Friday Figures for 6/29/2012

Hello again and thanks for dropping by to read Friday Figures! All information from the GLVAR MLS system. It’s accurate data on our local market that 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: The support level near 5000 has broken, and we now only have 4956 available properties despite the best efforts of every listing agent in town. Be ready for multiple offers on any property under about a quarter million — even on short sales! List prices are being pushed up, particularly in the slim category of townhomes. The median price on foreclosures did drop a little, suggesting that the latest foreclosures are not in the best condition (or neighborhoods). The number of single family homes under $100,000 rose as well after a long series of declines. As expected, we had a strong number of closings into the end of the month, although more will record this afternoon. The gap between median sales and list price was only $5: the price of a sandwich.

The News: Thinking of moving downtown? Here’s the word from somebody who did just that. A lot of people don’t know there are housing options for people who want to live as close to the action as possible.

Some buyers are making outrageous above-list and above-market offers hoping that the appraisal will come in low and the seller will be forced to accept a lower number. Sort of a “sale price” by force. Be aware that sellers are wise to this scheme! That’s one reason why sellers prefer cash offers (no appraisal contingency). Some sellers are also counter-offering with a no-appraisal-contingency clause.

I’m actually taking a Wells Fargo exec at his word: contrary to what some of my colleagues may think, banks are not hoarding foreclosed properties waiting for prices to get better! Funny, nobody can point to a single address when they make these assertions. The foreclosure backup locally is caused by state law, not greedy bankers.

Mortgage rates held steady at a super-low 3.66%.

Pending home sales are up 13% from last year and 5% from last month. In addition, sales of new homes are up sharply. For those of you who like a very detailed analysis, here’s a couple articles for you on where housing is and where it’s going.

Available Listings: There are 4183 single family homes (down), with a median price of $204,900 (up), $92 per square foot (unch). In addition, there are 500 condominiums (down), with a median price of $65,450 (up), $67 per square foot (up) and 270 townhomes (down) with a median price of $109,975 (up), $80 per square foot (unch).

Distressed Properties: Of available listings, there are 1174 short sales (down) and 528 bank-owned (REO, foreclosures, & “repos”) properties (down). Median price for a short sale is $149,900 (up); median price on a bank-owned home is $135,000 (down). All short sale listings should be considered at risk of becoming bank owned properties whether they are available or contingent. The 3258 non-distressed properties for sale (down by just 1) had a median price of $219,900 (unch). 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, 82 under $50,000; 525 between $50,000-$100,000; 1506 between $100,000-$200,000; 1266 between $200,000-$400,000; 397 between $400,000-$700,000; 166 between $700,000-$1,000,000; and 298 over $1,000,000.

Condo and Townhome Prices: Of available listings, 187 under $50,000; 324 between $50,000-$100,000; 194 between $100,000-$200,000; 59 between $200,000-$400,000; 19 between $400,000-$700,000; 2 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 15591 properties in the process of being purchased (down), 13119 are single family homes with median price of $125,000 (unch); 1521 are condominiums with median price of $52,500 (up); 951 are townhomes with a median price of $75,000 (unch). Final negotiated sales prices are confidential until closing. Of the total, 12146 are short sale, 1425 are foreclosed, and 2021 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: 898 properties closed this week, 3850 in the last 30 days, and 22714 so far this year. For properties closed in the last 30 days, median time on market was 32 days (down). Median sales price was $120,000 (unch); median list price was $119,995 (down). For single family homes, median sales price was $132,000 (down), for condos $53,100 (down), and for townhomes $80,000 (down). Short sales accounted for 1295 of the total, there were 1117 bank owned properties, and 1438 non-distressed sales.

Rentals: 5351 homes, townhomes, and condos were available for rent in the Valley in the MLS system (down). Median square footage of these units is 1533 and median rent is $1100. There are 1199 contingent leases waiting to be signed and 2970 leases signed in the last 30 days (up) with median rent of $1100 and median square footage of 1553.

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.

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