It may have been a challenging few years and a slow recovery for all of us, but we are not faced with the Great Depression of 1929 and the fallout that led to President Roosevelt’s victory over Herbert Hoover. Incumbent Hoover had fallen out of favor with the electorate and only amassed 59 electoral votes in what was a bitter election year campaign. Here is Will Rogers’ commentary on election day 1932:
“There is only one redeeming thing about this whole election. It will be over at sundown, and let everybody pray that it’s not a tie, for we couldn’t go through with this thing again.
And, when the votes are counted, let everybody, including the candidates, get into a good humor as quick as they got into a bad one.
Both gangs have been bad sports, so see if at least one can’t redeem themselves by offering no alibis, but cooperate with the winner, for no matter which one it is the poor fellow is going to need it.
So cheer up. Let’s all be friends again. One of the evils of democracy is you have to put up with the man you elect whether you want him or not. That’s why we call it democracy.” Daily Telegram #1953, Nov. 7, 1932
Greater Las Vegas Market Overview
October Single Family Residential (SFR) closed sales were down 10.6% from September but 7.5% higher than at this time last year. The median closed sales price of a SFR dipped 0.79% to $232,000 while the average closed sales price of an SFR was virtually unchanged and remains at $267,563. Yet, SFR closed sales are 6.6% better than at this time in 2015. Condo/Townhome sales are up 14.2% over 2015 while Hi-rise closings are up 12.4% compared to last year.
The first chart shows that the average closing prices of and SFR continue to go sideways during this period of slow market value improvement. However, check out the subdivision units and price trends charts to see which communities are down and which ones are up.
I look forward to seeing many of you next Saturday evening at the Bellagio for the GLVAR Installation of Officers and Directors for 2017!