las vegas economic conditions: Las Vegas, NV July 2008 Area Pendings Report: Pendings Appear to Be Leveling! - 07/17/08 05:08 PM
The Las Vegas Valley has seen some major market stabilization in the last half year. Absorption is a healthy 8 months of inventory (compare it to 22.5 months inventory in Nov/Dec!)
Here is a snapshot of valley listings:
(Nov/Dec 2007) All SFR, Townhome, Condo Listings:
Listings (12/9/2007): 25691
Under Contract (12/9/2007): 2304 … (1 comments)
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las vegas economic conditions: Las Vegas NV June 2008 REO Inventory Update: 2.8 Months Inventory, Seller's Market! - 07/07/08 08:43 PM
Bank Owned Las Vegas Listings (AKA Foreclosures, REOs) are enjoying a HOT SELLER'S MARKET! Inventory has risen dramatically (+503 units), Pendings have risen DRAMATICALLY (+199 units.) Closing data is up up UP at + 268 units.
Inventory holding steady. Absorption rate is 2.8 months.
Current Listed Bank Owned Statistics:
Listings (7/3/2007): 4633
Under Contract (7/3/2007): 3496
Sold … (5 comments)
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las vegas economic conditions: Las Vegas, NV Short Sale July 2008 Inventory Update: Absorption Stable BUT Still 2.7 Years - 07/07/08 08:36 PM
The absorption rate for Las Vegas Short Sales has remained stable from April - June 2008. Inventory has risen dramatically (+272 units). Pending units has also risen dramatically by +192 units. This is because the MLS board is REQUIRING agents to change status with an offer and make it contingent on … (0 comments)
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las vegas economic conditions: Economic Conditions for the Las Vegas Valley June 2008 - 07/07/08 08:13 PM
Economic Conditions for the Las Vegas Valley May 2008
Housing Conditions:
Foreclosure/Short Sale Listings (7/3/2008): Total Listings 20,606; Short Sales: 5589, 28% of all listings; Bank Owned Listings: 4633, 22% of all listings. Short sale and REO listings consume 50.5% of total listings
New Home Sales (May 2008, units sold): 734 Year … (0 comments)
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las vegas economic conditions: Las Vegas, NV June 2008 Area Pendings Report: Still UP UP UP! - 06/12/08 06:55 PM
ABSORPTION continues the slow downward track! Down 1.7 months from last month. Current absorption is hovering between 8-9 months of inventory. Stabilization is coming into the picture!
Here is a snapshot of valley listings:
(Nov/Dec 2007) All SFR, Townhome, Condo Listings:
Listings (12/9/2007): 25691
Under Contract (12/9/2007): 2304
Sold November: 1137
Month's … (5 comments)
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las vegas economic conditions: Las Vegas, NV June 2008 High Rise Inventory Update: Slightly Down at 2.8 Years - 06/12/08 06:41 PM
We have seen the Las Vegas, NV high rise real estate market have a phenomenal (and scary) jump in inventory in the last several months. For several reasons:
Too many speculators in that market. They want to close n flip. They are not interested in holding, renting or living in … (1 comments)
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las vegas economic conditions: Las Vegas NV June 2008 REO Inventory Update: 2.9 Months Inventory, WOW! HOT Seller's Market! - 06/03/08 08:25 PM
Bank Owned Las Vegas Listings (AKA Foreclosures, REOs) are enjoying a HOT SELLER'S MARKET! Inventory has risen slightly (+218 units), Pendings have risen DRAMATICALLY (+763 units.) Closing data is up up UP at + 442 units.
Inventory holding steady. Absorption rate is 2.9 months.
