Summary: We have only 10225 available properties, compared to 11124 at the beginning of January. The median price on both short sale and classic listings is up! More good news, the number of very low priced properties is declining. As normal, the end of the month meant more closed sales than usual for the week. Sales in the last 30 days remain strong, building on last year’s numbers. The gap between sales and list prices is widening up, but at under 4% it’s still not a “low-ball” market.

The News: Let’s start with fun stuff for a change! Here’s a time lapse map of Vegas. And for those of you who love bizarre listings, check out Ugly House Photos. Ok, back to boring old reality.

Both CoreLogic and Case-Shiller said that home prices declined in December. Remember that we are talking about December (a month when only those who truly must buy and sell homes), and we are talking about nationwide numbers. But here’s another important point: inventory is down 17% nationwide. The law of supply and demand suggests what?

There’s still the possibility of a foreclosure fraud settlement that actually involves further investigating crimes committed by banks. However, there’s no way the parties will meet an arbitrary deadline for today — a move that struck me as meaning there was one mighty big devil in the details. There is one more bit of really good foreclosure news: mortgage delinquencies were down an amazing 40% in 2011.

Mortgage rates dropped yet again to yet another record low: 3.87%. One can almost understand why the Obama Administration is so enthusiastic about refinancing programs, despite the fact that it will never, ever fix the housing market.

Available Listings: There are 8718 single family homes (down), with a median price of $140,000 (up), $72 per square foot (unchanged). In addition, there are 921 condominiums (down), with a median price of $55,000 (unchanged), $55 per square foot (unchanged) and 586 townhomes (down) with a median price of $80,000 (down), $59 per square foot (down). Last month we had 9504 single family homes with a median price of $139,500, 967 condominiums with a median price of $55,000, and 647 townhomes with a median price of with a median price of $80,000.

Distressed Properties: Of available listings, there are 4582 short sales (down) and 1826 bank-owned properties (down). Median price for a short sale is $110,913 (up); median price on a bank-owned home is $107,000 (down). All short sale listings should be considered at risk of becoming bank owned properties whether they are available or contingent. The 3814 non-distressed properties for sale (down) had a median price of $187,986 (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 month ago we had 5079 shorts, 2108 foreclosures, and 3933 classic listings available.

Single Family Home Prices: Of available listings, 374 under $50,000; 2181 between $50,000-$100,000; 3585 between $100,000-$200,000; 1717 between $200,000-$400,000; 475 between $400,000-$700,000; 187 between $700,000-$1,000,000; and 304 over $1,000,000. January’s figures were 388 under $50,000; 2509 between $50,000-$100,000; 3970 between $100,000-$200,000; 1775 between $200,000-$400,000; 490 between $400,000-$700,000; 199 between $700,000-$1,000,000; and 296 over $1,000,000.

Condo and Townhome Prices: Of available listings, 542 under $50,000; 662 between $50,000-$100,000; 238 between $100,000-$200,000; 65 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 month there were 552 under $50,000; 739 between $50,000-$100,000; 261 between $100,000-$200,000; 65 between $200,000-$400,000; 14 between $400,000-$700,000; 1 between $700,000-$1,000,000; and 2 over $1,000,000.

Contingent and Pending Listings: Of the 12900 properties in the process of being purchased (up), 10761 are single family homes with median price of $120,000 (unchanged); 1331 are condominiums with median price of $50,000 (unchanged); 810 are townhomes with a median price of $74,900 (up). Final negotiated sales prices are confidential until closing. Of the total, 8766 are short sale, 2637 are foreclosed, and 1498 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 month ago we had 12180 properties under contract.

Recently Sold: 999 properties closed this week, 3519 in the last 30 days, and 3655 so far this year. For properties closed in the last 30 days, median time on market was 47 days (up). Median sales price was $105,125 (unchanged); median list price was $108,886 (unchanged). For single family homes, median sales price was $118,000 (down), for condos $48,550 (up), and for townhomes $65,500 (down). Short sales accounted for 990 of the total, there were 1605 bank owned properties, and 924 non-distressed sales. Last month we had 3844 recent sales; median sales price was $108,000 and median list price was $109,900.

