Friday Figures for 7/27/2012

Happy Friday! Time for Friday Figures! All information from the GLVAR MLS system. Here’s critical information that you and your REALTOR need to know before touring, making an offer, or preparing a listing in the Las Vegas Valley this weekend.

Summary: The number of available properties continues to inch up, now at 5160. Unfortunately prices of available units seems to have stopped rising (don’t blink, this could change quickly). It’s no surprise that the number of properties under contract is shrinking as they move towards being sold. It was a big week for closings; expect another big week ahead as the month ends. There is no gap between median sales price and median list price. Here’s some good news: there was a substantial jump in the number of short sales closed in the last 30 days. We may yet move through the thousands of stalled short sales in the pipeline and move to a more normal market.

The News: Thought interest rates couldn’t get lower? Well we were both wrong! The average rate on the 30 year fixed rate is down yet again to 3.49%.

Involved in a short sale on a high-value property? Please make sure your Realtor is aware of and looking out for a scam that could derail your transaction. For some short sale good news, call your Congressperson to ask for support of a bill that could prevent a second mortgage from killing the deal. Senator Heller is still trying to hold banks to deadlines on short sales, so spare a moment for your Senator too. Some other housing items before Congress include changes in tax law for capital gains and short sales.

A judge has made a common sense ruling that buyers must actually pay attention while viewing homes and not blame the Realtor if they trip and fall. I’ll still yell “look out!” if I see a problem, but frankly only you can look out for your safety.

And now for some local stuff. Other people are noticing that prices are trending upwards. It’s still a great time to lease a new office: rents are at 5-7 year lows. The nation is watching Nevada when it comes to “strategic default.” And just for fun? Free stuff to do in Vegas. Everybody likes free stuff! Not fun enough? Here’s Seven’s Best of the City.

Available Listings: There are 4331 single family homes (up), with a median price of $201,000 (down), $94 per square foot (up). In addition, there are 556 condominiums (down), with a median price of $69,900 (down), $70 per square foot (up) and 273 townhomes (up) with a median price of $99,900 (down), $74 per square foot (down).

Distressed Properties: Of available listings, there are 1144 short sales (down) and 498 bank-owned (REO, foreclosures, & “repos”) properties (up). Median price for a short sale is $150,000 (down); median price on a bank-owned home is $136,800 (down). All short sale listings should be considered at risk of becoming bank owned properties whether they are available or contingent. The 3521 non-distressed properties for sale (up) had a median price of $207,000 (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.

Single Family Home Prices: Of available listings, 79 under $50,000; 550 between $50,000-$100,000; 1562 between $100,000-$200,000; 1307 between $200,000-$400,000; 415 between $400,000-$700,000; 168 between $700,000-$1,000,000; and 298 over $1,000,000.

Condo and Townhome Prices: Of available listings, 171 under $50,000; 405 between $50,000-$100,000; 190 between $100,000-$200,000; 64 between $200,000-$400,000; 13  between $400,000-$700,000; 2 between $700,000-$1,000,000; and 2 over $1,000,000. For technical reasons, these figures do not include high-rise communities.

Contingent and Pending Listings: Of the 15394 properties in the process of being purchased (down), 12949 are single family homes with median price of $125,900 (up); 1530 are condominiums with median price of $54,250 (up); 915 are townhomes with a median price of $74,990 (up). Final negotiated sales prices are confidential until closing. Of the total, 12201 are short sale, 1103 are foreclosed, and 2091 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: 850 properties closed this week, 3580 in the last 30 days, and 26009 so far this year. For properties closed in the last 30 days, median time on market was 31 days (up). Median sales price was $120,000 (unch); median list price was $120,000 (up). For single family homes, median sales price was $132,000 (unch), for condos $56,350 (down), and for townhomes $85,100 (up). Short sales accounted for 1403 of the total, there were 812 bank owned properties, and 1366 non-distressed sales.

Rentals: 5339 homes, townhomes, and condos were available for rent in the Valley in the MLS system (down). Median square footage of these units is 1558 and median rent is $1100. There are 1304 contingent leases waiting to be signed and 2923 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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