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.
Closings of all of building one at The Signature MGM Residences, 580-some units over the next two or three months. Panorama Towers Las Vegas is closing, SoHo Lofts, Sky Las Vegas condos. Now the Las Vegas condos are closing. Start looking for that to be a regular and increasing number.
Combined with the slowdown in sales of lower-priced Vegas condo conversions, the uptick in high-rise sales will drive Las Vegas homes for sale prices significantly higher by the end of the year. There were 352 condo conversion sales in May, a 29 percent decline from a year ago and less than half of January’s home sales.
The number of high-rise units coming onto the Las Vegas real estate market will continue to rise as the first wave of new condo projects are completed. This makes the total sales volume quickly increase. This is a very exciting time for the Las Vegas residential market.
New homes for sale in Las Vegas closings rose by a fraction in May from the same month last year at 2,933, according to SalesTraq. Year-to-date Las Vegas new home sales are up 8.9 percent. On the other hand, existing home sales are down 9.8 percent for the year. There were 4,163 resales in May, a 17 percent drop from a year ago.
The first clue that there is no Las Vegas housing bubble is price stability over the entire year. Price appreciation has dropped in markets such as Phoenix, Denver and San Diego, according to the Office of Federal Housing Enterprise Oversight. Over the fourth quarter of 2005 and the first quarter this year, appreciation in the Las Vegas real estate market has risen.
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Closings of new homes for sale in Las Vegas influenced by Las Vegas condo sales.
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