Economic Conditions for the Las Vegas Valley May 2007

By
Real Estate Broker/Owner with Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate B.1000860.LLC

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 RealtorsNevada 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

Posted by

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

 

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

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Rainmaker
585,255
Neal Bloom
Premier Associates Realty LLC - Weston, FL
Realtor CRS-Weston FL Real Estate

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.

May 29, 2007 08:52 AM #1
Ambassador
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wow!  Fabulous research, Renee~ 

points out (once again) why I subscribe to your BLOG...thanks for the energy you-put in to this post, and for your professionalism. Both are much appreciated.

May 29, 2007 09:55 AM #2
Rainmaker
217,080
No Longer Active
Real Estate - Fallon, MT
Rents are skyrocketing out there... In Connecticut the rental market seems to be more active this year.
May 29, 2007 10:48 AM #3
Rainmaker
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Cyndee Haydon
Charles Rutenberg Realty - Clearwater, FL
727-710-8035 Clearwater, Beach Short Sales Luxury Condos &Homes
Renee - great post - I always enjoy you Las Vegas Real Estate insights - I too subscribe  
May 29, 2007 05:07 PM #4
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Jeff Belonger
Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ
The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

Renee.....  I can see that you are doing more localism posts.... hope it's going well and working for you. As Neal mentioned, this is some good info and must have taken some time.

                                                                                                              jeff belonger

May 29, 2007 06:10 PM #5
Rainer
98,198
Danny Smith
DISCOVER TEXAS HOMES - Round Rock, TX

Hey Gal! Well your rental rates going up is a good sign, and your unemployment is lower than the national average. I know most people fly into Vegas rather than drive..so the gas prices may not affect you to much. I'd say you may be swinging back into a positive trend!

May 30, 2007 01:08 AM #6
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