January 2007 Economic Conditions
Housing Conditions:
- Foreclosure/Short Sale Listings (1/21/2007): Total Listings (2/13/2007) 20,688; Foreclosures Commenced (listings 2/13/2007) 330, 1.6% of all listings; Short Sales (listings 2/13/2007) 743, 3.6% of all listings; Both Foreclosures Commenced AND Short Sales (listings 2/13/2007) 250, 1.2% of all listings.
- New Home Sales (December 2006, units sold): 2,384 Year Change -24.2% (excl condo conversions, highrises)
- New Home Sales (December 2006, median price): $330,094 Year Change -4.4% (excl condo conversions, highrises)
- Existing Home Sales (December 2006, units sold): 2,678 Year Change -36.8%
- Existing Home Sales (December 2006, median price): $285,000 Year Change: 0
- Single Family Residential Permits (December 2006): 1,118 Year Change -52.6%
- Apartment Rental Rate (4 Q 2006): $850 Year Change +4.5%
My analysis: Watch for rents to rise as housing becomes less affordable. New home incentives will disappear the first two quarters of 2007 as housing permits continue their downward trend. Potential new home buyers will move into the inventory soaked resale markets and normal market conditions may return by the end of 2007.
New Residents/Employment Conditions:
- New Residents (January 2007): 5,506, Year Change -12.5%
- Total Employment (December 2006): 947,600, Year Change +5.1%
- Unemployment Rate (December 2006) 4.2%, Year Change +20%
My analysis: We need more jobs to continue strong growth. Our employment rate is still low.
Tourism/Gaming Conditions:
- McCarran Total Passengers (December 2006): 3,801,405, Year Change +7.9%
- Gaming Revenue (November 2006): $989,644,606, Year Change +16.9%
- Visitor Volume (November 2006): 3,496,110, Year Change 0
- Convention Attendance (November 2006): 585,047, Year Change +2.9%
- Hotel/Motel Occupancy (November 2006): 87.5% Year Change +1.4%
My analysis: The gaming/tourism industry is still strong. Still not strong enough to support all proposed new rooms (condotel and hotel) developments.
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
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