BluefoxToday blog : Renée Donohue~Home Photography, Western Michigan Real Estate Photographer (Savvy Home Pix)

Economic Conditions for the Las Vegas Valley October 2011 (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 (8/15/2011): Total Listings 13073; Short Sales: 6021, 46% of all listings; Bank Owned Listings: 3060, 23% of all listings. Short sale and REO listings consume 69% of total listings
  • New Home Sales (August 2011, units sold): 366 Year Change -+9.9% (excl condo conversions, highrises)
  • New Home Sales (August 2011, median price): $197,490 Year Change -1.9% (excl condo conversions, highrises)
  • Existing Home Sales (August 2011, units sold): 4363 Year Change +49%
  • Existing Home Sales (August 2011, median price): $107,000 Year Change: -12.3%
  • New Home Permits (August 2011): 331 Year Change -14.2%
  • Rental Rate (MLS Monthly Average July 2011): $1434/month

My analysis: Distressed listings (foreclosures and short sales) are 69% of total listings. Units of homes sold is impressive. 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 through the summer. 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 (August 2011): 5884, Year Change +9.2%
  • Total Employment (August 2011): 797,300 Year Change -0.0%
  • Unemployment Rate (August 2011) 14.2%, Year Change -1.3%

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 close to stable for a year. Slight increase with unemployment rate since last month.

Tourism/Gaming Conditions:

Las Vegas Area Convention Attendance

  • McCarran Airport Total Passengers (July 2011): 3,692,055 Year Change +4.9%
  • Gaming Revenue (July 2011): $715,533,451, Year Change +3.2%
  • Visitor Volume (July 2011): 3,776,958, Year Change +3.7%
  • Convention Attendance (July 2011): 263,441, Year Change -17.9%
  • Hotel/Motel Occupancy (July 2011): 88.3% Year Change +4.3%

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

Blog Disclaimer Important Notice

Realtor/MLS Member, NAR, NVAR, GLVARAccredited Buyer's RepresentativeSeller Representative SpecialistSenior Real Estate SpecialistAt Home with DiversityResort & Second Home Property SpecialistShort Sale Foreclosure Resource

 

 

 

Sell Las Vegas Home          Las Vegas Homes for Sale     Las Vegas Rental House

              

 

 

 

Comment balloon 5 commentsRenée Donohue~Home Photography • October 08 2011 11:28AM
Economic Conditions for the Las Vegas Valley October 2011 (includes…
share
Foreclosure/Short Sale Listings (8/15/2011): Total Listings 13073; Short Sales: 6021, 46% of all listings; Bank Owned Listings : 3060, 23% of all listings. Short sale and REO listings consume 69% of total listings.. more
Las Vegas NV Area Pendings Report for August 2011 (includes Henderson…
share
Las Vegas Real Estate Inventory is seeing an unusually large amount of units closed for late summer. August almost broke records! Las Vegas Area Market Activity (Includes North Las Vegas, Henderson and Las Vegas) &… more
Las Vegas Was Served a Double Dip - Are We Headed for a Triple?
share
A little over a year ago I wrote about the Las Vegas real estate market and the media buzz of the double dip in Las Vegas real estate prices Well here is some follow up: yes Las Vegas experienced a double dip. The serving was not as… more
Las Vegas NV Area Market Watch (includes Henderson & North Las…
share
**Sales UP UP UP in August!!! ** We are still squeezed for inventory. Multiple offers on well priced homes are widespread. Everyone from first time buyers to investors are taking advantage of "opportunity". Read more… more
Las Vegas NV Area Short Sale Real Estate Market Report & Homes…
share
The absorption rate for Las Vegas Valley Area Short Sales appears to be swinging from a neutral market back to a buyer's market as fall approaches. Inventory has DECREASED by -182 units. Under Contract has INCREASED by +143… more
Las Vegas NV Area Sold Terms & Trends August 2011 (includes…
share
Cash REMAINS KING in the Las Vegas Area Real Estate Market!!! It is important for every buyer in the Las Vegas Area Real Estate Market to understand who their buyer competition is in this currently competitive seller's market LV is… more
Economic Conditions for the Las Vegas Valley (includes Henderson &…
share
Foreclosure/Short Sale Listings (6/15/2011): Total Listings 13926; Short Sales: 6401, 46% of all listings; Bank Owned Listings : 3365, 24% of all listings. Short sale and REO listings consume 70% of total listings… more
Improvements & Getting Top Dollar to Sell Your Las Vegas Home!
share
Standard sellers consistently ask what updates they can do to sell their home. My answer is usually none. They are shocked. The reason for this is that we barely have inventory – yet prices are dropping. Sometimes looking at closed… more
Las Vegas NV Area Sold Terms & Trends May 2011 (includes…
share
Cash REMAINS KING in the Las Vegas Area Real Estate Market!!! It is important for every buyer in the Las Vegas Area Real Estate Market to understand who their buyer competition is in this currently competitive seller's market LV is… more
Las Vegas NV Area Pendings Report for May 2011 (includes Henderson..
share
Las Vegas Real Estate Inventory has stabilized after the months of increase following the first time buyer's tax credit expiration. Against my predictions, we are still a seller's market after flirting with stable market… more