BluefoxToday blog : Economic Conditions for the Las Vegas Valley March 2012 (includes Henderson & North Las Vegas)

Economic Conditions for the Las Vegas Valley March 2012 (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 (2/15/2012): Total Listings 9180; Short Sales: 4156, 45% of all listings; Bank Owned Listings: 1703, 19% of all listings. Short sale and REO listings consume 64% of total listings
  • New Home Sales (January 2012, units sold): 216 Year Change -3.6% (excl condo conversions, highrises)
  • New Home Sales (January 2012, median price): $207,000 Year Change -0.2% (excl condo conversions, highrises)
  • Existing Home Sales (January 2012, units sold): 3483 Year Change +25.0%
  • Existing Home Sales (January 2012, median price): $108,000 Year Change: -9.2%
  • New Home Permits (January 2012): 317 Year Change -45.2%
  • Rental Rate (MLS Monthly Average January 2012): $1447/month

My analysis: Distressed listings (foreclosures and short sales) are 64% of total listings.  This is going down due to AB 284.  We shall see units distressed units listed continue to go down until probably mid summer unless the bill is repealed.  New construction numbers may rise as there will be fewer alternatives to buyers who need something SOON.  Units of homes sold remain impressive. Credit markets must be watched as underwriting guidelines continue to tighten. Condos are barely financeable. Inventory stopped it's slow increase in December 2010 and now opportunistic buyers are gobbling up inventory through the summer and this trend seems to be continuing through winter. The rental market is softening due to all the investor/first time buyer combination of activity. This adds more supply and creates less demand to the rental market. Las Vegas is an anomoly to the law of supply & demand, anything can happen!

New Residents/Employment Conditions:

Las Vegas Area New Resident Count

Total Employment in Las Vegas

  • New Residents (February 2012): 5061, Year Change +14.1%
  • Total Employment (December 2011): 806,700 Year Change +0.5%
  • Unemployment Rate (December 2011) 12.7%, Year Change -2.4%

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 the last two months.

Tourism/Gaming Conditions:

Las Vegas Area Convention Attendance

  • McCarran Airport Total Passengers (January 2012): 3,175,897 Year Change +0.3%
  • Gaming Revenue (January 2012): $925,487,094, Year Change +21.6%
  • Visitor Volume (January 2012): 3,397,998, Year Change +0.4%
  • Convention Attendance (January 2012): 538,552, Year Change -12.6%
  • Hotel/Motel Occupancy (January 2012): 78.3% Year Change -0.9%

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.  Rising gas prices can potentiall hurt this sector and could be a major setback to the recovery of the Las Vegas economy!

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 6 commentsRenée Donohue • March 10 2012 09:41AM

Comments

Renee, lots of great information on you Las Vegas area real estate market AND adding the employment data was a huge bonus to people.  

Posted by Juli Vosmik, Scottsdale/Cave Creek, AZ real estate 480-710-0739 (Dominion Fine Properties) almost 6 years ago

Renee

Lots of active listings. Hope they all sell soon. The Re/Max convention was just in your wonderful area

Posted by Tom Braatz Waukesha County Real Estate 262-377-1459, Waukesha County Realtor Real Estate agent. SOLD! (Coldwell Banker) almost 6 years ago

Renee.  Great information for sellers and buyers in your area.  Keep up the good work.

Posted by Will Hamm, "Where There's a Will, There's a Way!" (Hamm Homes) almost 6 years ago

Renee - This is fantastic information about economic market conditions in your area.

Posted by Michelle Gibson, REALTOR (Hansen Real Estate Group Inc. ) almost 6 years ago

Thank you all for the comments!

Posted by Renée Donohue, Las Vegas Real Estate Broker - www.urLVhome.com (Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate) almost 6 years ago

Renee,

Condos haven't been financeable for eons, it seems. That market needs new ideas. 

 

Posted by Esko Kiuru almost 6 years ago

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