The News: If your Realtor seems happy, it could be because she’s seen her first increase of revenue in 10 years — partly because she’s out-lasted the competition.

I’m getting tired of saying this, but the average rate on the 30 year fixed rate mortgage has hit yet another all time low, now at 3.79%. If you can swing a 15 year mortgage, you might be getting rates as low as 3.04%. That’s one of the reasons home affordability is better than it’s been in decades.

Housing inventory is down in many real estate markets, which quite naturally leads to “The Return of Multiple Offers.” Make your best offer up front is the advice I have for buyers (or better yet, buy new construction, or maybe wait for the froth to settle).

Mortgage delinquencies are at a 4 year low nationwide, and short sales are on the upswing both locally and nationally. Bank of America has rolled out a new program that gives homeowners up to $30,000 for completing a short sale rather than making them foreclose. Alas, Nevada is once more the #1 state for foreclosure. More bad news, the “Shadow Inventory” bears are once more shouting doom and gloom. Remember, just because someone is behind on the mortgage doesn’t mean it will become bank owned!

Let me end on a happy local note: Vegas visitor traffic is up to a new high.

Available Listings: There are 4360 single family homes (down), with a median price of $199,900 (up), $90 per square foot (up). In addition, there are 516 condominiums (down), with a median price of $63,950 (up), $65 per square foot (unch) and 290 townhomes (down) with a median price of $97,350 (up), $70 per square foot (up). Last year we had 12094 single family homes with a median price of $134,999 and 2472 condominiums and townhomes with a median price of $63,088.

Distressed Properties: Of available listings, there are 1399 short sales (down) and 650 bank-owned (REO, foreclosures, & “repos”) properties (down). Median price for a short sale is $149,000 (up); median price on a bank-owned home is $124,900 (up). All short sale listings should be considered at risk of becoming bank owned properties whether they are available or contingent. The 3122 non-distressed properties for sale (down) had a median price of $225,000 (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. A year ago it was 6676 shorts, 3081 REO, and 4807 equity sellers. Back then we were glad that median price on foreclosures was up to $102,500.

Single Family Home Prices: Of available listings, 95 under $50,000; 600 between $50,000-$100,000; 1570 between $100,000-$200,000; 1278 between $200,000-$400,000; 420 between $400,000-$700,000; 167 between $700,000-$1,000,000; and 292 over $1,000,000. May of 2011 saw 387 under $50,000; 3342 between $50,000-$100,000; 5340 between $100,000-$200,000; 2010 between $200,000-$400,000; 557 between $400,000-$700,000; 237 between $700,000-$1,000,000; and 370 over $1,000,000. As you can see, we have sharply reduced inventory in every price category.

Condo and Townhome Prices: Of available listings, 232 under $50,000; 326 between $50,000-$100,000; 185 between $100,000-$200,000; 55 between $200,000-$400,000; 13 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. Last year’s numbers were 843 under $50,000; 1224 between $50,000-$100,000; 382 between $100,000-$200,000; 54 between $200,000-$400,000; 8 between $400,000-$700,000; 1 between $700,000-$1,000,000; and 2 over $1,000,000. What a difference!

Contingent and Pending Listings: Of the 16183 properties in the process of being purchased (up), 13651 are single family homes with median price of $122,900 (up); 1533 are condominiums with median price of $50,900 (up); 998 are townhomes with a median price of $75,000 (unch). Final negotiated sales prices are confidential until closing. Of the total, 11927 are short sale, 2090 are foreclosed, and 2165 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. A year ago there were 13546 under contract, albeit with slightly higher median prices. Of the total, 8334 were short sales.

Recently Sold: 778 properties closed this week, 3923 in the last 30 days, and 17356 so far this year. For properties closed in the last 30 days, median time on market was 35 days (down). Median sales price was $116,000 (down); median list price was $118,500 (down). For single family homes, median sales price was $128,000 (down), for condos $50,000 (down), and for townhomes $75,000 (up). Short sales accounted for 1229 of the total, there were 1390 bank owned properties, and 1305 non-distressed sales. Last May we had 3909 recent closings; median sales price was $110,750 and median list price was $114,900.

