Closings Of Las Vegas Condos Influencing Las Vegas Home Sales

Sky Las Vegas CondosA 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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