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Million dollar Las Vegas luxury homes reported sales last week:

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Million dollar Las Vegas luxury homes sales for July 2 - 9 2006.

Homes for sale in Las Vegas Valley housing market continued its increase in June with slower sales and increased listings. There were 2,527 homes sold last month, a 1.1 percent dip from May and 23.8 percent less than a year ago, reports the Greater Las Vegas Association of Realtors (GLVAR).

Las Vegas home listings, meanwhile, jumped to 6,060 units in June, which is 11.8 percent more than in 2005. The valley’s available housing inventory grew to 20,026 units in June, or nearly 32 percent more than a year ago.

Median homes for sale in Las Vegas prices, however, climbed to $315,000 in June, which is five percent higher than in 2005, GLVAR reports. Yet it’s now taking longer to sell homes. Only 40 percent of June Las Vegas home sales occurred within 30 days or less. A year ago, by contrast, nearly 52 percent of all home sales happened in less than 30 days.

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Adagio Las Vegas condos upgrades and condo floor plans are designed to cater to first-time Las Vegas home buyers, as well as to those seeking a unique living experience, according to regional sales manager for Nevada West.

“Adagio condos in Las Vegas is perfect for those looking for a first-time Las Vegas home or simply wanting to downsize,” he said. “We wanted to create a place that not only had the perfect location, but also delivered on livability.”

The gated Adagio condos complex is located in the northwestern Las Vegas Valley and offers condo units ranging from 786 to 1,300 square feet. Prices start from $160,000.

Features of these condos for sale in Las Vegas include attached garages, 9-foot and vaulted ceilings, gas fireplaces with tile hearths, walk-in closets, and cultured-marble vanities.

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A total of 48 hi rise Las Vegas condos closed escrow in May, including 40 at SoHo Lofts, at Las Vegas Boulevard South and Hoover Avenue. That compares with 64 total condo sales in 2005 and 11 through April of this year.

The Las Vegas housing market is entering a period of extraordinary transition with the first real infusion of Las Vegas hi rise condominium sales in May.

May’s Las Vegas housing statistics offer “intriguing clues” as to why the much discussed housing bubble has not burst.

While the inventory of Las Vegas homes for sale reached an all-time high of 20,515 in May, about double from a year ago, it’s a supply of six to seven months based on sales through the Las Vegas mls. That’s a relatively healthy market.

Median resale prices are staying around their all-time high at $284,950, a 5.5 percent increase from May 2005, and Las Vegas new home prices jumped 11.8 percent to $324,757. The number of Las Vegas new home subdivisions in the market declined for the second consecutive month.

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