Rentals: 5237 homes, townhomes, and condos were available for rent in the Valley in the MLS system (up). Median square footage of these units is 1505 and median rent is $1095. There are 1165 contingent leases waiting to be signed and 2716 leases signed in the last 30 days (up) with median rent of $1100 and median square footage of 1575. Last year there were only 3757 available rentals and 2332 new leases. Rents are within $5 of last year’s levels.

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.

The News: Everybody is noticing that inventory is down and prices are up, both locally and in many other metropolitan areas. However, our market is still dominated by distressed property such as foreclosures and short sales.

Interest rates still remain at historic lows, now averaging 3.83% for a 30 year conventional fixed rate mortgage. Needless to say, this is fueling interest in buying a home right now.  Remember that although many experts think low rates will remain with us through 2014, I would not be surprised for them to be a full percentage point higher by this time next year.

Bank of America is offering thousands of unlucky homeowners the opportunity to reduce their mortgage principal! If you get one of those letters, it is legit and you should probably look into it. However, be aware that the program is considered by some to be mostly a “publicity stunt.” Remember that B of A is still having unforgivable accounting and legal “oversights.”

Available Listings: There are 4462 single family homes (down), with a median price of $195,000 (up), $89 per square foot (up). In addition, there are 517 condominiums (down), with a median price of $63,900 (up), $65 per square foot (up) and 326 townhomes (down) with a median price of $89,950 (down), $67 per square foot (unch).

Distressed Properties: Of available listings, there are 1465 short sales (down) and 698 bank-owned (REO, foreclosures, & “repos”) properties (down). Median price for a short sale is $140,000 (up); median price on a bank-owned home is $119,900 (down). All short sale listings should be considered at risk of becoming bank owned properties whether they are available or contingent. The 3143 non-distressed properties for sale (down) had a median price of $220,000 (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, 114 under $50,000; 636 between $50,000-$100,000; 1618 between $100,000-$200,000; 1258 between $200,000-$400,000; 428 between $400,000-$700,000; 165 between $700,000-$1,000,000; and 293 over $1,000,000.

Condo and Townhome Prices: Of available listings, 245 under $50,000; 334 between $50,000-$100,000; 196 between $100,000-$200,000; 55 between $200,000-$400,000; 15 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 16085 properties in the process of being purchased (down), 13565 are single family homes with median price of $122,000 (up); 1530 are condominiums with median price of $50,000 (unch); 989 are townhomes with a median price of $75,000 (unch). Final negotiated sales prices are confidential until closing. Of the total, 11812 are short sale, 2186 are foreclosed, and 2087 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: 621 properties closed this week, 3912 in the last 30 days, and 16462 so far this year. For properties closed in the last 30 days, median time on market was 36 days (down). Median sales price was $116,500 (up); median list price was $119,000 (up). For single family homes, median sales price was $128,220 (down), for condos $52,000 (up), and for townhomes $71,500 (up). Short sales accounted for 1181 of the total, there were 1458 bank owned properties, and 1298 non-distressed sales.

Rentals: 5252 homes, townhomes, and condos were available for rent in the Valley in the MLS system (up). Median square footage of these units is 1500 and median rent is $1095. There are 1061 contingent leases waiting to be signed and 2652 leases signed in the last 30 days (up) with median rent of $1100 and median square footage of 1562.

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.

Summary: I would not have thought it possible, but we have fewer than 6000 available units: only 5890 residential properties are listed in the MLS for sale. Needless to say, median prices are up in every property type. Even short sales are moving fast with multiple offers in many cases. Part of the reason that median prices are on the rise is that the inventory of low price properties is drying up; both investor and owner-occupant buyers have snapped them up as quickly as possible, moving the median upwards in the process. Median time on market is going down for sold properties. No surprise, we have a strong number of closings going into month end. Expect another good number next week.

