Great News - Demand Exceeds Supply!
Great news for Las Vegans is that the demand for homes is sustaining the housing recovery. As demand exceeds supply, prices rise. This economic factor encourages a home owner to sell their current home.
The lack of supply spurs home buyers to take advantage of the low interest rates and affordable home prices. Buyers are aware that home prices have increased over the past year and buyers are fearful that if they wait much longer, home prices will be higher.
Nevada home prices are still 47% below their peak in spring of 2006. More home data to come in the next Market Watch.
More Good News - Unemployment is DOWN!
Many businesses, developers, new attractions, and new home builders are hiring. Here are just two examples.
800 workers are going to be hired for the Downtown Grand Hotel. Applications and resumes may be submitted at www.fifthstreetgaming.com/careers.
The limited supply of available homes has caused home builders to increase construction of new homes. In April, 661 building permits were pulled for a total of 2,457 year to date. That converts to a year to year increase of 117% and an increase of jobs.
Casino, Hotel, Convention - and Retail Revenues Are UP!
323,000 tourists in Las Vegas for Memorial Weekend.
Mid May over 35,000 visitors attended the annual shopping center convention.
20,000 visitors are expected to visit the downtown Neonopolis new club Krave Massive and Drink & Drag every weekend starting in mid June when they have their grand opening.
Casino gaming revenue was up 15.1 percent in February compared to February 2012. The Las Vegas Strip posted a record win of $956.4 million, up 31.1 percent.
It was the highest win ever on the Strip, said Michael Lawton, senior research analyst for the board. The board attributed the Strip record to this year's Chinese New Year celebration, which attracted many big-money gamblers.
Wyndham's Desert Blue resumes construction on the 281 unit timeshare vacation resort.
In Summerlin new residential developments are growing at a promising pace. The Summerlin Vistas Community Center and Pool will finish construction in the spring of 2015.
The Town Square outdoor shopping center welcomes an 87,000 square foot Gameworks with 8 bowling lanes and a restaurant that will seat 215 people. New stores opening include Artifact, McFadden's, and Flemings Steakhouse.
The Food Network star, Guy Fieri graduated from UNLV in 1990. Guy's first restaurant will open on the Strip at The Quad later this year.
Guy's restaurant will be the main culinary attraction at The Quad, formerly Imperial Palace. The Quad is set to open this fall along with The Linq mall, and the world's tallest observation wheel called "The High Roller" which stands 550 feet tall.
In a recent statement, Guy said: This is a true homecoming for me. I remember the start of the food revolution in Las Vegas in the 90s as a college student. Now I am stoked, finally opening my very own at the heart of the Strip.
Entertainment and Attractions - Openings and Famous People Are Making News!
The good news is that the Wet 'N' Wild water park opened last month and 30,000 season passes have already been sold.
Michael Jackson One - At The Mandalay Bay
The Cirque opened the "Michael Jackson One" show at the Mandalay Bay. Michael Jackson One: is a theatrical evocation of Michael's creative genius. Guided and inspired by his music, four misfits set out on a transformative adventure. By journey's end, they will personify Michael's agility, courage, playfulness and love.
Oscar Goodman - The Happiest Mayor
Oscar has just relesed his autobiography - From Mob Lawyer to Mayor of Las Vegas Only in America.
The book explains the illustrious life of Oscar Goodman and chronicles Oscar's transition from wiretap expert mob lawyer to showgirl-draped martini mayor of Las Vegas.
Oscar Goodman continues to show his love of Las Vegas. He visited the Burgermeister and worked the grill at Smashburger to celebrate National Burger Day on Tuesday, May 28, 2013.
On The National Home Front - Stocks Are Doing well
The Stock market is responding well to the increase in home sales. Shares of companies with ties to the housing market are surging up.
Home Depot (HD) reported profits that were much better than forecasts.
In its earnings release, CEO Frank Blake said the company is continuing to "benefit from a recovering housing market" despite the fact that there was "less favorable weather" during the quarter.
Some retailers have blamed the snowy and cold winter for soft first-quarter results and a slowdown in consumer spending. So it's really encouraging to see that Home Depot bucked that trend, thanks to the comeback in housing.