Rentals: 5702 homes, townhomes, and condos were available for rent in the Valley in the MLS system (down). Median square footage of these units is 1500 and median rent is $1099. There are 915 contingent leases waiting to be signed and 2536 leases signed in the last 30 days (up) with median rent of $1095 and median square footage of 1536. At the beginning of January we had 5800 available rentals and 1913 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: We have 10715 available properties, yet another drop. We haven’t seen this low a number of available units since June of 2010 and the end of the Home Buyers Tax Credit. The number of bank owned properties is abnormally low as lenders try to figure out how to comply with relatively new state laws and rulings by state judges. Expect more foreclosures by summer. More short sale and traditional sellers should start to appear with the flowers of Spring. While the number of available units is down, properties under contract are up — a healthy sign by most measures. We have a major tick up in both the number of leases waiting to be signed and the new leases signed. Rentals continue to move fast in this town, so don’t delay if you need to lease!

The News: The Feds are still trying to push through a big foreclosure fraud settlement that involves forgetting about investigating — let along prosecuting — the illegal actions of banks. However, they are bending under pressure from the public and at least two state Attorneys General to at least attempt to look into the matter. It turns out that “let the guys who wrecked the economy off the hook” is a bad strategy in an election year. In local foreclosure fraud news, yet another Nevada court has ruled that lenders must actually prove they have the right to foreclose before doing so.

December saw a drop in the number of homes under contract to be purchased nationwide. But don’t panic! That’s down from a 19 month high! Available inventory is down nationwide, too. It seems logical that if there are fewer homes available, fewer purchase contracts will result.

Two interesting problems to look out for. First, some economists think that all-cash real estate purchases are driving down home prices. Since roughly a third of our deals in Vegas are cash, this should be alarming. However, we have a large inventory of homes that are effectively un-mortgageable — those under $50,000 and those in very poor repair — so I do think this theory is overstated at least on the local level. It would be easy to say “See?? Look at all these homes selling for less than $50,000!” without pointing out that almost nobody locally will write a mortgage for that little. The other interesting thing is a study on what would happen if the minimum down payment on a mortgage went up sharply. It turns out that a minimum of as little as 10% would be a problem for as much as 40% of homebuyers. More alarming is that even more minority homebuyers would theoretically be out of luck. This study, of course, assumes that just because somebody made a lower down payment, the borrower couldn’t afford a bigger one. I find this assumption unrealistic.

Available Listings: There are 9151 single family homes (down), with a median price of $139,900 (unchanged), $72 per square foot (unchanged). In addition, there are 962 condominiums (up), with a median price of $55,000 (up), $55 per square foot (unchanged) and 600 townhomes (up) with a median price of $80,900 (up), $61 per square foot (up).

Distressed Properties: Of available listings, there are 4855 short sales (down) and 1883 bank-owned properties (down). Median price for a short sale is $110,000 (unchanged); median price on a bank-owned home is $109,000 (unchanged). All short sale listings should be considered at risk of becoming bank owned properties whether they are available or contingent. The 3974 non-distressed properties for sale (down) had a median price of $184,900 (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, 395 under $50,000; 2308 between $50,000-$100,000; 3838 between $100,000-$200,000; 1751 between $200,000-$400,000; 481 between $400,000-$700,000; 191 between $700,000-$1,000,000; and 305 over $1,000,000.

Condo and Townhome Prices: Of available listings, 549 under $50,000; 701 between $50,000-$100,000; 244 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 12843 properties in the process of being purchased (up), 10694 are single family homes with median price of $120,000 (unchanged); 1334 are condominiums with median price of $50,000 (unchanged); 815 are townhomes with a median price of $72,000 (up). Final negotiated sales prices are confidential until closing. Of the total, 8637 are short sale, 2760 are foreclosed, and 1446 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: 756 properties closed this week, 3455 in the last 30 days, and 2519 so far this year. For properties closed in the last 30 days, median time on market was 47 days (up). Median sales price was $108,000 (unchanged); median list price was $109,900 (unchanged). For single family homes, median sales price was $119,444 (up), for condos $47,750 (down), and for townhomes $69,900 (unchanged). Short sales accounted for 956 of the total, there were 1573 bank owned properties, and 927 non-distressed sales.