The News: Let’s start with fun stuff. The giant shoes at the Cosmopolitan are out for repair. They’ll be back soon, ready for thousands of people to climb inside for a quick picture.

It’s been a “the sky is falling” sort of week in real estate news. Over half of metropolitan areas saw an increase in foreclosures. However, Vegas foreclosures are down 26% — that’s right, down — knocking us down to #8 in the nation. How nice it is to not be #1 anymore.

Of course you’ve probably heard that the Case-Shiller index showed another drop in home prices, or did it? However, it turns out that part of the reason is how Case-Shiller works. Some price indices show a price rise. Housing is a lot more complicated than it looks.

Meanwhile, interest rates are new record lows and the number of properties under contract is up — a great sign for the next few months.

Available Listings: There are 4961 single family homes (down), with a median price of $186,300 (up), $86 per square foot (up). In addition, there are 578 condominiums (unch), with a median price of $60,840 (down), $62 per square foot (up) and 350 townhomes (down) with a median price of $89,950 (up), $67 per square foot (up).

Distressed Properties: Of available listings, there are 1780 short sales (down) and 837 bank-owned (REO, foreclosures, & “repos”) properties (down). Median price for a short sale is $139,900 (up); median price on a bank-owned home is $115,500 (up). All short sale listings should be considered at risk of becoming bank owned properties whether they are available or contingent. The 3270 non-distressed properties for sale (down) had a median price of $215,950 (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, 130 under $50,000; 810 between $50,000-$100,000; 1807 between $100,000-$200,000; 1369 between $200,000-$400,000; 430 between $400,000-$700,000; 175 between $700,000-$1,000,000; and 301 over $1,000,000.

Condo and Townhome Prices: Of available listings, 284 under $50,000; 381 between $50,000-$100,000; 203 between $100,000-$200,000; 58 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 15926 properties in the process of being purchased (up), 13452 are single family homes with median price of $120,000 (unch); 1492 are condominiums with median price of $50,000 (unch); 982 are townhomes with a median price of $75,000 (unch). Final negotiated sales prices are confidential until closing. Of the total, 11600 are short sale, 2313 are foreclosed, and 2012 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: 851 properties closed this week, 4041 in the last 30 days, and 14595 so far this year. For properties closed in the last 30 days, median time on market was 38 days (down). Median sales price was $112,750 (up); median list price was $114,900 (unch). For single family homes, median sales price was $127,000 (up), for condos $51,000 (unch), and for townhomes $69,050 (up). Short sales accounted for 1114 of the total, there were 1598 bank owned properties, and 1330 non-distressed sales.

Rentals: 5153 homes, townhomes, and condos were available for rent in the Valley in the MLS system (up). Median square footage of these units is 1502 and median rent is $1095. There are 1186 contingent leases waiting to be signed and 2649 leases signed in the last 30 days (up) with median rent of $1095 and median square footage of 1538.

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.

Summary: Last year we had 14708 available properties, but now we only have 6207. Yikes! At least the rate of inventory dropping is slowing (the number of available condos did actually rise slightly). And remember, interest rates in mid-April of 2011 were 4.91%! Not surprisingly, there is upwards price pressure. Even the supply of short sales is down, although like other parts of the country there are more short sales than foreclosures available. Traditional sellers are starting to list, lured out by good weather and improved prices. The number of short sales under contract is up sharply from last year, but read the news below to see why I’m not worried about it. Now how’s this for odd coincidences: Median price on sold property is almost exactly what it was a year ago. Granted, we had a period where it was lower, but I consider this a good sign.

The News: Short sale timelines will be getting shorter on any property with a mortgage owned by Fannie Mae or Freddie Mac — and that’s over half of all mortgages here in the states. Bank of America is leading the way, approving more short sales than any other servicer or lender. Great news for anybody involved in a short sale! And experts are starting to agree with me that this is the Year of the Short Sale!

Existing home sales were down in March compared to February. However, inventory is down sharply from last year nationwide — which explains light sales in March despite being a longer month than February.

