Nevada Real Estate >> Las Vegas Real Estate Specialist: Nevada: Henderson: Annet Highlands

Economic Conditions for the Las Vegas Valley December 2008

Economic Conditions for the Las Vegas Valley November 2008

 Housing Conditions:

  • Foreclosure/Short Sale Listings (1/12/2009): Total Listings 21034; Short Sales: 6580, 31% of all listings; Bank Owned Listings: 8072, 38% of all listings. Short sale and REO listings consume 70% of total listings
  • New Home Sales (November 2008, units sold): 607 Year Change -56.3% (excl condo conversions, highrises)
  • New Home Sales (November 2008, median price): $248,341 Year Change -10.5% (excl condo conversions, highrises)
  • Existing Home Sales (November 2008, units sold): 2518 Year Change +79.0%
  • Existing Home Sales (November 2008, median price): $173,900 Year Change: -31.5%
  • New Home Permits (November 2008): 180 Year Change -44.8%
  • Rental Rate (MLS Monthly Average December 2008): $1594/month 

My analysis:  Distressed listings (foreclosures and short sales) are 70% of total listings.  Credit markets must be watched, it's hard to remain optimistic with all the bad news on Wall Street.  Resales up units sold 79% year over year, this is due to prices falling dramatically year over year.  Builders cannot compete with bank owned listing prices, thus sales remain lackluster.

New Residents/Employment Conditions:

  • New Residents (December 2008): 4656, Year Change -26%
  • Total Employment (November 2008): 927,600 Year Change -0.5%
  • Unemployment Rate (December 2008) 7.9%, Year Change +51.9%

My analysis: The tourism, gaming and convention numbers need to improve before these numbers improve.  New Resident Count will go down if no new jobs are created.

Tourism/Gaming Conditions:

  • McCarran Airport Total Passengers (November 2008): 3,234,352 Year Change -14.7%
  • Gaming Revenue (November 2008): $702,587,313, Year Change -15.2%
  • Visitor Volume (November 2008): 3,132,021, Year Change -10.3%
  • Convention Attendance (November 2008): 503,545, Year Change  -16.4%
  • Hotel/Motel Occupancy (November 2008): 79.2% Year Change -8.9%

My analysis: Rising gas costs & flight cuts have hurt our incoming visitor count.  Conventions, Visitor Volume, Airport Traffic all down double digits.  Gaming revenue takes a hot.  October, November and December's numbers need to be watched carefully.  Hopefully low gas prices and incredible discounts from hotels and airlines will flip those numbers around.  Conventions may remain dismal for a while due to lack of business credit available.

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 2 commentsRenée Burrows • January 25 2009 07:26PM
Economic Conditions for the Las Vegas Valley December 2008
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Economic Conditions for the Las Vegas Valley November 2008 Housing Conditions: Foreclosure/Short Sale Listings (1/12/2009): Total Listings 21034; Short Sales: 6580, 31% of all listings; Bank Owned Listings : 8072, 38% of all… more