- Foreclosure/Short Sale Listings (8/15/2011): Total Listings 13397; Short Sales: 6129, 46% of all listings; Bank Owned Listings: 3285, 24% of all listings. Short sale and REO listings consume 70% of total listings
- New Home Sales (July 2011, units sold): 297 Year Change -8.0% (excl condo conversions, highrises)
- New Home Sales (July 2011, median price): $193,293 Year Change -0.9% (excl condo conversions, highrises)
- Existing Home Sales (July 2011, units sold): 3928 Year Change +6.8%
- Existing Home Sales (July 2011, median price): $109,900 Year Change: -10.9%
- New Home Permits (July 2011): 287 Year Change -22.6%
- Rental Rate (MLS Monthly Average July 2011): $1434/month
My analysis: Distressed listings (foreclosures and short sales) are 70% of total listings. Units of homes sold is impressive. 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 through the summer. 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 (June 2011): 5093, Year Change +16.5%
- Total Employment (July 2011): 795,800 Year Change -0.4%
- Unemployment
Rate (June 2011) 13.8%, Year Change -1.5%
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 since last month.
Tourism/Gaming Conditions:
- McCarran Airport Total Passengers (July 2011): 3,692,055 Year Change +4.9%
- Gaming Revenue (June 2011): $767,718,004, Year Change +19.9%
- Visitor Volume (June 2011): 3,599,684, Year Change +6.0%
- Convention Attendance (June 2011): 358,642, Year Change +2.0%
- Hotel/Motel Occupancy (June 2011): 88.5% Year Change +6.4%
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