Available Listings: There are 5223 single family homes (down), with a median price of $178,900 (up), $84 per square foot (up). In addition, there are 578 condominiums (up), with a median price of $58,950 (down), $60 per square foot (down) and 404 townhomes (down) with a median price of $89,776 (down), $66 per square foot (up). Last year we had 12188 single family homes with a median price of $135,000 and 2519  condominiums and townhomes with a median price of $64,900.

Distressed Properties: Of available listings, there are 1981 short sales (down) and 941 bank-owned (REO, foreclosures, & “repos”) properties (down). Median price for a short sale is $130,000 (unch); median price on a bank-owned home is $115,000 (down). All short sale listings should be considered at risk of becoming bank owned properties whether they are available or contingent. The 3284 non-distressed properties for sale (up) had a median price of $210,000 (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. A year ago it was 7160 shorts, 2801 REO, and 4746 classic listings.

Single Family Home Prices: Of available listings, 131 under $50,000; 902 between $50,000-$100,000; 1957 between $100,000-$200,000; 1384 between $200,000-$400,000; 429 between $400,000-$700,000; 175 between $700,000-$1,000,000; and 292 over $1,000,000. April 2011′s numbers were 377 under $50,000; 3291 between $50,000-$100,000; 5532 between $100,000-$200,000; 1996 between $200,000-$400,000; 559 between $400,000-$700,000; 217 between $700,000-$1,000,000; and 378 over $1,000,000.

Condo and Townhome Prices: Of available listings, 306 under $50,000; 393 between $50,000-$100,000; 219 between $100,000-$200,000; 59 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. Last year it was 807 under $50,000; 1298 between $50,000-$100,000; 394 between $100,000-$200,000; 59 between $200,000-$400,000; 10 between $400,000-$700,000; 2 between $700,000-$1,000,000; and 2 over $1,000,000.

Contingent and Pending Listings: Of the 15089 properties in the process of being purchased (down), 13370 are single family homes with median price of $120,000 (unch); 1498 are condominiums with median price of $50,000 (unch); 941 are townhomes with a median price of $75,000 (up). Final negotiated sales prices are confidential until closing. Of the total, 11444 are short sale, 2401 are foreclosed, and 1965 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. That compares to 13191 a year ago, 8187 of them short sales.

Recently Sold: 784 properties closed this week, 4060 in the last 30 days, and 13602 so far this year. For properties closed in the last 30 days, median time on market was 41 days (down). Median sales price was $112,500 (unch); median list price was $114,900 (up). For single family homes, median sales price was $126,250 (up), for condos $51,000 (down), and for townhomes $68,500 (down). Short sales accounted for 1086 of the total, there were 1647 bank owned properties, and 1327 non-distressed sales. Last April we had 3841 recent sales; median sales price was $112,500 and median list price was $114,900.

Rentals: 5224 homes, townhomes, and condos were available for rent in the Valley in the MLS system (up). Median square footage of these units is 1506 and median rent is $1095. There are 1117 contingent leases waiting to be signed and 2627 leases signed in the last 30 days (up) with median rent of $1095 and median square footage of 1523. A year ago there were 3756 available rentals and 2211 new leases. The rental segment has really picked up in the last year as investors have been more active.

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.

Summary: Did you miss me last week? I was out of town and had limited internet access. The number of available units continues to plummet! There are only 6382 left. I am recommending new construction to any buyer whose budget will allow it: no bidding wars, nothing to fix up, rarely an issue with appraisal. The good news for sellers is that limited supply is pushing prices up — particularly on single family homes and non-short listings. And traditional sellers are taking advantage of this: over half our current listings are classics! One interesting detail is that Million Dollar Plus listings are moving faster than I’ve ever seen. Is this a sign of froth, or just overdue interest? Not too surprisingly, the number of properties under contract is up. Interest in low cost properties is pushing the median price of both contingent and sold units down. Just because a contract is signed doesn’t make it a “done deal”: 4 units fell out of contract while I was calculating the breakdown. We still have strong numbers of closings, and time on market is dropping. I’ll bring it full circle by pointing out that with just over 6000 listings and just over 4000 closings, we have roughly 6 weeks of available inventory. If you are at all thinking of selling, this is the time to reach out to your Realtor and make it happen.

