- Foreclosure/Short Sale Listings (4/15/2011): Total Listings 14125; Short Sales: 7044, 50% of all listings; Bank Owned Listings: 2822, 20% of all listings. Short sale and REO listings consume 70% of total listings
- New Home Sales (March 2011, units sold): 276 Year Change -35.4% (excl condo conversions, highrises)
- New Home Sales (March 2011, median price): $195,950 Year Change -7.1% (excl condo conversions, highrises)
- Existing Home Sales (March 2011, units sold): 4159 Year Change +3.9%
- Existing Home Sales (March 2011, median price): $113,000 Year Change: -9.2%
- New Home Permits (March 2011): 339 Year Change -53.6%
- Rental Rate (MLS Monthly Average Feb 2010): $1501/month
My analysis: Distressed listings (foreclosures and short sales) are 70% of total listings. Units of homes sold impressive considering tax credit was alive this time last year. 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:
- New Residents (March 2011): 5334, Year Change +39.9%
- Total Employment (March 2011): 793,500 Year Change +0.5%
- Unemployment
Rate (March 2011) 13.3%, Year Change -1.8%
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:
- McCarran Airport Total Passengers (March 2011): 3,564,841 Year Change +2.2%
- Gaming Revenue (February 2011): $769,530,637, Year Change -7.0%
- Visitor Volume (February 2011): 3,160,159, Year Change +0.5%
- Convention Attendance (February 2011): 458,623, Year Change -11.5%
- Hotel/Motel Occupancy (February 2011): 80.6% 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.
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