There are some wild numbers out there in the blogosphere in regards … (9 comments)
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las vegas economic conditions: Las Vegas, NV June 2008 Short Sale Inventory Update: 2.7 Years - 06/03/08 08:13 PM
The absorption rate for Las Vegas Short Sales has dropped by 1/2 year from April to May 2008. Inventory has risen dramatically (+284 units). Pending units has also risen dramatically by +291 units. This is because the MLS board is REQUIRING agents to change status with an offer and make it contingent … (0 comments)
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las vegas economic conditions: Las Vegas, NV Real Estate: Those Pendings are Still Marching Upward! - 05/19/08 04:28 PM
ABSORPTION IS DOWN over 2.3 months in less than a month! Current absorption is hovering between 10-11 months of inventory. There has been a dip in average prices in the rental market. I think the renters are turning into buyers and when we should be seeing a seasonal rise in rentals, … (6 comments)
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las vegas economic conditions: Las Vegas, NV April 2008 Rental Home Report - 05/15/08 10:53 AM
Rental Homes with pools are in very large demand with summer on the horizon. Renters are turning into buyers so we are seeing *a little* pressure taken off of the renter's market
Units Leased:
April 2008: 1536
March 2008: 1531
February 2008: 1632
January 2008: 1500
December 2007: 1156 November 2007: … (0 comments)
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las vegas economic conditions: Las Vegas, NV May 2008 High Rise Inventory Update: 3.6 years! (no change) - 05/13/08 09:37 AM
We have seen the Las Vegas, NV high rise real estate market have a phenomenal (and scary) jump in inventory in the last several months. For several reasons:
Too many speculators in that market. They want to close n flip. They are not interested in holding, renting or living in … (3 comments)
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las vegas economic conditions: Economic Conditions for the Las Vegas Valley April 2008 - 04/29/08 06:32 PM
Economic Conditions for the Las Vegas Valley March 2008
Housing Conditions:
Foreclosure/Short Sale Listings (4/29/2008): Total Listings 21,669; Short Sales: 5270, 24% of all listings; Bank Owned Listings: 3859, 17% of all listings. New Home Sales (March 2008, units sold): 869 Year Change -29.3% (excl condo conversions, highrises) New Home Sales (March 2008, median … (1 comments)
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las vegas economic conditions: Economic Conditions for the Las Vegas Valley February 2008 - 02/24/08 04:39 PM
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 … (6 comments)
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las vegas economic conditions: Las Vegas Multi Family Unit Building Permits Up AGAIN for October! - 11/27/07 06:18 PM
First August, then September and now we have October!
Obvious anticipation for rental homes, or maybe just housing period is driving the amount of building permits for multi family buildings up for the third month in a row!
Amount of Multi-Family Unit Permits Pulled:
October 2007: 2733 September 2007: 2296 October 2006: 975Up 19% from month … (4 comments)
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las vegas economic conditions: Economic Conditions for the Las Vegas Valley November 2007 - 11/27/07 06:06 PM
Economic Conditions for the Las Vegas Valley October 2007 Housing Conditions:
Foreclosure/Short Sale Listings (11/27/2007): Total Listings 26,513; Foreclosures Commenced: 1704, 6.4% of all listings; Short Sales: 4105, 15.4% of all listings; Bank Owned Listings: 2065, 7.8% of all listings. New Home Sales (October 2007, units sold): 1170 Year Change -45.5% … (2 comments)
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las vegas economic conditions: Economic Conditions for the Las Vegas Valley October 2007 - 11/02/07 10:51 PM
Economic Conditions for the Las Vegas Valley September 2007 Housing Conditions:
Foreclosure/Short Sale Listings (11/2/2007): Total Listings 26,884; Foreclosures Commenced: 1669, 6.2% of all listings; Short Sales: 3852, 14% of all listings; Bank Owned Listings: 1909, 7% of all listings. New Home Sales (September 2007, units sold): 1153 Year Change -54.2% … (6 comments)
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las vegas economic conditions: The Naughty "F" Word to Rear It's Ugly Head Again... - 10/16/07 09:46 PM
And then I will be done with it :)
There has been several in depth reports in the Las Vegas Review Journal. Y'all know I am not a big fan of the media, but these are some pretty detailed reports outlining many of the problems we are facing right now.
I highly … (5 comments)
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las vegas economic conditions: Rental Market Statistics for September, Average Rate Rises Again! - 10/06/07 07:53 PM
While we didn't quite beat August's record breaking numbers, when you do factor in the seasonal adjustment, the number of units leased was still phenomenal!