The News: Some economists think housing prices will bottom this year and start to rise next year nationwide — unless of course we have another wave of foreclosures or “shadow inventory” coming on to the market. Remember, I’m skeptical of most doomsday shadow inventory projections. Meanwhile, foreclosure activity hasn’t been this low since 2007 (I promise a post about why soon).

I’ve talked about Nevada’s Hardest Hit Funds before. It’s still a great program worth looking into. However, a watchdog group thinks that most Hardest Hit Funds aren’t doing all they can to help homeowners (although their beefs seem to have more to do with “not sticking it to the banks hard enough”).

Now that the foreclosure fraud settlement is officially approved by a judge, there’s some press about what happens now. Will there really be a lot of principal reductions? Personally I think principal write-offs are the only way to really strengthen the market going forward; banks have to admit that homes will not sell for what they did in the bubble anytime soon and take their medicine. Meanwhile, the financial fraud task force and banks are still hammering out details. That’s why your mortgage statement will be changing soon.

People outside the Valley are starting to notice that our home sales are up and our inventory is down.

Interest rates  on the 30 year fixed mortgage have hit yet another low, well under 4%. Despite this, Cash Is Still King when it comes to writing an offer.

And finally, if you are involved in a short sale with Bank of America, make sure your Realtor is aware of the paperwork change that goes into effect this weekend.

Available Listings: There are 5373 single family homes (down), with a median price of $175,000 (up), $83 per square foot (up). In addition, there are 571 condominiums (down), with a median price of $59,900 (up), $61 per square foot (up) and 438 townhomes (down) with a median price of $89,900 (unch), $65 per square foot (down).

Distressed Properties: Of available listings, there are 2095 short sales (down) and 1034 bank-owned (REO, foreclosures, & “repos”) properties (down). Median price for a short sale is $130,000 (up); median price on a bank-owned home is $116,777 (down). All short sale listings should be considered at risk of becoming bank owned properties whether they are available or contingent. The 3255 non-distressed properties for sale (down) had a median price of $210,000 (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, 137 under $50,000; 970 between $50,000-$100,000; 2023 between $100,000-$200,000; 1402 between $200,000-$400,000; 437 between $400,000-$700,000; 169 between $700,000-$1,000,000; and 288 over $1,000,000.

Condo and Townhome Prices: Of available listings, 310 under $50,000; 398 between $50,000-$100,000; 235 between $100,000-$200,000; 59 between $200,000-$400,000; 14 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 15690 properties in the process of being purchased (up), 13271 are single family homes with median price of $120,000 (down); 1507 are condominiums with median price of $50,000 (down); 912 are townhomes with a median price of $74,975 (down). Final negotiated sales prices are confidential until closing. Of the total, 11285 are short sale, 2452 are foreclosed, and 1951 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: 674 properties closed this week, 4110 in the last 30 days, and 12730 so far this year. For properties closed in the last 30 days, median time on market was 41 days (down). Median sales price was $110,000 (unch); median list price was $112,838 (up). For single family homes, median sales price was $125,000 (unch), for condos $51,475 (down), and for townhomes $70,000 (down). Short sales accounted for 1083 of the total, there were 1677 bank owned properties, and 1353 non-distressed sales.

Rentals: 5200 homes, townhomes, and condos were available for rent in the Valley in the MLS system (up). Median square footage of these units is 1515 and median rent is $1099. There are 988 contingent leases waiting to be signed and 2724 leases signed in the last 30 days (down) with median rent of $1095 and median square footage of 1510.

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.

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 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.

