Housing Conditions:
- Foreclosure/Short Sale Listings (8/25/2007): Total Listings (8/25/3007) 27,217; Foreclosures Commenced: 972, 3.6% of all listings; Short Sales: 2316, 8.5% of all listings; Both Foreclosures Commenced AND Short Sales: 420, 1.5% of all listings.
- New Home Sales (July 2007, units sold): 1257 Year Change -48.1% (excl condo conversions, highrises)
- New Home Sales (July 2007, median price): $314,551 Year Change -6.2% (excl condo conversions, highrises)
- Existing Home Sales (July 2007, units sold): 2101 Year Change -40.2%
- Existing Home Sales (July 2007, median price): $278,000 Year Change: -4.1%
- Single Family Residential Building Permits (July 2007): 851 Year Change -45%
- Rental Rate (MLS Monthly Average May 2007): $1546/month Year Change +$297/month
My analysis: The rental market has been consistently rising since November 2006. Fire sale prices remain attractive to long term investors. Units sold needs to be monitored with the current mortgage situation at hand. May see a slight drop.
New Residents/Employment Conditions:
- New Residents (July 2007): 6168, Year Change -12.2%
- Total Employment (June 2007): 942,000, Year Change +2.1%
- Unemployment Rate (June 2007) 4.7%, Year Change +9.3%
My analysis: We need more jobs to continue strong growth. Our employment rate is up from a year ago but still fairly low.
Tourism/Gaming Conditions:
- McCarran Airport Total Passengers (June 2007): 4,157,017 Year Change +6.9%
- Gaming Revenue (June 2007): $789,656,398, Year Change +6.1%
- Visitor Volume (June 2007): 3,677,178, Year Change +2.9%
- Convention Attendance (June 2007): 429,804, Year Change -13.7%
- Hotel/Motel Occupancy (June 2007): 91.9% Year Change +3.7%
My analysis: The gaming/tourism industry is still strong. Convention attendance is down this month but was up month prior! Visitor volume. Airport Passengers & gaming revenue are in sync.
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
All the Best,
;)
;)
