Hello from Las Vegas! Reporting to you on our market condition as of November 2008. We will have December data by the 10th of the following month. Here is the latest trend in housing development.
*Number of homes sold in November decreased for the first time this year by 22% to 2,183 from 2,718
*Medium home price reduced by 2% to $186,000
*Average home price increased by 2% to $232,267
*Home prices will drop slightly below the 4% trend line then adjust accordingly as it has historically
*90% homes listed are rented, 7% increase from 2007 and 2006, 14% increase from 2005. Medium rental income is $1,250.
Number of Homes Sold
| |
Jan |
Feb |
Mar |
Apr |
May |
Jun |
Jul |
Aug |
Sep |
Oct |
Nov |
Dec |
Total |
| 2004 |
2,217 |
2,431 |
3,460 |
3,267 |
3,204 |
3,552 |
3,397 |
3,192 |
2,922 |
2,604 |
2,492 |
2,522 |
35,260 |
| 2005 |
1,985 |
2,038 |
3,127 |
2,957 |
3,096 |
3,318 |
3,240 |
3,331 |
2,985 |
2,574 |
2,441 |
2,437 |
33,529 |
| 2006 |
1,778 |
1,787 |
2,521 |
2,266 |
2,556 |
2,510 |
1,996 |
2,097 |
1,739 |
1,689 |
1,547 |
1,644 |
24,130 |
| 2007 |
1,397 |
1,407 |
1,605 |
1,381 |
1,568 |
1,476 |
1,318 |
1,316 |
990 |
974 |
968 |
879 |
15,279 |
| 2008 |
983 |
1,098 |
1,478 |
1,794 |
2,026 |
2,226 |
2,592 |
2,545 |
2,783 |
2,718 |
2,183 |
|
22,426 |
Medium Home Prices Sold
| SFR |
Jan |
Feb |
Mar |
Apr |
May |
Jun |
Jul |
Aug |
Sep |
Oct |
Nov |
Dec |
Medium Price |
| 2004 |
$205,200 |
$220,000 |
$236,000 |
$252,500 |
$266,000 |
$280,000 |
$280,000 |
$280,000 |
$280,000 |
$284,000 |
$275,000 |
$275,000 |
$275,000 |
| 2005 |
$285,000 |
$286,000 |
$295,000 |
$297,000 |
$300,000 |
$300,000 |
$306,950 |
$309,000 |
$310,000 |
$308,000 |
$310,000 |
$312,500 |
$303,475 |
| 2006 |
$310,000 |
$309,000 |
$314,950 |
$310,000 |
$310,000 |
$315,000 |
$310,000 |
$312,000 |
$310,000 |
$310,000 |
$308,000 |
$306,100 |
$310,000 |
| 2007 |
$302,000 |
$310,000 |
$305,000 |
$305,000 |
$301,352 |
$305,000 |
$295,000 |
$299,900 |
$285,750 |
$274,725 |
$273,500 |
$260,000 |
$300,626 |
| 2008 |
$249,900 |
$246,500 |
$243,169 |
$235,875 |
$236,692 |
$225,000 |
$220,000 |
$210,000 |
$195,000 |
$190,000 |
$186,000 |
|
$225,000 |
Average Home Prices Sold
| Single Family |
Jan |
Feb |
Mar |
Apr |
May |
Jun |
Jul |
Aug |
Sep |
Oct |
Nov |
Dec |
Average Price |
| 2004 |
$255,399 |
$261,398 |
$280,534 |
$294,488 |
$316,733 |
$317,269 |
$319,495 |
$321,472 |
$317,700 |
$326,761 |
$318,454 |
$321,769 |
$304,289 |
| 2005 |
$328,535 |
$334,732 |
$354,313 |
$341,450 |
$352,234 |
$356,637 |
$357,599 |
$369,285 |
$359,967 |
$362,839 |
$373,434 |
$378,651 |
$355,806 |
| 2006 |
$382,518 |
$378,169 |
$379,935 |
$365,434 |
$373,761 |
$385,340 |
$373,173 |
$369,607 |
$377,959 |
$369,179 |
$379,108 |
$373,520 |
$375,642 |
| 2007 |
$372,046 |
$381,676 |
$376,846 |
$389,626 |
$398,258 |
$428,817 |
$377,861 |
$382,671 |
$352,137 |
$374,625 |
$353,413 |
$319,055 |
$375,586 |
| 2008 |
$307,739 |
$297,597 |
$305,155 |
$284,299 |
$284,744 |
$268,626 |
$254,521 |
$249,828 |
$230,685 |
$225,505 |
$232,267 |
|
$267,361 |
| |
Residential Rental |
| |
# Listed |
# Leased |
| 2005 |
3,658 |
2,787 76% |
| 2006 |
16,496 |
13,670 83% |
| 2007 |
20,163 |
16,716 83% |
| 2008 |
19,342 |
17,358 90% |
|
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