Summary: Amazingly enough, the number of available properties is down yet again to 7386. I don’t generally harp on this, but it does mean we have roughly 2 months supply of existing homes (if there’s no new listings, we’ll run out in about 2 months). Thankfully, there’s still new construction out there. The median price on houses has jumped yet again and is just under $165,000, partly because the number of homes under $50,000 has plunged. Price per square foot on condos is up too: you’ll pay the same amount, but for a smaller unit. Even the median price on short sales is up. Not surprisingly, the number of units under contract to be purchased is up, now over 15,000. Unfortunately, over 10,000 of those are short sales — it’s gotten better but you still can’t count on a short sale closing. Closed sales remained strong this week. Expect even more next week as banks try to clear the books before month end and the end of the 1st quarter of the year. The gap between list and sales price median is less than $1000. I’m seeing a lot of multiple offer situations on the ground bidding prices up — often over list price. Don’t even think of offering less than 99% of list if you really want the place.

The News: First, just a reminder that in the State of Nevada, every seller is legally obligated to disclose everything that they know is wrong with the property,  even banks and even if the property is sold “as is.” That’s not me talking, that’s my company’s lawyer!

CoreLogic would like everyone to continue to panic about so-called “shadow inventory“, or homes that should be foreclosed upon but haven’t been yet. Remember, their worst case scenario doesn’t account for refinancing, short sales, or simply paying off the bank. This is an important point when you realize that delinquent mortgages are down. I’d just like to point out that their list of worst shadow inventory states does not include Nevada, one of the states where Bank of America is experimenting with a deed-in-lieu to rental program.

Speaking of foreclosure news, here’s an interesting de-bunking of the “there were so many foreclosures we had to commit fraud to keep up” theory. This week the government fined 8 banks for fraudulent foreclosures. Remember that the fallout from foreclosure fraud will be with us for years to come.

In February there were fewer new homes sold, but prices were up. Locally I am hearing that builder’s rate sheets are changing fast; don’t count on today’s price tomorrow. Existing home sales were also down nationwide, but still up substantially from last year.

Available Listings: There are 6207 single family homes (down), with a median price of $164,900 (up), $79 per square foot (up). In addition, there are 695 condominiums (down), with a median price of $57,000 (down), $59 per square foot (up) and 481 townhomes (down) with a median price of $89,900 (unch), $66 per square foot (up).

Distressed Properties: Of available listings, there are 2804 short sales (down) and 1131 bank-owned (REO, foreclosures, & “repos”) properties (down). Median price for a short sale is $122,900 (up); median price on a bank-owned home is $116,950 (up). All short sale listings should be considered at risk of becoming bank owned properties whether they are available or contingent. The 3451 non-distressed properties for sale (down) had a median price of $199,999 (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, 169 under $50,000; 1238 between $50,000-$100,000; 2431 between $100,000-$200,000; 1486 between $200,000-$400,000; 483 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, 369 under $50,000; 491 between $50,000-$100,000; 249 between $100,000-$200,000; 67 between $200,000-$400,000; 14 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 15200 properties in the process of being purchased (up), 12841 are single family homes with median price of $120,000 (unchanged); 1479 are condominiums with median price of $49,950 (up); 880 are townhomes with a median price of $72,950 (up). Final negotiated sales prices are confidential until closing. Of the total, 10559 are short sale, 2720 are foreclosed, and 1921 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: 793 properties closed this week, 4047 in the last 30 days, and 9766 so far this year. For properties closed in the last 30 days, median time on market was 44 days (down). Median sales price was $109,000 (up); median list price was $109,990 (up). For single family homes, median sales price was $123,000 (up), for condos $54,600 (up), and for townhomes $74,000 (unchanged). Short sales accounted for 1142 of the total, there were 1675 bank owned properties, and 1231 non-distressed sales.

Rentals: 5077 homes, townhomes, and condos were available for rent in the Valley in the MLS system (up by 1). Median square footage of these units is 1486 and median rent is $1095. There are 1165 contingent leases waiting to be signed and 2977 leases signed in the last 30 days (down) with median rent of $1095 and median square footage of 1509.

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.

