Friday Figures for 7/6/2012

Welcome to Friday Figures! All information from the GLVAR MLS system. Here’s what’s going on in our local market so you and your REALTOR know before touring, making an offer, or preparing a listing in the Las Vegas Valley this weekend.

Summary: The number of available properties is up to 4998, but that’s still under our previous support level of 5000. A month ago we had 5006 units for sale. In fact, we have so few foreclosures on the market that one very well organized REO team could handle them all! Median prices are generally moving up, but partly because low-end properties are becoming more rare (still a good thing in my book). Considering the holiday, we closed a remarkable number of properties this week, and the number of short sales closing is trending up. The gap between median sale and list price was only $10, less than the typical cost of an entree at most restaurants. Remember that when you consider your Residential Purchase Agreement.

The News: Mortgage rates have slid yet again. The new record low is 3.62% on average for 30 year fixed rate.

Vegas isn’t the only place where inventory is low. The law of supply and demand is working well and pushing prices up. Even rents are going up! However, negative equity is still a problem; many would-be sellers simply are not selling because they are underwater and believe they are not short sale candidates.

Foreclosures are far down from the peak. Some of the local experts I have spoken to recently suggest that Vegas may see more bank-owned inventory in the first quarter of next year as the first crop of judicial foreclosures finally work through the system.

Available Listings: There are 4238 single family homes (up), with a median price of $204,900 (unch), $92 per square foot (unch). In addition, there are 500 condominiums (unch), with a median price of $68,7000 (up), $68 per square foot (up) and 260 townhomes (down) with a median price of $109,975 (unch), $78 per square foot (down). At the first of June we had 4204 single family homes with a median price of $206,450, 520 condominiums with a median price of $63,470, and 277 townhomes with a median price of $100,000.

Distressed Properties: Of available listings, there are 1172 short sales (down) and 482 bank-owned (REO, foreclosures, & “repos”) properties (down). Median price for a short sale is $151,500 (up); median price on a bank-owned home is $137,800 (down). All short sale listings should be considered at risk of becoming bank owned properties whether they are available or contingent. The 3346 non-distressed properties for sale (up) had a median price of $215,000 (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. Last month there were 1274 shorts, 535 REO, and 3200 equity listings available.

Single Family Home Prices: Of available listings, 78 under $50,000; 510 between $50,000-$100,000; 1540 between $100,000-$200,000; 1286 between $200,000-$400,000; 414 between $400,000-$700,000; 156 between $700,000-$1,000,000; and 298 over $1,000,000. June’s numbers were 79 under $50,000; 545 between $50,000-$100,000; 1465 between $100,000-$200,000; 1252 between $200,000-$400,000; 438 between $400,000-$700,000; 169 between $700,000-$1,000,000; and 305 over $1,000,000.

Condo and Townhome Prices: Of available listings, 178 under $50,000; 336 between $50,000-$100,000; 176 between $100,000-$200,000; 60 between $200,000-$400,000; 18 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. A month ago there were 229 under $50,000; 316 between $50,000-$100,000; 182 between $100,000-$200,000; 63 between $200,000-$400,000; 15 between $400,000-$700,000; 2 between $700,000-$1,000,000; and 1 over $1,000,000.

Contingent and Pending Listings: Of the 15274 properties in the process of being purchased (down), 12851 are single family homes with median price of $125,000 (unch); 1495 are condominiums with median price of $52,500 (unch); 928 are townhomes with a median price of $75,000 (unch). Final negotiated sales prices are confidential until closing. Of the total, 12060 are short sale, 1292 are foreclosed, and 1923 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. Last month we had 15743 properties under contract.

Recently Sold: 745 properties closed this week, 3724 in the last 30 days, and 23625 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 $119,990 (down). For single family homes, median sales price was $131,995 (down), for condos $55,000 (up), and for townhomes $83,500 (up). Short sales accounted for 1312 of the total, there were 1039 bank owned properties, and 1374 non-distressed sales. At the beginning of June we had 3687 recent closings. Median sales price was $116,000 and median list price was $117,500.

Rentals: 5354 homes, townhomes, and condos were available for rent in the Valley in the MLS system (up). Median square footage of these units is 1540 and median rent is $1100. There are 1055 contingent leases waiting to be signed and 2818 leases signed in the last 30 days (down) with median rent of $1100 and median square footage of 1557. A month ago we had 5039 available rentals and 2630 new leases.

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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