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

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 (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
  • New Home Sales (May 2011, units sold): 282 Year Change -33.8% (excl condo conversions, highrises)
  • New Home Sales (May 2011, median price): $190,468 Year Change +2.0% (excl condo conversions, highrises)
  • Existing Home Sales (May 2011, units sold): 3841 Year Change +9.0%
  • Existing Home Sales (May 2011, median price): $111,000 Year Change: -11.2%
  • New Home Permits (May 2011): 435 Year Change +10.1%
  • Rental Rate (MLS Monthly Average May 2011): $1257/month

My analysis: Distressed listings (foreclosures and short sales) are 70% 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. 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 (May 2011): 4676, Year Change +24.5%
  • Total Employment (May 2011): 805,300 Year Change -0.7%
  • Unemployment Rate (May 2011) 12.4%, Year Change -2.5%

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 (April 2011): 3,462,134 Year Change +2.3%
  • Gaming Revenue (April 2011): $682,945,076, Year Change -1.0%
  • Visitor Volume (April 2011): 3,462,134, Year Change +2.3%
  • Convention Attendance (April 2011): 435,934, Year Change +2.2%
  • Hotel/Motel Occupancy (April 2011): 87.7% Year Change +3.7%

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 7 commentsRenée Donohue • July 12 2011 05:12PM

Comments

Lots of great information that your Las Vegas consumers will appreciate Renee.  You clearly have the pulse of your city!

Posted by Anita Clark, Realtor - Homes for Sale in Warner Robins GA (ColdwellBanker SSK Realtors ~ 478.960.8055) almost 7 years ago

Renee

Wow, what a great report. I have always admired your in depth approach

Posted by Tom Braatz Waukesha County Real Estate 262-377-1459, Waukesha County Realtor Real Estate agent. SOLD! (Coldwell Banker) almost 7 years ago

Fortunately for us, Renee, things are always moving and it appears true for Las Vegas too!

Posted by DeeDee Riley, Realtor - El Dorado Hills & the Surrounding Areas (Lyon Real Estate - El Dorado Hills CA) almost 7 years ago

Renee - This is awesome information to share with Las Vegas residents or anyone who's considering relocating to Vegas.

Posted by Michelle Gibson, REALTOR (Hansen Real Estate Group Inc. ) almost 7 years ago

Renee, really liked seeing the hospitality rates and your existing home sales stats.  The forest may be trying to come in to view!

Posted by Kevin J. May, Serving the Treasure & Paradise Coasts of Florida (Florida Supreme Realty) almost 7 years ago

Renee,

Who are those guys? Who would buy a new home in a market where the gap between new home median price and existing home median price is nearly $80K, favoring the existing one. They should dust off Econ 101.

Posted by Esko Kiuru almost 7 years ago

Thank you everyone for the comments!


Esko:  I WONDER THE SAME!!  Huge WTH going on with that dispairity!

 

Posted by Renée Donohue, Las Vegas Real Estate Broker - www.urLVhome.com (Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate) almost 7 years ago

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