Summary: While last year we had 15066 available listings, now there’s just 7834! That’s just a little more than half what we had then. This is the time to put property on the market and take advantage of the Law of Supply and Demand. Prices are up year over year, particularly for single family homes. Don’t listen to anybody who says Vegas prices are dropping, or anybody who says buyers are getting steep discounts off list price. Where we are seeing more listings is in non-distressed property and higher priced properties. A lucky 777 properties closed this week (and even prices inched up here), so have a lucky St Patrick’s Day.

The News: New foreclosure data is out, and we’re not out of the woods yet even though foreclosures are down and short sales are up. It’s clear that there was a lot of foreclosure fraud by the banks, so it will be interesting to see what happens as it is fully investigated. Good news on short sales: the feds want to set rules to make them go faster and smoother. Let’s see how that works out. I am seeing signs that more shorts are closing.

Someone other than me has finally noticed that the Vegas market is on fire! And it’s not just because of silly-low mortgage rates under 4%. Buyers need to be prepared for slim listings and make their strongest offer first.

Available Listings: There are 6585 single family homes (down), with a median price of $159,900 (up), $78 per square foot (up). In addition, there are 750 condominiums (down), with a median price of $57,900 (up), $58 per square foot (unch) and 499 townhomes (down) with a median price of $89,900 (up), $66 per square foot (up). That’s a change from 12442 SFR with a median of $137,558 and 2624 condos/townhomes at a median of $67,000 last year. That’s right: prices of available properties are up year over year.

Distressed Properties: Of available listings, there are 3080 short sales (down) and 1221 bank-owned (REO, foreclosures, & “repos”) properties (down). Median price for a short sale is $119,900 (up); median price on a bank-owned home is $115,000 (down). All short sale listings should be considered at risk of becoming bank owned properties whether they are available or contingent. The 3625 non-distressed properties for sale (up) had a median price of $199,158 (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. A year ago there were 7520 shorts, 2629 REO, and 4911 classics.

Single Family Home Prices: Of available listings, 201 under $50,000; 1384 between $50,000-$100,000; 2801 between $100,000-$200,000; 1507 between $200,000-$400,000; 483 between $400,000-$700,000; 176 between $700,000-$1,000,000; and 301 over $1,000,000. Last year it was 382 under $50,000; 3206 between $50,000-$100,000; 5826 between $100,000-$200,000; 2046 between $200,000-$400,000; 552 between $400,000-$700,000; 212 between $700,000-$1,000,000; and 389 over $1,000,000.

Condo and Townhome Prices: Of available listings, 392 under $50,000; 528 between $50,000-$100,000; 265 between $100,000-$200,000; 65 between $200,000-$400,000; 14 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. March 2011 saw 792 under $50,000; 1348 between $50,000-$100,000; 456 between $100,000-$200,000; 70 between $200,000-$400,000; 14 between $400,000-$700,000; 3 between $700,000-$1,000,000; and 1 over $1,000,000.

Contingent and Pending Listings: Of the 14850 properties in the process of being purchased (up), 12560 are single family homes with median price of $120,000 (unchanged); 1419 are condominiums with median price of $49,900 (down); 871 are townhomes with a median price of $71,900 (up). Final negotiated sales prices are confidential until closing. Of the total, 9969 are short sale, 2671 are foreclosed, and 1823 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. There were 12776 under contract this time last year.

Recently Sold: 777 properties closed this week, 3907 in the last 30 days, and 8867 so far this year. For properties closed in the last 30 days, median time on market was 45 days (unch). Median sales price was $108,300 (up); median list price was $109,900 (up). For single family homes, median sales price was $122,000 (unch), for condos $54,000 (up), and for townhomes $75,000 (unchanged). Short sales accounted for 1103 of the total, there were 1626 bank owned properties, and 1178 non-distressed sales. Median sales price was $115,000 and median list price was $117,250 a year ago.

