Monday, July 02, 2007

Just Recieved This Information On The Latest Housing In Las Vegas

Dear Steve,

Attached please find a file on current market information. If you are interested
in receiving this information on a regular basis please visit

And don't forget about the Crystal Ball seminar coming up!

"Good morning,

May's Las Vegas housing statistics tell us that we're on a real, not a false,

Every market goes in cycles. It is vital to understand when a cycle has
bottomed out. The reasons we think Las Vegas is now on a real bottom are:

1. SALES: Both new and existing home sales have traded in a narrow range
over the last four months. New home sales improved slightly to 1,756 and
existing home sales dipped slightly to 2,416 in May.
2. PRICES: Prices have remained relatively stable despite the sales
slowdown. Existing home prices were off 3.5% (year over year) in May, but are
down a scant 0.5% for the entire year. ALL new home median closing prices dipped
3.7% in May but are ahead 1.1% for the year. (If you look at just new single
family and condominium prices, the dip was 9.2% in May and 7.4% for the year).
3. PERMITS: New home permits are down 42.8% for the year. May was off
21.2% to 1,595. We have seen a slow rise in new home permits over the last
three months, but this is neither seasonal nor market driven. The rise in new
home permits is in anticipation of new law which takes effect mid-fall.
4. INVENTORY: The one sour note in the improvement picture is inventory.
Existing home inventory climbed more slowly in May than it has in the recent
past but is still at the 25,282 mark - a record high. The number of new home
subdivisions is also at an all-time high at 558. That last number may be a
record for some time to come. Interestingly, May saw an average of 3.15 sales
per subdivision, well below last year's numbers but ahead of April's figure
(with a lesser number of active new home communities).
5. FORECLOSURES: Yes, the media keeps on telling us that Nevada leads the
nation in foreclosures. But, the number of Las Vegas foreclosure sales may have
peaked in March and is moving downward.

If you've followed media (outside Las Vegas) this month, you know that this
market has been tapped to be the worst performer in the USA in terms of sales
and pricing in 2007. Thus far, this market is performing at a much higher level
than the pundits suggest.

What outside observers tend to miss - and sometimes even local analysts - is
that this market is in the middle of a major transition.

Things are changing . and we think for the better!

The question is: How long before we return to "normalcy?" That's the question
we'll try to answer at the July 19th seminar at Texas Station. To register, go

Until then, remember what Captain Nemo said in the Jules Verne novel, "Twenty
Thousand Leagues Under the Sea": When they reached the bottom of the Ocean, he
said, "We have no place to go but up."

See you July 19.

Respectfully submitted,
Larry Murphy Steve Bottfeld
SalesTraq Marketing Solutions