Rental Homes in Las Vegas leased for September 2007 ended up with a total of 1387 units. Down slightly from August's number of 1735 units leased and … (0 comments)
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las vegas economic conditions: Las Vegas Short Sales Absorption Rate Rises YET AGAIN! - 10/03/07 10:08 AM
The Las Vegas Short Sale Absorption Rate has risen to a pitiful 51 months of inventory, up from 43 months last month!
On 8/27 there were 2743 listings with 250 pendings and 63 closed between 7/15-8/15/2007. On 10/3 there were 3393 listings with 244 pendings and 66 closed between 8/16-9/16/2007.
Some underlying … (9 comments)
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las vegas economic conditions: Las Vegas NV Real Estate Long-Term Hold Investors: Do's and Don'ts - 09/24/07 11:29 AM
With the Las Vegas NV Real Estate economic conditions getting ripe for investors, I am going to publish a little "do and don't" list right here for you to reference!
What type of house is favored by renters right now?
One that is highly upgraded. Base will cut it but the highly upgraded … (10 comments)
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las vegas economic conditions: Las Vegas Valley Multi-Family Unit Permits up 2054% from July 2007; 110% from One Year Ago **NOT A TYPO!!** - 09/23/07 08:28 PM
I don't normally include multi-family unit permits in my economic conditions reports but this is VERY interesting!
It is absolutely no surprise to me as I actively work the rental market as a referring Realtor(R), I do not have a property management permit. Inventory has been flying off the shelves like … (7 comments)
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las vegas economic conditions: Economic Conditions for the Las Vegas Valley September 2007 - 09/23/07 06:23 PM
Economic Conditions for the Las Vegas Valley August 2007 Housing Conditions:
Foreclosure/Short Sale Listings (9/23/2007): Total Listings 27,404; Foreclosures Commenced: 1093, 4% of all listings; Short Sales: 2710, 10% of all listings; Both Foreclosures Commenced AND Short Sales: 504, 1.8% of all listings. New Home Sales (August 2007, units sold): 1376 … (2 comments)
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las vegas economic conditions: Las Vegas Rental Homes: Quite Possibly on Track For Another Record Breaking Month! - 09/22/07 12:58 PM
It appears that Las Vegas, NV valley is headed for another record breaking month on rental units leased in the MLS. Even if we don't break last month's record of 1735 units leased, the amount of units leased will be higher than the average 30% September decline from August.
So far in … (4 comments)
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las vegas economic conditions: Are Out of Control Electricity Rates Squeezing Money Out of Las Vegas Valley Economy? - 09/16/07 12:53 PM
Nevada Power raised electricity rates by 11.6% prior to the beginning of summer 2007.
I have had many phone calls for listings because people can no longer afford their home because their interest rate went up and their electrical bill went up too. I definitely feel their pain! I think those that … (6 comments)
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las vegas economic conditions: The State of the Stated: Las Vegas Residential Real Estate Winners & Losers - 08/12/07 03:14 PM
Undoubtedly the demise of the stated income/subprime loan will hurt the local Las Vegas area real estate market.
Read the following:
Las Vegas Mortgage Industry: Jumbo Rates up Big by Rey GallegosGoodbye My Friend Stated by Matthew Blum Search Subprime on Active Rain Escrow 911: Subprime Fallout and the Potential Impact on … (9 comments)
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las vegas economic conditions: What Convention, New Resident and Gaming Statistics Really Have in Common With the Real Estate Market in Nevada - 08/03/07 12:27 PM
This post was inspired by Arina Hanciulescu (and I am not picking on you, just answering your questions quite frankly!) and Rey Gallegos from my Economic Conditions Report.
Arina posed questions in italics:
"Can you please explain how gaming and tourism industry help the Real Estate Market? I don't see the relation there. … (13 comments)
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las vegas economic conditions: When Look for Your Zestimate (TM), Take it with a Grain of Salt: It is What it is! - 04/14/07 04:22 PM
A Zestimate (TM) is NOT an appraisal. It is just computer analytics of tax records (in short.)
With my last week of bumping around and posting four listings I have found that all Zestimates were off, three lower than they should be and one higher. Three were off by less than 10%, … (25 comments)
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las vegas economic conditions: Las Vegas Listing Inventory: Only Serious Sellers Need Apply! - 04/04/07 10:39 AM
I cannot begin to tell you how many non-motivated sellers have listings on the Las Vegas Real Estate market.
