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
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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.