Economic Conditions for the Las Vegas Valley March 2012 (includes Henderson & North Las Vegas)

By
Services for Real Estate Pros with Savvy Home Pix B.1000860.LLC

Las Vegas Area Homes for Sale

Las Vegas Area Homes for Sale

Las Vegas Area Homes for Sale

 

  • Foreclosure/Short Sale Listings (2/15/2012): Total Listings 9180; Short Sales: 4156, 45% of all listings; Bank Owned Listings: 1703, 19% of all listings. Short sale and REO listings consume 64% of total listings
  • New Home Sales (January 2012, units sold): 216 Year Change -3.6% (excl condo conversions, highrises)
  • New Home Sales (January 2012, median price): $207,000 Year Change -0.2% (excl condo conversions, highrises)
  • Existing Home Sales (January 2012, units sold): 3483 Year Change +25.0%
  • Existing Home Sales (January 2012, median price): $108,000 Year Change: -9.2%
  • New Home Permits (January 2012): 317 Year Change -45.2%
  • Rental Rate (MLS Monthly Average January 2012): $1447/month

My analysis: Distressed listings (foreclosures and short sales) are 64% of total listings.  This is going down due to AB 284.  We shall see units distressed units listed continue to go down until probably mid summer unless the bill is repealed.  New construction numbers may rise as there will be fewer alternatives to buyers who need something SOON.  Units of homes sold remain impressive. Credit markets must be watched as underwriting guidelines continue to tighten. Condos are barely financeable. Inventory stopped it's slow increase in December 2010 and now opportunistic buyers are gobbling up inventory through the summer and this trend seems to be continuing through winter. The rental market is softening due to all the investor/first time buyer combination of activity. This adds more supply and creates less demand to the rental market. Las Vegas is an anomoly to the law of supply & demand, anything can happen!

New Residents/Employment Conditions:

Las Vegas Area New Resident Count

Total Employment in Las Vegas

  • New Residents (February 2012): 5061, Year Change +14.1%
  • Total Employment (December 2011): 806,700 Year Change +0.5%
  • Unemployment Rate (December 2011) 12.7%, Year Change -2.4%

My analysis: This sector is FINALLY seeing stabilization thus improvement. It is VERY encouraging to seem these numbers improve - even if slightly! Unemployment rate is still painful however the total employed numbers have remained close to stable for a year. Slight increase with unemployment rate the last two months.

Tourism/Gaming Conditions:

Las Vegas Area Convention Attendance

  • McCarran Airport Total Passengers (January 2012): 3,175,897 Year Change +0.3%
  • Gaming Revenue (January 2012): $925,487,094, Year Change +21.6%
  • Visitor Volume (January 2012): 3,397,998, Year Change +0.4%
  • Convention Attendance (January 2012): 538,552, Year Change -12.6%
  • Hotel/Motel Occupancy (January 2012): 78.3% Year Change -0.9%

My analysis: This sector (tourism) needs to see some serious price corrections before we see a comeback. Corporate credit is not coming back any time soon. It will be hard to get convention attendance back up without corporate credit. Glad to see regular tourists are making their way here with the imbalance of the other numbers to replace the convention attendee numbers. Visitor Volume, Gaming Revenue & Convention Attendance are encouraging and hopefully sustainable.  Rising gas prices can potentiall hurt this sector and could be a major setback to the recovery of the Las Vegas economy!

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. Information deemed reliable but not guaranteed. My analysis is my humble opinion

Posted by

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

 

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

Blog Disclaimer Important Notice

Realtor/MLS Member, NAR, NVAR, GLVARAccredited Buyer's RepresentativeSeller Representative SpecialistSenior Real Estate SpecialistAt Home with DiversityResort & Second Home Property SpecialistShort Sale Foreclosure Resource

 

 

 

Sell Las Vegas Home          Las Vegas Homes for Sale     Las Vegas Rental House

              

 

 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Market Trends
Location:
Nevada Clark County North Las Vegas Parks
Groups:
Market Updates
Nevada/Las Vegas REO, Fourclosure, Short Sale Specialist
City and State
Las Vegas Foreclosures - Homes, High-Rises-Condos
Market Reports
Tags:
las vegas market report
economic conditions
las vegas nv real estate

Spam prevention
Show All Comments
Rainmaker
820,870
Juli Vosmik
Dominion Fine Properties - Scottsdale, AZ
Scottsdale/Cave Creek, AZ real estate 480-710-0739

Renee, lots of great information on you Las Vegas area real estate market AND adding the employment data was a huge bonus to people.  

Mar 10, 2012 02:00 AM #1
Rainmaker
1,964,444
Tom Braatz Waukesha County Real Estate 262-377-1459
Coldwell Banker - Oconomowoc, WI
Waukesha County Realtor Real Estate agent. SOLD!

Renee

Lots of active listings. Hope they all sell soon. The Re/Max convention was just in your wonderful area

Mar 10, 2012 10:30 AM #2
Rainmaker
3,533,102
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Renee.  Great information for sellers and buyers in your area.  Keep up the good work.

Mar 10, 2012 11:26 AM #3
Rainmaker
1,343,790
Michelle Gibson
Hansen Real Estate Group Inc. - Wellington, FL
REALTOR

Renee - This is fantastic information about economic market conditions in your area.

Mar 10, 2012 12:07 PM #4
Ambassador
1,513,057
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Thank you all for the comments!

Apr 10, 2012 01:52 AM #5
Rainmaker
325,921
Esko Kiuru
Bethesda, MD

Renee,

Condos haven't been financeable for eons, it seems. That market needs new ideas. 

 

Apr 12, 2012 12:26 PM #6
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Ambassador
1,513,057

Renée Donohue~Home Photography

Western Michigan Real Estate Photographer
How May I Assist You With Your Las Vegas Real Estate Needs?
*
*
*
*

Additional Information