Rentals: 5076 homes, townhomes, and condos were available for rent in the Valley in the MLS system (down). Median square footage of these units is 1483 and median rent is $1095. There are 1119 contingent leases waiting to be signed and 3018 leases signed in the last 30 days (up) with median rent of $1095 and median square footage of 1538. Last year we had just 3815 available rentals and 2395 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.

Summary: Available properties are starting to look mighty slim, now at 8286. Yeow! Thinking of listing your property? This is the moment. Well priced properties are going under contract fast, as proven by the rising number of properties in contingent and pending status. Homeowners with equity are able to command a bit of a premium for the benefit of not waiting on bankers. Remember that part of the reason median prices are going up is that our supply of super-low priced listings is drying up. We do have almost a thousand short sales under contract, and that is going to take some time to process regardless of the state law saying the bank must “reply” within 90 days.

The News: While Bank of America is accused of defrauding the government’s HAMP refinancing program, they’re also trying to make a deal with the government to write down about 200,000 mortgage balances — perhaps in return for overlooking fraud. The government is pressuring other lenders to get more write-downs done. This will absolutely hurt the loan holders, but benefit housing markets with many underwater homeowners (for example, Nevada). There’s still no hard data on what’s lurking in the foreclosure fraud settlement deal.

Our Broker, Forrest Barbee is one smart guy! So here’s an interesting quote:

Well, if banks were concerned about AB-284 – why didn’t they speed up the NOD process prior to October 1, 2011?  Why do banks pay the county tax bills even though they haven’t received a payment from the Borrower in over two years? Why are we seeing the same trend in decreasing REO inventory in markets such as Phoenix/Scottsdale where there is no AB-284 impact?  It’s simple!  The banks own very, very few of the loans they service and are obviously benefitting from protracted foreclosure periods.

If you love more economic data on housing, this is a set of charts and commentary you simply must check out! If you prefer things short and sweet, here goes: inventory is down, asking prices are up, sales prices are down, and foreclosure starts are up nationwide.

Available Listings: There are 6998 single family homes (down), with a median price of $154,000 (up), $76 per square foot (up). In addition, there are 764 condominiums (down), with a median price of $57,500 (up), $58 per square foot (up) and 527 townhomes (down) with a median price of $85,000 (up), $63 per square foot (up).

Distressed Properties: Of available listings, there are 3341 short sales (down) and 1382 bank-owned (REO, foreclosures, & “repos”) properties (down). Median price for a short sale is $119,000 (up); median price on a bank-owned home is $110,900 (down). All short sale listings should be considered at risk of becoming bank owned properties whether they are available or contingent. The 3566 non-distressed properties for sale (down) had a median price of $195,450 (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, 225 under $50,000; 1529 between $50,000-$100,000; 2808 between $100,000-$200,000; 1550 between $200,000-$400,000; 487 between $400,000-$700,000; 169 between $700,000-$1,000,000; and 297 over $1,000,000.

Condo and Townhome Prices: Of available listings, 414 under $50,000; 572 between $50,000-$100,000; 252 between $100,000-$200,000; 60 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 14461 properties in the process of being purchased (up), 12209 are single family homes with median price of $120,000 (unchanged); 1409 are condominiums with median price of $49,950 (down); 843 are townhomes with a median price of $71,200 (down). Final negotiated sales prices are confidential until closing. Of the total, 9969 are short sale, 2671 are foreclosed, and 1823 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: 594 properties closed this week, 3759 in the last 30 days, and 7969 so far this year. For properties closed in the last 30 days, median time on market was 45 days (down). Median sales price was $108,000 (up); median list price was $109,000 (unchanged). For single family homes, median sales price was $122,000 (up), for condos $52,150 (up), and for townhomes $75,000 (unchanged). Short sales accounted for 1075 of the total, there were 1571 bank owned properties, and 1114 non-distressed sales.

Rentals: 5095 homes, townhomes, and condos were available for rent in the Valley in the MLS system (down). Median square footage of these units is 1486 and median rent is $1095. There are 1067 contingent leases waiting to be signed and 2948 leases signed in the last 30 days (up) with median rent of $1093 and median square footage of 1515.

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.