Rentals: 5871 homes, townhomes, and condos were available for rent in the Valley in the MLS system (down). Median square footage of these units is 1499 and median rent is $1099. There are 1040 contingent leases waiting to be signed and 2242 leases signed in the last 30 days (up) with median rent of $1095 and median square footage of 1536.

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.

Edit your list: Before you get going, be very critical of the list of homes you want to see. Sure, some very rare house-hunters may be able to tackle a dozen homes a day and remember things about them. Most people are overwhelmed by the time they get to the 6th property. Save yourself time and effort by eliminating “maybes” before you start.

Straight Up Or Down Vote: In most cases, you know whether or not a property is a keeper within minutes. Don’t waste your valuable time on a house that won’t fit your needs! If that means you arrive and immediately decide to drive away, so be it. After you’ve seen two properties, always compare the one you’re in to the one you liked best. This way, you’ll never really be considering more than two homes at once: a favorite and a runner-up.

Pen: I always give clients copies of the listings we see (and a folder to keep them in!). Write notes when you look. Your notes will remind you what you liked, hated, or some unusual feature. Scribbling something as simple as “green carpet” will jog your memory about other things.

Flashlight: You never know what dark corner you might want to look at. And these days, many vacant properties don’t have electricity turned on, so you’ll need that flashlight to see into bathrooms, garages, under sink areas, and closets.

Tape Measure: “Honey, will our sofa fit on this wall?” “Bridget, how big is this room?” “How big a TV can go there?” All questions a tape measure will answer.

Comfortable Shoes: You will be walking around a bunch of properties, probably a bunch of back yards. This is not the time for your cute stiletto heels. Since many households are “shoes off please”, slip-ons are best.

Sunscreen: This is Las Vegas. Don’t go anywhere without sunscreen, even in winter.

Don’t lose your marbles: I have a new tool in my arsenal. It’s not practical to carry a level with me, but with a simple marble or ball, I can get a general idea how flat the floors are. You might also consider a bit of string with something tied on the end to see if walls are plumb when you are looking at older properties, or homes in earthquake prone areas.

I hope this helps you in your search. If you are searching in Las Vegas, be sure to give me a call!

Summary: We have 10897 available properties, compared to 16231 a year ago. For those of you playing at home, that means one of my 2012 real estate predictions is very probably busted. Don’t let anybody tell you this is a buyers market! One truly bright spot is that year over year, median price on available single family homes is ever so slightly UP! That’s right, I said UP year over year. There has also been a remarkable year over year decline in the number of available condos priced under $100,000. While the number of available properties is down, the number under contract is up; this is good because it means that we aren’t having a lot of expiring listings. We had a jump in the number of short sales under contract both from last week and year over year, supporting my prediction that it’s the Year of the Short Sale.

The News: NPR had an interesting item on property taxes this week, and why they aren’t necessarily going down. You might also enjoy this CNN item on unusual homes for sale. One interesting local item is on dropping prices for high-rise condos.

Home sales were up in December. That’s 3 months in a row, and an 11 month high! That also brings us down to a 6.2 month supply.

The latest version of the foreclosure fraud settlement would include writing down the mortgage balances of one million homeowners by roughly $20,000 (which won’t change anything in Las Vegas). However, there is some concern that banks will not actually lose this money, but pass the loss on to the investors who bought mortgage backed securities. The problem with this is that many of those securities are held by pension funds. Meanwhile, MERS is trying to settle a lawsuit rather than be dragged into a class action suit.

