- Foreclosure/Short Sale Listings (3/15/2012): Total Listings 7259; Short Sales: 2965, 41% of all listings; Bank Owned Listings: 1235, 17% of all listings. Short sale and REO listings consume 58% 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 (February 2012, units sold): 3639 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 February 2012): $1347/month
My analysis: Distressed listings (foreclosures and short sales) are 58% 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 We shall see units distressed units listed continue to go down until probably mid summer unless the bill is repealed.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:
- New Residents (February 2012): 5061, Year Change +14.1%
- Total Employment (January 2012): 803,100 Year Change +0.7%
- Unemployment Rate (January 2012) 13.1%, 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 the last two months.
- 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