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Economic Conditions for the Las Vegas Valley (includes Henderson & North Las Vegas)

Las Vegas Area Homes for Sale

Las Vegas Area Homes for Sale

Las Vegas Area Homes for Sale

 

  • Foreclosure/Short Sale Listings (5/15/2011): Total Listings 14096; Short Sales: 6660, 47% of all listings; Bank Owned Listings: 3077, 22% of all listings. Short sale and REO listings consume 69% of total listings
  • New Home Sales (April 2011, units sold): 250 Year Change -37.0% (excl condo conversions, highrises)
  • New Home Sales (April 2011, median price): $188,450 Year Change -3.3% (excl condo conversions, highrises)
  • Existing Home Sales (April 2011, units sold): 3790 Year Change +3.4%
  • Existing Home Sales (April 2011, median price): $111,200 Year Change: -13.1%
  • New Home Permits (April 2011): 323 Year Change -32.8%
  • Rental Rate (MLS Monthly Average March 2011): $1449/month

My analysis: Distressed listings (foreclosures and short sales) are 69% of total listings. Units of homes sold impressive considering tax credit was alive this time last year. Credit markets must be watched as underwriting guidelines continue to tighten. Condos are barely financeable. Inventory stopped it's slow increase in December and now spring time buyers are gobbling up inventory. The rental market is softening due to all the investor/first time buyer combination of activity. This adds more supply and creates less demand. I do believe the rental prices being pressured downward is also causing the resale prices to be pressured downward.

New Residents/Employment Conditions:

Las Vegas Area New Resident Count

Total Employment in Las Vegas

  • New Residents (April 2011): 4876, Year Change +31.3%
  • Total Employment (April 2011): 804,600 Year Change -0.3%
  • Unemployment Rate (April 2011) 12.1%, Year Change -3.0%

My analysis: This sector is FINALLY seeing stabilization thus improvement. It is VERY encouraging to seem these numbers improve - even if slightly! Unemployment rate is still painful however the total employed numbers have remained stable for a year.

Tourism/Gaming Conditions:

Las Vegas Area Convention Attendance

  • McCarran Airport Total Passengers (March 2011): 3,564,841 Year Change +2.2%
  • Gaming Revenue (March 2011): $835,682,725, Year Change +7.2%
  • Visitor Volume (March 2011): 3,730,065, Year Change +5.2%
  • Convention Attendance (March 2011): 518,579, Year Change +10.3%
  • Hotel/Motel Occupancy (March 2011): 87.2% Year Change +4.8%

My analysis: This sector (tourism) needs to see some serious price corrections before we see a comeback. Corporate credit is not coming back any time soon. It will be hard to get convention attendance back up without corporate credit. Glad to see regular tourists are making their way here with the imbalance of the other numbers to replace the convention attendee numbers. Visitor Volume, Gaming Revenue & Convention Attendance are encouraging and hopefully sustainable.

Sources: Salestraq, Home Builder's Research, Greater Las Vegas Association of Realtors, Nevada State Gaming Control Board, Nevada Department of Motor Vehicles, McCarran International Airport, Las Vegas Convention & Visitor's Authority, Nevada Department of Employment, Training and Rehabilitation. Information deemed reliable but not guaranteed. My analysis is my humble opinion


Thanks,  Renée Burrows 702-580-1783 Broker/Owner, REALTOR®
 

 

copyright 2006-2013 Renee Burrows, REALTOR®, Savvy Home Realty Solutions  702-966-2494

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Comment balloon 11 commentsRenée Burrows • June 03 2011 08:55PM
Economic Conditions for the Las Vegas Valley (includes Henderson &…
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Foreclosure/Short Sale Listings (5/15/2011): Total Listings 14096; Short Sales: 6660, 47% of all listings; Bank Owned Listings : 3077, 22% of all listings. Short sale and REO listings consume 69% of total listings… more