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% (excl condo conversions, highrises)
- New Home Sales (September 2007, median price): $304,790 Year Change -8.4% (excl condo conversions, highrises)
- Existing Home Sales (September 2007, units sold): 1544 Year Change -49.7%
- Existing Home Sales (September 2007, median price): $262,377 Year Change: -7.9%
- Single Family Residential Building Permits (September 2007): 620 Year Change -54.6%
- Rental Rate (MLS Monthly Average September 2007): $1603/month Year Change +$309/month
My analysis: We are down 1,000 residential resale listings from last month!!! The rental market has been consistently rising since November 2006. Fire sale prices remain attractive to long term investors. Mortgage meltdown has caused many new construction units fall out of escrow. Much standing inventory available and builders are slashing prices to reduce inventory. Look for foreclosure list prices to follow suit in October/November as banks will try to reduce inventory by year end. Rents may rise dramatically next several months.
New Residents/Employment Conditions:
- New Residents (September 2007): 6142, Year Change -22.1%
- Total Employment (September 2007): 938,600, Year Change +1.4%
- Unemployment Rate (September 2007) 5.2%, Year Change +23.8%
My analysis: The rising unemployment rate concerns me. Availability of jobs will not keep new residents streaming in to town. Could be tied to convention business dropping, construction jobs lost and lack of home equity money for home improvement services
Tourism/Gaming Conditions:
- McCarran Airport Total Passengers (August 2007): 4,285,360 Year Change +6%
- Gaming Revenue (August 2007): $838,032,815, Year Change -5.4%
- Visitor Volume (August 2007): 3,744,024, Year Change +0%
- Convention Attendance (August 2007): 739,215, Year Change 21.9%
- Hotel/Motel Occupancy (August 2007): 91.2% Year Change +0.6%
My analysis: It is great to see convention attendance up from last month and one year ago. Gaming revenue down for August even though all other indicators are positive.
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,
;)
;)
Renee,
You still need to let me know when we will hook up.
Convention is just around the corner!
We will be staying at the Hilton Grand Vacations Club.
Thanks,
Lucky :)