Economic Conditions February 2007
Housing Conditions:- Foreclosure/Short Sale Listings (3/14/2007): Total Listings (3/14/2007) 21,717; Foreclosures Commenced (listings 3/14/2007) 645, 2.9% of all listings; Short Sales (listings 3/14/2007) 913, 4.2% of all listings; Both Foreclosures Commenced AND Short Sales (listings 3/14/2007) 285, 1.3% of all listings.
- New Home Sales (January 2007, units sold): 1,610 Year Change -22.1% (excl condo conversions, highrises)
- New Home Sales (January 2007, median price): $335,054 Year Change -2.4% (excl condo conversions, highrises)
- Existing Home Sales (January 2007, units sold): 2,423 Year Change -25.6%
- Existing Home Sales (January 2007, median price): $280,000 Year Change: -1.8%
- Single Family Residential Permits (January 2007): 1147 Year Change -46.2%
- Apartment Rental Rate (4 Q 2006): $850 Year Change +4.5%
My analysis: New home standing inventory is pretty much non-existent with the exception of a few. Sub-prime lending issues will negatively impact the market: for how long and how bad remains to be seen. Short sales, NOD's and Foreclosures have risen dramatically in the last 30 days.
New Residents/Employment Conditions:
- New Residents (February 2007): 6,782, Year Change -7.4%
- Total Employment (January 2007): 924,900, Year Change +3.8%
- Unemployment Rate (January 2007) 4.7%, Year Change +20.5%
My analysis: We need more jobs to continue strong growth. Our employment rate is still low but has seen a dramatic spike the last two months.
Tourism/Gaming Conditions:
- McCarran Airport Total Passengers (January 2007): 3,669,613 Year Change +5.9%
- Gaming Revenue (January 2007): $967,777,123, Year Change -2.0%
- Visitor Volume (December 2006): 3,379,775, Year Change 0
- Convention Attendance (December 2006): 161,809, Year Change -16.2%
- Hotel/Motel Occupancy (December 2006): 81.3% Year Change -1.5%
My analysis: The gaming/tourism industry is still strong.
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
