Las Vegas homes sold through April 2007

Las Vegas continues to see high inventory and slow sales. The Greater Las Vegas Association of Realtors reports that as of April there were;

Inventory (listed homes)

22,242 re-sale Single Family Residential homes listed in the multiple listing service, (this statistic does not include the number of new homes being sold by builders). This figure shows an increase in SFR of 4.5% from March and an increase of 25% from April of 2006.

6,178 re-sale condominiums (again does not include new construction) up 3.1% from March and up 62% from April of 2006.

Closed (sold homes)

1,381 SFR homes sold in April, down 14% from March and down 39% from April of 2006

296 Condominiums sold in April, down 13.2% from March and down 45% from April of 2006

Median Sold Price

SFR median sold for April is $305,000 no change from March, but down 1.6% from April 2007

Condominiums medial sold for April is $202,000 up 1.1% from March and up 0.5% from April 2007

As I mentioned above, these are statistics from The Greater Las Vegas Association of Realtors and do not include any new homes. The increase in median pricing of Condo's has to be considered a good sign. This increase of .5% in spite of the fact that the inventory has risen 62% since 2006.

Depending upon which source you site, Las Vegas is growing at a rate of 6000 to 8000 new residents a month. This of course does not take into account the number of people leaving, but it does make a pretty firm statement that Las Vegas is still an attractive place to call home.

Unemployment statistics as of March is at 4.2%, with job growth at 3.3%, (the national average is 1.4%). The Nevada Workforce Informer posted the following statement in the March Nevada Economy in Brief;
Nevada has gained nearly 270,000 jobs since March 2002, a period that saw the construction of only one mega-resort in Las Vegas. With the Palazzo, Encore at Wynn Las Vegas, Project CityCenter, Echelon Place, Cosmopolitan and other projects taking shape, the Las Vegas Strip is seeing its first major resort construction cycle since the late 1990’s. These projects will create tens of thousands of permanent jobs once they are completed. Those workers will need new homes, schools and places to shop. Growth of the southern Nevada economy has traditionally been sparked by resort construction, and the biggest construction cycle on record is under way.