Friday Figures for 7/13/2012

It’s a Friday the Thirteenth edition of Friday Figures! All information from the GLVAR MLS system. It’s accurate data you and your REALTOR need to know before touring, making an offer, or preparing a listing in the Las Vegas Valley this weekend.

Summary: We had a pretty steep jump in the number of available properties this week to 5105. Still near record lows, but moving in the right direction. Surprisingly, the number of short sales is down and the number of bank-owned properties is up (it’s no surprise that the biggest jump came from equity sellers). Bad news for “budget” shoppers: most of the increases were in properties over $100,000. Properties under contract are up as well. When you are surfing the real estate search sites, be aware that there are roughly 3 times as many units under contract as available! As far as recently sold property goes, the gap between list price and sales price is getting a little wider: $55. Half of them spent 30 days or less on market.

The News: Nationwide, foreclosure inventory remains “near record highs” despite the sharp drop from what we had just a few years ago. A scary headline this week was that foreclosures jumped 9% last month. Should you be worried? Not really! That’s not a jump in the number of bank owned properties, but a jump in the number of initial foreclosure notices filed with the various counties. Those can be filed by banks, HOAs, the taxman, and even the local sewer authority in some cases. However, it’s worth keeping an eye on FHA delinquencies. Many of those may become HUD owned foreclosures, but remember that so-called “shadow inventory” is down.

Negative equity is down — or rather, equity is up because of rising prices and completed short sales. That means roughly 700,000 fewer underwater homeowners. This is a necessary step towards a lasting housing recovery.

This is no surprise to my readers: inventory is down, and that’s pushing prices up for 5 months in a row. That makes us a top sellers market according to Zillow. As with many other areas of the country, that makes multiple offer situations the rule rather than the exception. My advice remains “Make your best offer first.” Oh, and don’t forget your downtown residential options!

And one last thing: interest rates on a 30 year fixed rate mortgage are down to yet another record low, an average of 3.56%.

Available Listings: There are 4291 single family homes (up), with a median price of $204,000 (down), $93 per square foot (up). In addition, there are 545 condominiums (up), with a median price of $69,900 (up), $68 per square foot (up) and 268 townhomes (up) with a median price of $101,000 (down), $77 per square foot (down).

Distressed Properties: Of available listings, there are 1182 short sales (down) and 494 bank-owned (REO, foreclosures, & “repos”) properties (down). Median price for a short sale is $155,000 (up); median price on a bank-owned home is $137,750 (down). All short sale listings should be considered at risk of becoming bank owned properties whether they are available or contingent. The 3428 non-distressed properties for sale (up) had a median price of $209,900 (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.

Single Family Home Prices: Of available listings, 78 under $50,000; 496 between $50,000-$100,000; 1583 between $100,000-$200,000; 1304 between $200,000-$400,000; 427 between $400,000-$700,000; 156 between $700,000-$1,000,000; and 287 over $1,000,000.

Condo and Townhome Prices: Of available listings, 174 under $50,000; 388 between $50,000-$100,000; 180 between $100,000-$200,000; 59 between $200,000-$400,000; 17 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 15439 properties in the process of being purchased (down), 13007 are single family homes with median price of $125,000 (unch); 1510 are condominiums with median price of $52,000 (down); 922 are townhomes with a median price of $75,000 (unch). Final negotiated sales prices are confidential until closing. Of the total, 12181 are short sale, 1258 are foreclosed, and 2001 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: 556 properties closed this week, 3646 in the last 30 days, and 24273 so far this year. For properties closed in the last 30 days, median time on market was 30 days (down). Median sales price was $120,000 (unch); median list price was $119,945 (down). For single family homes, median sales price was $131,955 (down), for condos $56,500 (up), and for townhomes $85,000 (up). Short sales accounted for 1296 of the total, there were 973 bank owned properties, and 1378 non-distressed sales.

Rentals: 5417 homes, townhomes, and condos were available for rent in the Valley in the MLS system (up). Median square footage of these units is 1554 and median rent is $1100. There are 1146 contingent leases waiting to be signed and 2824 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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