. It’s real data you and your REALTOR really need to know about our local market before touring, making an offer, or preparing a listing in the Las Vegas Valley this weekend. Watch me talk about the figures live on Getting REAL (Estate) in Vegas on the Vegas Video Network live today and every Friday at 2:00 PM! Today I’ll tell you about a great new MLS feature you won’t find everywhere, and more!
Summary: A year ago we had 15835 listings on the market, but today it’s only 9588 (another big drop from last week). Inventory has not been this low in the entire time I’ve been doing the Figures. There have been declines in almost every market segment and price range, but the law of supply and demand is pushing up prices. The number of units under contract is of course up — not a lot of expiring listings right now.
The News: The big foreclosure fraud settlement isn’t stopping states from enforcing the law! In fact, in some cases it gives states the right to enforce the law. For example, in California there’s a RICO suit against Wells Fargo, charging that they have illegally inflated fees and interest rates on defaulting customers. The interesting thing is that if this sticks, executives may go to prison.
My readers already know that the number of foreclosed homes on the market has been declining steadily since about October, and they know that foreclosure filings are down as a result of changes in state law. Today we see that the result is we’re down to #4 on the list of states with the greatest percentage of loans in foreclosure. Talk about a race nobody wants to win! More good foreclosure news, FHA inventory of foreclosures hit a 4 year low in December. Also no surprise that while foreclosure sales are down, short sales are up.
Available Listings: There are 8137 single family homes (down), with a median price of $145,000 (up), $74 per square foot (up). In addition, there are 897 condominiums (down), with a median price of $56,000 (up), $55 per square foot (unchanged) and 553 townhomes (down) with a median price of $79,900 (down), $60 per square foot (up). Last year we had 13039 single family homes with a median price of $136,900, 2799 condominiums and townhomes with a median price of $66,000.
Distressed Properties: Of available listings, there are 4157 short sales (down) and 1654 bank-owned (REO) properties (down). Median price for a short sale is $114,900 (up); median price on a bank-owned home is $109,900 (unchanged). All short sale listings should be considered at risk of becoming bank owned properties whether they are available or contingent. The 3774 non-distressed properties for sale (down) had a median price of $189,000 (down). 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. February 2011 saw 7830 shorts, 3048 REO, and 4953 classic listings.
Single Family Home Prices: Of available listings, 327 under $50,000; 1938 between $50,000-$100,000; 3358 between $100,000-$200,000; 1629 between $200,000-$400,000; 487 between $400,000-$700,000; 183 between $700,000-$1,000,000; and 299 over $1,000,000. A year ago there were 380 under $50,000; 3338 between $50,000-$100,000; 6214 between $100,000-$200,000; 2146 between $200,000-$400,000; 550 between $400,000-$700,000; 203 between $700,000-$1,000,000; and 391 over $1,000,000.
Condo and Townhome Prices: Of available listings, 515 under $50,000; 643 between $50,000-$100,000; 234 between $100,000-$200,000; 63 between $200,000-$400,000; 12 between $400,000-$700,000; 0 between $700,000-$1,000,000; and 1 over $1,000,000. For technical reasons, these figures do not include high-rise communities. Last February’s numbers were 840 under $50,000; 1420 between $50,000-$100,000; 491 between $100,000-$200,000; 83 between $200,000-$400,000; 13 between $400,000-$700,000; 4 between $700,000-$1,000,000; and 2 over $1,000,000.
Contingent and Pending Listings: Of the 13662 properties in the process of being purchased (up), 11443 are single family homes with median price of $120,000 (unchanged); 1379 are condominiums with median price of $50,000 (unchanged); 840 are townhomes with a median price of $74,900 (down). Final negotiated sales prices are confidential until closing. Of the total, 8984 are short sale, 2676 are foreclosed, and 1608 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 there were 12064 under contract, and 7708 were short sales.
Recently Sold: 691 properties closed this week, 3694 in the last 30 days, and 5158 so far this year. For properties closed in the last 30 days, median time on market was 47 days (unchanged). Median sales price was $105,000 (unchanged); median list price was $108,000 (up). For single family homes, median sales price was $119,750 (up), for condos $49,000 (up), and for townhomes $70,000 (down). Short sales accounted for 1047 of the total, there were 1662 bank owned properties, and 988 non-distressed sales. Last February we had 3438 recent sales, median sales price was $110,000 and median list price was $114,500.
Rentals: 5451 homes, townhomes, and condos were available for rent in the Valley in the MLS system (down). Median square footage of these units is 1488 and median rent is $1095. There are 1139 contingent leases waiting to be signed and 2689 leases signed in the last 30 days (up) with median rent of $1075 and median square footage of 1532. Last year there were 3919 available and 2253 new leases, with median rents of $1095 and $1100 respectively.
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.
