Nevada Real Estate >> Las Vegas Real Estate Specialist: Economic Conditions for the Las Vegas Valley February 2008

Economic Conditions for the Las Vegas Valley February 2008

Economic Conditions for the Las Vegas Valley December 2007


Housing Conditions:

  • Foreclosure/Short Sale Listings (2/23/3008): Total Listings 23269; Foreclosures Commenced: 1820, 7.8% of all listings; Short Sales: 4731, 20.3% of all listings; Bank Owned Listings: 2190, 9.4% of all listings.
  • New Home Sales (December 2007, units sold): 1235 Year Change -48.2% (excl condo conversions, highrises)
  • New Home Sales (December 2007, median price): $311,924 Year Change -5.5% (excl condo conversions, highrises)
  • Existing Home Sales (December 2007, units sold): 1339 Year Change -50%
  • Existing Home Sales (December 2007, median price): $250,000 Year Change: -12.3%
  • New Home Permits (December 2007): 200 Year Change -89.5%
  • Rental Rate (MLS Monthly Average December 2007): $1511/month 

My analysis: Resale listings are down and pendings are up sharply.  REO listings are in a seller's market.  The rental market has been consistently rising since November 2006.  Fire sale prices remain attractive to both long term investors and buyers tired of paying rent. 

New Residents/Employment Conditions:

  • New Residents (January 2008): 5325, Year Change -3.3%
  • Total Employment (December 2007): 944,800, Year Change +0.8%
  • Unemployment Rate (December 2007) 5.6%, Year Change +33.3%

My analysis: The rising unemployment rate concerns me.  Availability of jobs will not keep new residents streaming in to town.  Could be tied to construction jobs lost and lack of home equity money for home improvement services

Tourism/Gaming Conditions:

  • McCarran Airport Total Passengers (December 2007): 3,682,689 Year Change -3.2%
  • Gaming Revenue (December 2007): $945,956,315, Year Change +4.1%
  • Visitor Volume (December 2007): 3,400,776, Year Change +0.6%
  • Convention Attendance (December 2007): 129,664, Year Change -19.9%
  • Hotel/Motel Occupancy (December 2007): 83.2% Year Change +2.3%

My analysis: Declining convention attendence should be a concern but all other numbers are consistent and positive.

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

All the Best,
Renee Burrows
Realtor®

Nevada Realty Solutions - Your Dream, Your Investment, You\'re Home!
8942 Spanish Ridge Avenue
Las Vegas, NV 89148
direct: 702-580-1783
fax: 702-995-8237
Renee@ReneeBurrows.com

Thanks,  Renée Burrows 702-580-1783 Broker/Owner, REALTOR®
 

 

copyright 2006-2013 Renee Burrows, REALTOR®, Savvy Home Realty Solutions  702-966-2494

Blog Disclaimer Important Notice

Realtor/MLS Member, NAR, NVAR, GLVARAccredited Buyer's RepresentativeSeller Representative SpecialistSenior Real Estate SpecialistAt Home with DiversityResort & Second Home Property SpecialistShort Sale Foreclosure Resource

 

 

 

Sell Las Vegas Home          Las Vegas Homes for Sale     Las Vegas Rental House

              

 

 

 

Comment balloon 6 commentsRenée Donohue~Home Photography • February 24 2008 04:39PM

Comments

Renee - it seems as though there isn't any area that hasn't been hurt by this mortgage crisis.  But I personally feel that the mortgage mess wouldn't have occurred if we (as a country) had more jobs to keep people working.  It's like a dog chasing his tail.
Posted by Carol Smith (Casmi Photography) almost 11 years ago

Renee,

Great info, you can always count on the numbers to tell you the truth.  Are you making any money?  We are starting to see buyers come back to Florida.  Prices are still going down but I think the activity will jump this month.

Posted by Brian Sharkey, SharkeyRE - #SouthFloridaBroker (SharkeyRE LLC) almost 11 years ago
Renee - Great job with the statistics. Numbers never lie.
Posted by Larry Brewer - Benchmark Realty llc (Benchmark Realty LLc) almost 11 years ago

Brian:  What is going on is phenomenal and most of my contracts lie with new construction so I will be making lots of money come this summer.  For now, I am content with one close a month :)

Larry:  They have consistently shown that there is a large demand for housing here in Southern Nevada, whether to buy or rent :wink:

Carol:  Most definitely agree with you.  I do feel if short term investors didn't enter our market, the resale residential area would be in better shape.  We are paying for the sins of the past right now and will be paying for awhile.

Posted by Renée Donohue~Home Photography, Western Michigan Real Estate Photographer (Savvy Home Pix) almost 11 years ago

Renee,

Although the new residents count is down a tad, it's still very healthy at 5,000 plus. As these new condo towers, Trump, and new resorts later this year open, more people are needed to fill job openings. These are nice positives.

Posted by Esko Kiuru almost 11 years ago
Esko:  I heartily agree!
Posted by Renée Donohue~Home Photography, Western Michigan Real Estate Photographer (Savvy Home Pix) almost 11 years ago

This blog does not allow anonymous comments