Friday Figures: Las Vegas Real Estate Report for 8/20/2010

Thanks for dropping for Friday Figures! All information from the GLVAR MLS system. Here’s you and your Realtor need to know before touring, listing, or making a purchase offer in the Las Vegas Valley this weekend.

Summary: Once again available units jumped, this time to 14057. While the number of short sale and non distressed available properties is up, there was no rise in the number of bank owned properties. Contingent and pending listings were down, but remain over 14,000. The number of contingent short sales does continue to decline, but some of those units have returned to the market as available. Median time on market for homes that are closing has finally reached 30 days — half of homes selling are on the market less than a month. This slow rise is partly due to institutional sellers insisting on longer periods before considering offers, or only considering investor offers after 2-4 weeks on the market. Our rental market for houses and condominiums is still healthy and stable despite the fact that apartment rents are at a 6 year low.

Other Information: Nationally, more construction is starting on more properties, but permits for the future are down. I don’t cover commercial real estate, but the Commercial Real Estate Price Index is down (great news for business owners looking for new space). Home buyers need to be aware that the FHA rules are tightening up; please consult your mortgage professional for details. Mortgage applications are up as rates are low. Some experts think the government must slash tax breaks for homeowners (please contact your Congressman and Senators if you feel strongly one way or the other). Remember that buying a short sale or foreclosure adds complications to the buying process (see here and here for more). More good news, mortgage delinquencies are down. Thanks to Steve for pointing out that in the second quarter, we had over 3000 cash transactions, and fewer than 1000 closings with a mortgage (FHA, VA, conventional, and owner financed combined! Yes, there were a handful of owner financed transactions). Cash is King in our market right now. And one last thing, the Hoover Dam Bypass should finish on schedule this fall.

Available Listings: There are 11442 single family homes (up), with a median price of $155,900 (down), $82 per square foot (down), with median time on market of 78 days (unchanged). In addition, there are 2615 condominiums and townhomes (down), with a median price of $70,000 (down), $65 per square foot (unchanged), and median time on market of 73 days (up). Last August 11 we had 9423 single family homes with a median price of $180,000 and 2836 condominiums and townhomes with a median price of $115,000.

Distressed Properties: Of available listings, there are 6398 short sales (up) and 2815 bank-owned properties (down). Median price for a short sale is $124,997 (down $3); median price on a bank-owned home is $120,150 (down). All short sale listings must be considered at risk of becoming bank owned properties whether they are available or contingent. The 4818 non-distressed properties for sale (up) had a median price of $200,000 (down). While many of the non-distressed properties are traditional sellers, many others were purchased fairly recently as short sale or bank owned, and then renovated by investors. Last year we had 4895 short sales with a median price of $135,888 and 2628 bank-owned properties with a median price of $116,000.

Single Family Home Prices: Of available listings, 182 under $50,000; 2065 between $50,000-$100,000; 5713 between $100,000-$200,000; 2308 between $200,000-$400,000; 627 between $400,000-$700,000; 252 between $700,000-$1,000,000; and 472 over $1,000,000. In August of 2009 we had 245 under $50,000; 1432 between $50,000-$100,000; 3743 between $100,000-$200,000; 2677 between $200,000-$500,000; 818 between $500,000-$1,000,000; and 667 over $1,000,000.

Condo and Townhome Prices: Of available listings, 616 under $50,000; 1366 between $50,000-$100,000; 550 between $100,000-$200,000; 105 between $200,000-$400,000; 21 between $400,000-$700,000; 5 between $700,000-$1,000,000; and 3 over $1,000,000. These figures exclude high-rise communities for technical reasons. Last years figures were 418 under $50,000; 901 between $50,000-$100,000; 793 between $100,000-$200,000; 455 between $200,000-$500,000; 194 between $500,000-$1,000,000; 130 over $1,000,000.

Contingent and Pending listings: Of the 14046 properties in the process of being purchased (down), 11322 are single family homes with median price of $135,000 (unchanged); 2724 are condominiums or townhomes with median price of $65,000 (unchanged). Final negotiated sales prices are confidential until closing. Of the total, 9822 were short sale (down), 2720 were bank owned (up), and 1491 were non-distressed sales (up). This time last year we had 13815 pending and contingent: 11196 are single family homes with median price of $143,476 and 2619 are condominiums or townhomes with median price of $69,900.

Recently sold: 647 properties closed in the last week, 3550 in the last 30 days, and 27026 so far this year. For properties closed in the last 30 days, median time on market was 30 days (up, time on market including the contingent period was 104 days). Median sales price was $124,000 (unchanged); median list price was $125,000 (up). Short sales accounted for 1098 of them, there were 1555 bank owned properties, and 890 non-distressed sales. This time last year we had a similar number of properties closing and we were just starting to get stable prices; median sales price was $125,000 and median list price was $124,900.

Rentals: 4018 homes, townhomes, and condos were available for rent in the Valley in the MLS system (up). Median square footage of these units is 1379 and median rent is $1100. There are 819 contingent leases waiting to be signed and 2203 leases signed in the last 30 days (up) with median rent of $1150 and median square footage of 1536. Last year we had 5164 available, 610 contingent, and 1933 recent 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.