Economic Conditions for the Las Vegas Valley May 2008

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

Economic Conditions for the Las Vegas Valley April 2008

 

Housing Conditions:

  • Foreclosure/Short Sale Listings (6/12/2008): Total Listings 20,675; Short Sales: 5576, 27% of all listings; Bank Owned Listings: 4287, 21% of all listings. Short sale and REO listings consume 47.7% of total listings
  • New Home Sales (April 2008, units sold): 749 Year Change -35.5% (excl condo conversions, highrises)
  • New Home Sales (April 2008, median price): $255,615 Year Change -18.3% (excl condo conversions, highrises)
  • Existing Home Sales (April 2008, units sold): 2247 Year Change -4.5%
  • Existing Home Sales (April 2008, median price): $230,000 Year Change: -19.3%
  • New Home Permits (April 2008): 711 Year Change -60.6%
  • Rental Rate (MLS Monthly Average May 2008): $1483/month 

My analysis: Resale listings are down and pendings are up sharply, absorption rate is turning healthy.  REO listings are in a seller's marketThe Rental Market is turning.  Fire sale prices remain attractive to both long term investors and buyers tired of paying rent.  Distressed listings (foreclosures and short sales) are 47.7% of total listings.

New Residents/Employment Conditions:

  • New Residents (April 2008): 6044, Year Change -2.4%
  • Total Employment (April 2008): 926,900, Year Change -0.4%
  • Unemployment Rate (April 2008) 5.5%, Year Change +25%

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.  New resident count seems to be stabilizing.

Tourism/Gaming Conditions:

  • McCarran Airport Total Passengers (March 2008): 4,120,158 Year Change -1.7%
  • Gaming Revenue (March 2008): $871,896,196, Year Change -2.0%
  • Visitor Volume (March 2008): 3,855,578, Year Change -1.5%
  • Convention Attendance (March 2008): 637,755, Year Change  -6.6%
  • Hotel/Motel Occupancy (March 2008): 92.2% Year Change -1.8%

My analysis: Only slight yearly changes.  The economic conditions need to be watched carefully as rising gas prices may affect tourism in the valley

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

Posted by

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

 

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

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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Foreclosure/Short Sale Listings (6/12/2008): Total Listings 20,675; Short Sales: 5576, 27% of all listings; Bank Owned Listings: 4287, 21% of all listings. Short sale and REO listings consume 47.7% of total listings

Good Grief!!!  That's horrible.  Foreclosures are less than 1% of our listings.  The problem we have is the continued disconnect between price and qualifying income.  But, it's getting better.

Jun 12, 2008 11:42 AM #1
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Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Lenn:  Thank you for stopping by!  What is even scarier is that number is growing every month.  There is no sign of stabilization yet.

Jun 12, 2008 11:56 AM #2
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