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% (excl condo conversions, highrises)
  • New Home Sales (October 2007, median price): $298,056 Year Change -13.6% (excl condo conversions, highrises)
  • Existing Home Sales (October 2007, units sold): 1529 Year Change -47.9%
  • Existing Home Sales (October 2007, median price): $259,363 Year Change: -10.6%
  • Single Family Residential Building Permits (October 2007):1734 Year Change +99.8%
  • Rental Rate (MLS Monthly Average October 2007): $1511/month 

My analysis: We are down 271 residential resale listings from last month, 1000 the month before that!!!  The rental market has been consistently rising since November 2006.  Fire sale prices remain attractive to both long term investors and buyers tired of paying rent.  New construction falling prices prompt the single family building permits to jump 99.8% from last year and 195.4% from month prior.  REO property seeing price reductions and absorption to compete with new construction.  

New Residents/Employment Conditions:

  • New Residents (October 2007): 5196, Year Change -19.2%
  • Total Employment (October 2007): 940,400, Year Change +1.0%
  • Unemployment Rate (October 2007) 5.1%, Year Change +27.5%

My analysis: The rising unemployment rate concerns me.  Availability of jobs will not keep new residents streaming in to town.  Could be tied to construction jobs lost and lack of home equity money for home improvement services

Tourism/Gaming Conditions:

  • McCarran Airport Total Passengers (September 2007): 3,867,271 Year Change +1.4%
  • Gaming Revenue (September 2007): $879,141,774, Year Change +8.8%
  • Visitor Volume (September 2007): 3,646,932, Year Change -0.3%
  • Convention Attendance (September 2007): 397,349, Year Change -0.4%
  • Hotel/Motel Occupancy (September 2007): 91.3% Year Change +0.8%

My analysis: Gaming revenue strong for September and all other indicators remain consistent.  Great outlook!

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 Burrows
Realtor®

Nevada Realty Solutions - Your Dream, Your Investment, You\'re Home!
8942 Spanish Ridge Avenue
Las Vegas, NV 89148
direct: 702-580-1783
fax: 702-995-8237
Renee@ReneeBurrows.com
http://www.ReneeBurrows.com
 

2 Comments on Economic Conditions for the Las Vegas Valley November 2007

You are good with numbers my friend.    This kind of stuff makes my head spin.    Hope you and yours had a good holiday!!!

11/27/2007 06:15 PM by Desiree Daniels New Jersey Real Estate (609) 448-2222 (RE/MAX Tri County)


Aww w shucks Dez!  I am good with numbers on Fantasy football too :)

11/27/2007 08:23 PM by Renee Burrows - Las Vegas NV Real Estate (Nevada Realty Solutions)


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Real Estate Agent: Renee Burrows - Las Vegas NV  Real Estate (Nevada Realty Solutions)
Renee Burrows - Las Vegas NV Real Estate
Las Vegas, NV
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Page copy protected against web site content infringement by CopyscapeSpecializing in those forgotten "at" Rhodes Ranch Communities in Southwest Las Vegas that offer peek-a-boo views of the mountains and city lights! I love to watch trends and statistics in this fascinating market! I do have a newsletter that you can subscribe to - so if you want to keep in tune with the Las Vegas Real Estate Market Conditions on a monthly basis, sign up with absolutely no obligation!
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