Friday Figures for 10/12/12 – Homes and Investment Properties in Vegas, Henderson, and North Las Vegas

The News: Housing prices are still experiencing year over year gains. The rise in home prices combined with mortgage modification programs has had one predictable result: people are regaining lost equity. Going forward, that means fewer short sales and lower risk of foreclosure. That combination shrinks the so-called shadow inventory.

Speaking of foreclosures, they’re at a 5 year low! That’s even if you account for a gradual rise here in Nevada as banks get the hang of complying with state law while still foreclosing on seriously delinquent borrowers. Of course there are still lawsuits over fraudulent mortgages. The latest one is against Wells Fargo.

Not surprisingly, mortgage rates inched up this week from record lows. Now the average 30 year fixed rate is going for 3.39%.

Available Listings: There are 4493 single family homes (down), with a median price of $ 204,900 (down), $ 96 per square foot (unch). In addition, there are 624 condominiums (up), with a median price of $ 69,900 (up), $ 70 per square foot (up) and 275 townhomes (up) with a median price of $ 104,500 (up), $ 76 per square foot (up).

Distressed Properties: Of available listings, there are 1192 short sales (up) and 427 bank-owned (REO, foreclosures, & “repos”) properties (up). Median price for a short sale is $ 144,500 (down); median price on a bank-owned home is $ 149,900 (down). All short sale listings should be considered at risk of becoming bank owned properties whether they are available or contingent. The 3775 non-distressed properties for sale (down) had a median price of $ 201,795 (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, 63 under $ 50,000; 473 between $ 50,000-$ 100,000; 1720 between $ 100,000-$ 200,000; 1367 between $ 200,000-$ 400,000; 431 between $ 400,000-$ 700,000; 177 between $ 700,000-$ 1,000,000; and 304 over $ 1,000,000.

Condo and Townhome Prices: Of available listings, 174 under $ 50,000; 458 between $ 50,000-$ 100,000; 216 between $ 100,000-$ 200,000; 51 between $ 200,000-$ 400,000; 14 between $ 400,000-$ 700,000; 1 between $ 700,000-$ 1,000,000; and 3 over $ 1,000,000. For technical reasons, these figures do not include high-rise communities.

Contingent and Pending Listings: Of the 15113 properties in the process of being purchased (down), 12703 are single family homes with median price of $ 130,000 (up); 1456 are condominiums with median price of $ 54,995 (down by $ 5); 954 are townhomes with a median price of $ 75,000 (down). Final negotiated sales prices are confidential until closing. Of the total, 11950 are short sale, 762 are foreclosed, and 2401 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: 554 properties closed this week, 3408 in the last 30 days, and 34775 so far this year. For properties closed in the last 30 days, median time on market was 25 days (unch). Median sales price was $ 130,000 (up); median list price was $ 129,900 (up). For single family homes, median sales price was $ 141,200 (up), for condos $ 60,000 (up), and for townhomes $ 83,350 (up). Short sales accounted for 1529 of the total, there were 437 bank owned properties, and 1442 non-distressed sales.

Rentals: 6000 homes, townhomes, and condos were available for rent in the Valley in the MLS system (up). Median square footage of these units is 1547 and median rent is $ 1100. There are 923 contingent leases waiting to be signed and 2753 leases signed in the last 30 days (down) with median rent of $ 1095 and median square footage of 1565.

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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