Economic Conditions April 2007
Housing Conditions:
- Foreclosure/Short Sale Listings (5/23/2007): Total Listings (5/23/3007) 24,996; Foreclosures Commenced: 911, 3.6% of all listings; Short Sales: 1353, 5.4% of all listings; Both Foreclosures Commenced AND Short Sales: 284, 1.1% of all listings.
- New Home Sales (April 2007, units sold): 1,162 Year Change -46.9% (excl condo conversions, highrises)
- New Home Sales (April 2007, median price): $313,000 Year Change -10.7% (excl condo conversions, highrises)
- Existing Home Sales (April 2007, units sold): 2353 Year Change -36.6%
- Existing Home Sales (April 2007, median price): $285,000 Year Change: .5%
- Single Family Residential Permits (April 2007): 1587 Year Change -22.9%
- Rental Rate (MLS Monthly Average April 2007): $1537/month Month Change +$84/month
My analysis: The rental market has been consistenly rising since November 2006. Monthly rents are up an average of $274/month since January 2007.
New Residents/Employment Conditions:
- New Residents (April 2007): 6,195, Year Change -8.7%
- Total Employment (March 2007): 940,100, Year Change +3.3%
- Unemployment Rate (March 2007) 4.2%, Year Change +13.5%
My analysis: We need more jobs to continue strong growth. Our employment rate is up from a year ago but has dropped considerably in the last couple of months!
Tourism/Gaming Conditions:
- McCarran Airport Total Passengers (March 2007): 4,175,282 Year Change +3.3%
- Gaming Revenue (March 2007): $889,674,013, Year Change -2.1%
- Visitor Volume (March 2007): 3,915,401, Year Change +0.5%
- Convention Attendance (March2007): 682,824, Year Change +4.5%
- Hotel/Motel Occupancy (March 2007): 93.9% Year Change -0.2%
My analysis: The gaming/tourism industry is still strong. Gaming revenue/Occupancy is not in sync with Airport Passenters/Visitor Voume and Convention Attendance!
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
Hi Renee,
I usually do this type of report per subdivision and percentage of change every 3-6 months...you must have spent a while finding this information for the public. Great update for real people to read.
wow! Fabulous research, Renee~
points out (once again) why I subscribe to your BLOG...thanks for the energy you-put in to this post, and for your professionalism. Both are much appreciated.
Renee..... I can see that you are doing more localism posts.... hope it's going well and working for you. As Neal mentioned, this is some good info and must have taken some time.
Hey Gal! Well your rental rates going up is a good sign, and your unemployment is lower than the national average. I know most people fly into Vegas rather than drive..so the gas prices may not affect you to much. I'd say you may be swinging back into a positive trend!