Available Listings: There are 9367 single family homes (down), with a median price of $139,900 (unchanged), $72 per square foot (unchanged). In addition, there are 936 condominiums (down), with a median price of $54,900 (down), $55 per square foot (up) and 599 townhomes (down) with a median price of $80,000 (up), $60 per square foot (up). Last January we had 13324 single family homes (up), with a median price of $139,695 and 2906 condominiums and townhomes with a median price of $68,900.

Distressed Properties: Of available listings, there are 4987 short sales (down) and 1929 bank-owned properties (down). Median price for a short sale is $110,000 (unchanged); median price on a bank-owned home is $109,000 (up). All short sale listings should be considered at risk of becoming bank owned properties whether they are available or contingent. The 3983 non-distressed properties for sale (up) had a median price of $186,725 (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 year it was 7872 shorts, 3461 bank owned, and 4871 classic listings available.

Single Family Home Prices: Of available listings, 406 under $50,000; 2389 between $50,000-$100,000; 3914 between $100,000-$200,000; 1779 between $200,000-$400,000; 501 between $400,000-$700,000; 195 between $700,000-$1,000,000; and 299 over $1,000,000. A year ago there were 350 under $50,000; 3190 between $50,000-$100,000; 6610 between $100,000-$200,000; 2198 between $200,000-$400,000; 582 between $400,000-$700,000; 209 between $700,000-$1,000,000; and 388 over $1,000,000.

Condo and Townhome Prices: Of available listings, 540 under $50,000; 693 between $50,000-$100,000; 234 between $100,000-$200,000; 68 between $200,000-$400,000; 14 between $400,000-$700,000; 1 between $700,000-$1,000,000; and 2 over $1,000,000. For technical reasons, these figures do not include high-rise communities. January 2011 saw 844 under $50,000; 1480 between $50,000-$100,000; 536 between $100,000-$200,000; 86 between $200,000-$400,000; 13 between $400,000-$700,000; 5 between $700,000-$1,000,000; and 2 over $1,000,000.

Contingent and Pending Listings: Of the 12679 properties in the process of being purchased (up), 10541 are single family homes with median price of $120,000 (up $1); 1328 are condominiums with median price of $50,000 (unchanged); 810 are townhomes with a median price of $70,000 (down). Final negotiated sales prices are confidential until closing. Of the total, 8528 are short sale, 2755 are foreclosed, and 1394 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 year there were 11060 under contract, 7449 of them short sales.

Recently Sold: 607 properties closed this week, 3462 in the last 30 days, and 1675 so far this year. For properties closed in the last 30 days, median time on market was 46 days (unchanged). Median sales price was $108,000 (up); median list price was $109,900 (unchanged). For single family homes, median sales price was $119,000 (unchanged), for condos $50,000 (down), and for townhomes $69,900 (down). Short sales accounted for 935 of the total, there were 1585 bank owned properties, and 943 non-distressed sales. A year ago we had 3339 recent sales, median sales price was $115,000 and median list price was $119,500.

Rentals: 5935 homes, townhomes, and condos were available for rent in the Valley in the MLS system (up). Median square footage of these units is 1501 and median rent is $1099. There are 894 contingent leases waiting to be signed and 2070 leases signed in the last 30 days (up) with median rent of $1095 and median square footage of 1534. Last year there were 4252 available rentals and 1590 new leases, both with median rents of $1100.

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.

Oh, and it looks like one of my predictions is in the works: about a dozen state Attorneys General are talking about mortgage/foreclosure fraud investigations outside the foreclosure fraud settlement talks.

But you’re here for the video:

Summary: The number of available properties is down just a little to 11048. Apparently non-institutional sellers are waiting until spring to list — a questionable tactic in today’s market. Interestingly enough, the number of properties listed for more than $700,000 seems to be trending up. The number of properties under contract is up slightly, a good sign for future closings. Expect light closings next week, as title companies and government offices will be closed Monday.

