Thanks for dropping by to read the Friday Figures! All information from the GLVAR MLS system. Don’t be fooled by anything you may read tomorrow: this is what you and your REALTOR really need to know before touring, making an offer, or preparing a listing in the Las Vegas Valley this weekend.
Summary: Ok Las Vegans, it’s time to put property you don’t want or need on the market. We’re down to 7056 available. If a Prudential Americana Group REALTOR knocks on your door and says she has a buyer for a home like yours, she is not kidding! She might have that buyer in the car. The silver lining of this is of course that median prices are going up. Median price on classic listings is back over $200k for the first time in a long time. Supply of property under $50,000 is dwindling, and it is my hope that means the segment is going away. As expected, we had a high number of properties close this week before month and quarter end.
The News: Case and Shiller can’t seem to get their stories straight, but they see current price declines. Meanwhile S&P sees prices steady! Remember these are national numbers and don’t reflect what we see locally. Interesting point: despite what the index numbers say, supply is down and bidding wars are the order of the day nationally — partly because foreclosures are down nationwide.
Even thought principal reductions might be a good thing — admitting that some homes will never be worth what is owed, making investors take their medicine and freeing up homeowners — they are few and far between. This is despite the encouragements in the huge foreclosure fraud settlement. Don’t expect much help from HARP 2.0 either.
Available Listings: There are 5934 single family homes (down), with a median price of $168,950 (up), $80 per square foot (up). In addition, there are 652 condominiums (down), with a median price of $58,650 (down), $59 per square foot (unch) and 466 townhomes (down) with a median price of $89,900 (unch), $66 per square foot (unch).
Distressed Properties: Of available listings, there are 2520 short sales (down) and 1112 bank-owned (REO, foreclosures, & “repos”) properties (down). Median price for a short sale is $125,000 (up); median price on a bank-owned home is $113,888 (down). All short sale listings should be considered at risk of becoming bank owned properties whether they are available or contingent. The 3422 non-distressed properties for sale (down) had a median price of $205,950 (up). 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, 159 under $50,000; 923 between $50,000-$100,000; 1854 between $100,000-$200,000; 1317 between $200,000-$400,000; 450 between $400,000-$700,000; 158 between $700,000-$1,000,000; and 301 over $1,000,000.
Condo and Townhome Prices: Of available listings, 350 under $50,000; 363 between $50,000-$100,000; 222 between $100,000-$200,000; 56 between $200,000-$400,000; 12 between $400,000-$700,000; 1 between $700,000-$1,000,000; and 1 over $1,000,000. For technical reasons, these figures do not include high-rise communities.
Contingent and Pending Listings: Of the 15343 properties in the process of being purchased (down), 10774 are single family homes with median price of $121,500 (up); 1246 are condominiums with median price of $50,725 (up); 750 are townhomes with a median price of $75,000 (up). Final negotiated sales prices are confidential until closing. Of the total, 10796 are short sale, 2565 are foreclosed, and 1982 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: 959 properties closed this week, 4005 in the last 30 days, and 10857 so far this year. For properties closed in the last 30 days, median time on market was 43 days (down). Median sales price was $110,000 (up); median list price was $112,500 (up). For single family homes, median sales price was $125,000 (up), for condos $53,000 (up), and for townhomes $73,000 (down). Short sales accounted for 1088 of the total, there were 1673 bank owned properties, and 1244 non-distressed sales.
Rentals: 5061 homes, townhomes, and condos were available for rent in the Valley in the MLS system (down). Median square footage of these units is 1502 and median rent is $1099. There are 1131 contingent leases waiting to be signed and 2871 leases signed in the last 30 days (down) with median rent of $1095 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 firstname.lastname@example.org. 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.