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Renee Burrows - Las Vegas Real Estate - (702-580-1783) www.ShackDiva.com

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

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 We shall see units distressed units listed continue to go down until probably mid summer unless the bill is repealed.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

Mountain's Edge (Las Vegas NV) Real Estate Market Report & Homes for Sale January 2012

Mountains Edge Homes For Sale

Mountain's Edge Homes for Sale

Mountain's Edge Real Estate Market Report & Absorption Rate

Mountain's Edge January 2012 Real Estate Resale Market Report:

  • Listings (2/15/2012): 176
  • Under Contract (2/15/2012): 324
  • Sold January 2012: 79

Since Last Month: Listings are DOWN -30, Pendings are UP +13, Sales are DOWN -8

Last Month's Mountain's Edge Market Report

View Mountain's Edge Homes For Sale Here (Updated Daily)

More Information on Mountain's Edge Real Estate Here

More Las Vegas Communities Here

The Lakes (Las Vegas NV) Real Estate Market Report & Homes for Sale January 2012

The Lakes Las Vegas Real Estate & Homes for Sale

The Lakes Real Estate & Homes for Sale in Las Vegas

The Lakes Real Estate Market Report & Absorption

The Lakes January 2012 Real Estate Resale Market Report:

  • Listings (2/15/2012): 52
  • Under Contract (2/15/2012): 61
  • Sold January 2012: 17

Since Last Month's Report: Listings DOWN -3, Pendings UP +1, Sold Units DOWN -2!

For Current and Past The Lakes Market Reports

View The Lakes Homes For Sale Here (Updated Daily)

More Information on The Lakes Real Estate Here

More Las Vegas Communities Here

Sun City Aliante (North Las Vegas NV) Real Estate Market Report & Homes for Sale January 2012

Sun City Homes - Las Vegas, Henderson, North Las Vegas

Age Restricted (55+) Communities are scattered throughout the valley. Many offer a variety community amenities for Seniors who enjoy active lifestyles.

Sun City Aliante Real Estate & Homes for Sale in North Las Vegas

Sun City Aliante Real Estate Market Report & Absorption Rate

Sun City Aliante is located in the Aliante Area of North Las Vegas, NV (zip 89084). There are 1829 homes in Sun City Aliante ranging from 1157-2104 Square Feet. Community Amenities Include: Community Golf, Clubhouse, Gym, Pool, Spa, Tennis, Recroom.

Sun City Aliante Market Report:

  • Listings (2/15/2012): 24
  • Under Contract (2/15/2012): 37
  • Sold January 2012: 5

Sun City Aliante is currently enjoying a seller's market.

Since Last Month: Aliante Sun City, North Las Vegas Listings UP +3, Contracted Homes UP +7, Sales DOWN -7

For Current and Past Sun City Aliante Market Reports

View Sun City Aliante Homes For Sale Here (Updated Daily)

More Information on Sun City Aliante Real Estate Here

More Las Vegas Communities Here

Las Vegas NV Area Rental Home Market Report January 2012 (includes Henderson & North Las Vegas)

Las Vegas Homes for Rent

Las Vegas Homes for Rent

Renters are becoming buyers finally as resale purchase prices drop and economic conditions in the valley are preventing high numbers of new incoming residents to move here. This has softened rental prices slightly as many investors are buying all cash in the market currently and then renting. More homes available for rent (higher supply) and less renters (lower demand.)

Units Leased:

  • January 2012: 2471
  • December 2011: 2114
  • November 2011: 2290
  • October 2011: 2399
  • September 2011: 2535
  • August 2011: 2750
  • July 2011: 2396
  • June 2011: 2485
  • May 2011: 2376
  • April 2011: 2342
  • March 2011: 2307
  • February 2011: 2253
  • January 2011: 2002
  • December 2010: 1889

Average Monthly Rental Rates:

  • January 2012: $1447
  • December 2011: $1307
  • November 2011: $1328
  • October 2011: $1355
  • September 2011: $1279
  • August 2011: $1422
  • July 2011: $1434
  • June 2011: $1765
  • May 2011: $1257
  • April 2011: $1207
  • March 2011: $1497
  • February 2011: $1501
  • January 2011: $1449
  • December 2010: $1563

Median Monthly Rental Rates:

  • January 2012: $1095
  • December 2011: $1095
  • November 2011: $1095
  • October 2011: $1100
  • September 2011: $1145
  • August 2011: $1125
  • July 2011: $1125
  • June 2011: $1150
  • May 2011: $1150
  • April 2011: $1100
  • March 2011: $1100
  • February 2011: $1100
  • January 2011: $1100
  • December 2010: $1100

Las Vegas Area remains a Landlord's Market in the Rental Sector for the Las Vegas Valley.

How to check to see if the home you are renting is in default

Last Month's Las Vegas Area Rental Home Report

How to Rent a Home in Las Vegas - Fill Out the Form on this page to rent or ask for property management services.

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