The News: We have what might be good news on the foreclosure front: fewer of them! In fact, foreclosures are down to 2007 levels. But is this a sign of things to come, or just a glitch caused by stronger state laws, more scrutiny, and not wanting to admit that banks are losing money on non-performing mortgages? If so, we can expect foreclosures to pick up again very soon now. Meanwhile, the Obama Administration still wants to ram through a foreclosure fraud settlement that would slap banks on the wrist and prevent investigation and punishment for crimes committed by the banks.

Mortgage rates are down again this week, to a new record of 3.89%. I am deadly serious when I say I don’t expect rates to be this low a year from now; if you are on the fence, get thee to a mortgage officer.

While the CoreLogic House Price Index suggests that prices were down in November, rents are being pushed up nationally by high demand.

Available Listings: There are 9493 single family homes (down), with a median price of $139,900 (up), $72 per square foot (unchanged). In addition, there are 944 condominiums (down), with a median price of $55,000 (unchanged), $54 per square foot (unchanged) and 611 townhomes (down) with a median price of $79,900 (down), $59 per square foot (down).

Distressed Properties: Of available listings, there are 5062 short sales (down) and 2057 bank-owned properties (down). Median price for a short sale is $110,000 (up); median price on a bank-owned home is $106,000 (down). All short sale listings should be considered at risk of becoming bank owned properties whether they are available or contingent. The 3929 non-distressed properties for sale (down) had a median price of $187,500 (unchanged). 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, 401 under $50,000; 2452 between $50,000-$100,000; 3986 between $100,000-$200,000; 1782 between $200,000-$400,000; 497 between $400,000-$700,000; 201 between $700,000-$1,000,000; and 299 over $1,000,000.

Condo and Townhome Prices: Of available listings, 532 under $50,000; 721 between $50,000-$100,000; 241 between $100,000-$200,000; 61 between $200,000-$400,000; 15 between $400,000-$700,000; 1 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 12364 properties in the process of being purchased (up), 10295 are single family homes with median price of $119,999 (unchanged); 1203 are condominiums with median price of $50,000 (up); 664 are townhomes with a median price of $70,250 (up). Final negotiated sales prices are confidential until closing. Of the total, 8343 are short sale, 2677 are foreclosed, and 1446 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: 590 properties closed this week, 3753 in the last 30 days, and 946 so far this year. For properties closed in the last 30 days, median time on market was 46 days (up). Median sales price was $107,500 (down); median list price was $109,900 (unchanged). For single family homes, median sales price was $119,000 (down), for condos $50,150 (up), and for townhomes $70,000 (unchanged). Short sales accounted for 1013 of the total, there were 1728 bank owned properties, and 1012 non-distressed sales.

Rentals: 5847 homes, townhomes, and condos were available for rent in the Valley in the MLS system (up). Median square footage of these units is 1499 and median rent is $1099. There are 885 contingent leases waiting to be signed and 1950 leases signed in the last 30 days (up) with median rent of $1095 and median square footage of 1560.

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.

By the way, it appears that Occupy Our Homes has arrived in Vegas.

Summary: Surprisingly we had another drop in the number of available units to 11124, compared to 12120 last month. The reduced inventory has pushed the price of both bank owned and traditional sales up. The median price of foreclosed homes is up 9% from the bottom we put in last summer! Properties under contract are also declining as properties close. The price of properties closing is stable, but I expect it to edge up a percentage or two over the coming 90 days as available properties go through the pipeline.

The News: The Feds are floating another proposal to start renting out some of the foreclosed homes owned by agencies of the government. This is partly to keep rents up nationally, and avoid having to rejigger how inflation is measured. Ironically, this may drive the price of foreclosures down, because the “nicest” ones are more likely to be rented out than the gutted disasters at the bottom of the price range (can we hope for a bulldozer?).

The number of visitors to Vegas is back to its pre-recession levels, despite the fact that convention business is still down. Visitors returning should remember that the Hilton is no longer a Hilton.

And the foreclosure fraud trial of a Florida lawyer suggests that the shadow inventory problem may be much, much bigger than anybody thinks. But then again, the man is on trial for lying.