First off let me define a non-motivated seller. It is a seller who has their home on the market just because they "can"! They don't have to sell. They are just trying … (15 comments)
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las vegas economic conditions: "Stats" Surrounded by Doom & Gloom! - 03/25/07 04:35 PM
An article last week in the Las Vegas Review Journal Depressed me: HOUSING: Local sales continue to decline Closings drop for new, existing homes, but median prices climb. But Low and behold, I am a big believer in stats! Silly Rabbit, Tricks are for Kids!
Building permits are wayyyyyyy down. The builders … (22 comments)
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las vegas economic conditions: Ladies & Gentlemen: INVESTORS All Around the World: How to Buy a Las Vegas Home that is in Foreclosure That is Undervalued by 30%! - 03/10/07 03:09 PM
OK, here we go again: Dateline AOL NEWS! A Flood of Foreclosures, but Should You Invest? Read ME: (IS AOL NEWS? Not really, but I am still seeing RED!) Maybe they are reading me: Foreclosures & Short Sales: Deal or No Deal? I would like to think so anyways!
This topic … (8 comments)
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las vegas economic conditions: Escrow 911: Subprime Fallout and the Potential Impact on the Las Vegas Valley Rebound - 02/24/07 03:23 PM
I have had great hope for the Las Vegas Valley Real Estate Market over the last 6 months. Looking at facts, figures, stats. I personally predicted hitting the low in January/February provided all economic conditions remain stable.
I watched with glee as our pendings rose dramatically last week, perhaps needing a seasonal … (13 comments)
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las vegas economic conditions: It Isn't Sensational to Report........... - 02/18/07 04:09 PM
That basically Las Vegas' entry level new single family home standing inventory is virtually gone. Yes, we see the occasional fall out of escrow fire sale (see Brian Brady's post on what is going on!) The market is turning each and every day and soon the buyers in the new home … (2 comments)
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las vegas economic conditions: Economic Conditions for the Las Vegas Valley February 2007 - 02/13/07 10:23 AM
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 … (3 comments)
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las vegas economic conditions: Foreclosures and Short Sales: Deal or No Deal? - 02/11/07 12:40 PM
I was challenged on another blog about the amount of Foreclosures/Pre-Foreclosures in Las Vegas with this article.
First of all I would like to define a couple of terms.
A notice of default (NOD) is a pre-foreclosure. The home has not been foreclosed upon yet but the owners are behind on their … (8 comments)
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las vegas economic conditions: Economic Conditions for Clark County, Nevada (Las Vegas Valley) - 01/21/07 04:18 PM
Housing Conditions:
Foreclosure/Short Sale Listings (1/21/2007): Total Listings (1/21/2007) 19,904; Foreclosures Commenced (listings 1/21/2007) 492, 2.5% of all listings; Short Sales (listings 1/21/2007) 874, 4.4% of all listings; Both Foreclosures Commenced AND Short Sales (listings 1/21/2007) 200, 1.0% of all listings.New Home Sales (November 2006, units sold): 2,176 Year Change -31.1% (excl condo conversions, … (0 comments)
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las vegas economic conditions: Inventory Shrinkage of Entry Level New Homes in the Las Vegas New Construction Market! - 01/11/07 08:33 PM
I am happy to report that there has been a distinct change, in the last three weeks. There is almost ZERO available standing inventory in the SFR entry level market (under $275K) in the South, Henderson (south) and Southwest portions of the Las Vegas Valley (Clark County).
A couple of them … (1 comments)
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las vegas economic conditions: October/November 2006 Clark County (Las Vegas Valley, NV) Economic Conditions - 01/09/07 09:31 AM
Indicator - Reporting Period - Statistic - Monthly Change - Annual Change
New Residents - November/2006 - 6076 - -5.5% - +5.2%Total Employment - November/2006 - 944,300 - +.4% - +4.9%Unemployment Rate - November/2006 - +4% - 0% - +8.1%New Home Sales - October/2006 - 2,167 - -14.9% - -20.9%New Home Permits … (0 comments)
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las vegas economic conditions: How Many Lives Will Be Harmed in Las Vegas From NOT Smoking This Year? - 01/03/07 09:50 AM
That is the burning question! I guess the issue didn't hit me like a ton of bricks until we went to one of our favorite neighborhood gaming bar & grill joints last night.
