Nevada Real Estate >> Las Vegas Real Estate Specialist: July 2007

Economic Conditions for the Las Vegas Valley July 2007

Economic Conditions May 2007

Housing Conditions:

  • Foreclosure/Short Sale Listings (7/26/2007): Total Listings (7/26/3007) 26,526; Foreclosures Commenced: 1224, 4.6% of all listings; Short Sales: 1903, 7.1% of all listings; Both Foreclosures Commenced AND Short Sales: 385, 1.5% of all listings.
  • New Home Sales (June 2007, units sold): 1406 Year Change -56.5% (excl condo conversions, highrises)
  • New Home Sales (June 2007, median price): $314,317 Year Change -6.9% (excl condo conversions, highrises)
  • Existing Home Sales (June 2007, units sold): 2422 Year Change -43.3%
  • Existing Home Sales (June 2007, median price): $278,000 Year Change: -4.1%
  • Single Family Residential Permits (June 2007): 1261 Year Change -41.2%
  • Rental Rate (MLS Monthly Average May 2007): $2204/month Year Change +$934/month

My analysis: The rental market has been consistenly rising since November 2006.

New Residents/Employment Conditions:

  • New Residents (June 2007): 6,517, Year Change -4.4%
  • Total Employment (June 2007): 942,000, Year Change +2.1%
  • Unemployment Rate (June 2007) 4.7%, Year Change +9.3%

My analysis: We need more jobs to continue strong growth. Our employment rate is up from a year ago but still fairly low.

Tourism/Gaming Conditions:

  • McCarran Airport Total Passengers (May 2007): 4,170,268 Year Change +6.8%
  • Gaming Revenue (May 2007): $968,441,810, Year Change +.6%
  • Visitor Volume (May 2007): 3,770,156, Year Change +0.6%
  • Convention Attendance (May 2007): 506,165, Year Change +19.1%
  • Hotel/Motel Occupancy (May 2007): 92.1% Year Change -2.2%

My analysis: The gaming/tourism industry is still strong. Convention attendance way up! Visitor volume & gaming revenue are in sync.

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

All the Best,
Renee Burrows
Realtor®

Nevada Realty Solutions - Your Dream, Your Investment, You\'re Home!
8942 Spanish Ridge Avenue
Las Vegas, NV 89148
direct: 702-580-1783
fax: 702-995-8237
Renee@ReneeBurrows.com
http://www.ReneeBurrows.com

 


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 18 commentsRenée Burrows • July 26 2007 07:09PM
Economic Conditions for the Las Vegas Valley July 2007
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