Available Listings: There are 9504 single family homes (down), with a median price of $139,500 (up), $72 per square foot (up). In addition, there are 967 condominiums (down), with a median price of $55,000 (unchanged), $54 per square foot (unchanged) and 6547 townhomes (down) with a median price of $80,000 (unchanged), $59 per square foot (down). A month ago we had 10312 houses at a median price of $139,900, 1087 condos at a median of $55,000, and 721 townhomes with a median price of $79,900.

Distressed Properties: Of available listings, there are 5079 short sales (down) and 2108 bank-owned properties (down). Median price for a short sale is $109,900 (unchanged); median price on a bank-owned home is $108,700 (up). All short sale listings should be considered at risk of becoming bank owned properties whether they are available or contingent. The 3933 non-distressed properties for sale (down) had a median price of $184,990 (unchanged). 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. That compares to December’s numbers of 5482 shorts, 2595 foreclosures, and 4243 classic sales.

Single Family Home Prices: Of available listings, 388 under $50,000; 2509 between $50,000-$100,000; 3970 between $100,000-$200,000; 1775 between $200,000-$400,000; 490 between $400,000-$700,000; 199 between $700,000-$1,000,000; and 296 over $1,000,000. A month ago there were 425 under $50,000; 2752 between $50,000-$100,000; 4298 between $100,000-$200,000; 1951 between $200,000-$400,000; 518 between $400,000-$700,000; 198 between $700,000-$1,000,000; and 308 over $1,000,000.

Condo and Townhome Prices: Of available listings, 552 under $50,000; 739 between $50,000-$100,000; 261 between $100,000-$200,000; 65 between $200,000-$400,000; 14 between $400,000-$700,000; 1 between $700,000-$1,000,000; and 2 over $1,000,000. For technical reasons, these figures do not include high-rise communities. Last month’s figures were 637 under $50,000; 801 between $50,000-$100,000; 298 between $100,000-$200,000; 72 between $200,000-$400,000; 21 between $400,000-$700,000; 0 between $700,000-$1,000,000; and 2 over $1,000,000.

Contingent and Pending Listings: Of the 12180 properties in the process of being purchased (down), 10163 are single family homes with median price of $119,999 (down $1); 1283 are condominiums with median price of $49,995 (down $2); 734 are townhomes with a median price of $69,900 (unchanged). Final negotiated sales prices are confidential until closing. Of the total, 8361 are short sale, 2711 are foreclosed, and 1425 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 month ago we had 13019 properties under contract.

Recently Sold: 715 properties closed this week, 3844 in the last 30 days, and 252 so far this year (remember that no properties recorded until the 3rd). For properties closed in the last 30 days, median time on market was 43 days (unchanged). Median sales price was $108,000 (up); median list price was $109,900 (up). For single family homes, median sales price was $122,000 (up), for condos $49,500 (up), and for townhomes $70,000 (up). Short sales accounted for 1023 of the total, there were 1785 bank owned properties, and 1036 non-distressed sales. At the beginning of December we had 3665 recent sales, with a median sales price of $108,880 and median list price of $109,900.

Rentals: 5800 homes, townhomes, and condos were available for rent in the Valley in the MLS system (down). Median square footage of these units is 1488 and median rent is $1095. There are 739 contingent leases waiting to be signed and 1913 leases signed in the last 30 days (down) with median rent of $1095 and median square footage of 1557. Last month there were 5793 available and 2220 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.

The Federal Housing Finance Agency has already filed a lawsuit to stop a similar ordinance in Chicago, and they are poised to do the same here in Vegas. Maybe our City Council should have waited to see how judges rule on that case before passing our own regulation. One interesting paragraph echoes one of my many concerns, emphasis added:

Namely, the opponents in Las Vegas say banks don’t truly own the properties until the foreclosure process is complete, meaning that in the months between a borrower leaving and the legal takeover by the lender, the bank doesn’t have the right to order work on the property.