You will see a little piece of paper posted in the picture above my son's head. It basically … (27 comments)
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las vegas economic conditions: Market News: Las Vegas Residential Building Permits Down 26% - 01/02/07 07:23 PM
The downward trend continues!
Only 885 Residential Building Permits were pulled for the month of November.
New sales were 2829 units in November, up slightly from October's 2606 units. The median new home price rose 11.3% for the same 12 month period but 366 high end high rise condo units … (1 comments)
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las vegas economic conditions: Las Vegas Valley, Nevada: Real Estate Has Never Been a Better Value! - 12/31/06 12:07 PM
Happy New Year! May we all catch the good news plague! Thank you Chris and Chris!
We have all heard that Las Vegas is an "Overvalued" market. In reality, the methodology to figure these markets is flawed - Real wages do not factor in your market when: An Abundance of Retirees settle in … (27 comments)
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las vegas economic conditions: Las Vegas: Here we Grow Again - oh wait! We never stopped! - 12/30/06 04:07 PM
Out with the old - in with the new! The state bird is the crane and not the feathered variety!
The Las Vegas Valley is running out of land so there is a new trend for housing (besides patio and apartment to condo conversions)
We are trending towards Vertical Living or "Manhattanization".
We … (5 comments)
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las vegas economic conditions: Do Median and Average Sales Prices Mean Much in Your Market These Days? - 12/28/06 06:45 PM
Has new trends and products in your market thrown a wrench in Average and Median Prices?
What I mean by this is that Las Vegas has several new trends in their resale market: condo conversions and patio homes. The highrises have not yet had an impact on our resale statistics - and … (20 comments)
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las vegas economic conditions: Foxy Woxy: Are We Beginning to See the Makings of a "Bubble Implosion"? - 12/22/06 01:08 PM
Get a piece of chewing gum - no make that two or three pieces. I want to effectively demonstrate what a bubble implosion is. OK - chew, chew, chew. Blow the biggest bubble until it explodes. OK, good: that is what the media is describing in regards to "overheated, overvalued" markets … (20 comments)
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las vegas economic conditions: WOW! WOW! WOW! Only 945 Residential Building Permits Pulled in Las Vegas For October 2006! - 12/04/06 08:55 PM
Down the 6th month in a row and this is a 12 PLUS year low!
This is INCREDIBLE news for our resale market! Let's just hope economic conditions & interest rates remain fairly stable.
Search for your new construction home and get incentives (while they are still here!)
OK Las Vegas market watchers, do … (4 comments)
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las vegas economic conditions: Salestraq Training for Las Vegas Realtors - 12/03/06 10:53 PM
Salestraq is an exceptional new home search tool! It is available in Las Vegas, NV, Palm Springs, CA, Albuquerque, NM and Phoenix, AZ.
It is definitely the MLS for new construction. It contains floor plans, contact information for models and sometimes current incentives. Of course, a phone call will get you … (0 comments)
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las vegas economic conditions: Las Vegas Condotels - Sizzle or Fizzle? Losing Bet on Immediate Cash Flow, Placing Your Wager on a Long Term Investment: What Joe Doesn't Know! - 11/30/06 10:09 AM
Brian Brady's morning blog prompted me to write on Las Vegas Condotels and the challenges and risks that the average buyer must face.
Now let's say Joe Tourist walks in to a condotel sales development office to learn how he can buy a little piece of Las Vegas and maybe turn a profit. He … (10 comments)
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las vegas economic conditions: Real Wages Determine & Drive These So Called "Undervalued & Overvalued" Reports. How do Unique Markets Fit in the Equation? They don't! - 11/29/06 08:13 AM
I read a "report" on Smartmoney that determined Overvalued and Undervalued Homes in 152 Markets.I go insane over these statistics when in reality the Las Vegas Market is quite unique - as many other sunbelt markets are! They based their statistics on: When home prices outrun wages, real estate becomes overvalued; … (22 comments)
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