Or, to put it simply, it requires bank representatives to trespass and break one law to follow another.

Don’t get me wrong. I don’t like the fact that the Feds are effectively preventing local governments from making banks shoulder their responsibilities for maintaining properties they own. It’s part of a trend of shielding big national banks from following state and local laws in general! However, this ill-considered ordinance will not solve our problems.

Summary: We’re down to 11486 available properties ahead of year-end. Hopefully, next week will be the big week for new listings that I’ve been looking for. The number of foreclosed homes on the market is continuing to slide (and probably will until banks figure out how best to tackle new laws in Nevada), but the good news is that the median price on those properties is up 8% from the bottom we had earlier this year. Predictably, the number of units under contract is down: banks and other institutions wanted both foreclosures and short sales off the books before the end of the year. The number of sales closed this week is remarkable when you consider that the County Recorder’s Office was closed Monday to observe Christmas.

The News: There’s still one more day of recorded documents to go through, but it looks like 38% of residential real estate purchases in 2011 were made with cash. Cash has been king here in our local market for some time, and will continue as long as we have un-mortgageable property for sale.

The Case-Shiller numbers came out this week, and generally speaking they weren’t good news. Housing prices were down in October. Keep in mind, it’s the end of December.

The foreclosure fraud settlement hasn’t materialized yet, and I am hopeful that there will be criminal investigations and prison sentences before any settlement can be made. In the meantime, Karl Denniger has some ideas about what the law should be (and frankly I’m shocked that this isn’t already law). Right now in Nevada, there is a case before our state Supreme Court asking just how much documentation must exist to bring a foreclosure: is some computer record from another state good enough? Speaking of foreclosure, here’s an interesting item on how long it sometimes takes to foreclose!

Available Listings: There are 9814 single family homes (down), with a median price of $139,000 (down), $71 per square foot (down). In addition, there are 1014 condominiums (down), with a median price of $55,000 (unchanged), $54 per square foot (down) and 657 townhomes (down) with a median price of $80,000 (down), $60 per square foot (up).

Distressed Properties: Of available listings, there are 5227 short sales (down) and 2195 bank-owned properties (down). Median price for a short sale is $109,900 (unchanged); median price on a bank-owned home is $108,100 (up). All short sale listings should be considered at risk of becoming bank owned properties whether they are available or contingent. The 4066 non-distressed properties for sale (down) had a median price of $184,990 (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, 398 under $50,000; 2613 between $50,000-$100,000; 4110 between $100,000-$200,000; 1819 between $200,000-$400,000; 504 between $400,000-$700,000; 202 between $700,000-$1,000,000; and 305 over $1,000,000.

Condo and Townhome Prices: Of available listings, 586 under $50,000; 757 between $50,000-$100,000; 270 between $100,000-$200,000; 64 between $200,000-$400,000; 19 between $400,000-$700,000; 0 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 12498 properties in the process of being purchased (down), 10454 are single family homes with median price of $120,000 (up $1 and back to where we were 2 weeks ago); 1298 are condominiums with median price of $49,997 (down $3); 746 are townhomes with a median price of $69,900 (down). Final negotiated sales prices are confidential until closing. Of the total, 8361 are short sale, 2711 are foreclosed, and 1425 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: 724 properties closed this week, 3978 in the last 30 days, and 46636 so far this year. For properties closed in the last 30 days, median time on market was 43 days (unchanged). Median sales price was $107,000 (down); median list price was $109,605 (down). For single family homes, median sales price was $120,000 (down), for condos $49,250 (up), and for townhomes $68,200 (down). Short sales accounted for 1062 of the total, there were 1849 bank owned properties, and 1068 non-distressed sales.

Rentals: 5911 homes, townhomes, and condos were available for rent in the Valley in the MLS system (up). Median square footage of these units is 1487 and median rent is $1100. There are 779 contingent leases waiting to be signed and 2048 leases signed in the last 30 days (down) with median rent of $1095 and median square footage of 1557.

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.