The Las Vegas Review Journal filed the following story about how the Las Vegas High Rise Condos market is getting ready to explode:

“The housing market in Las Vegas is entering a period of extraordinary transition with the first real influx of high-rise condominium sales in May, a local researcher said Wednesday.

Larry Murphy, president of SalesTraq, said May’s housing statistics offer “intriguing clues” as to why the much ballyhooed housing bubble has not burst in Las Vegas.

While the inventory of 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 Multiple Listing Service. That’s a relatively healthy market, Murphy said.

Prices have yet to diminish, as many predicted at the beginning of the year, he said.

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

Forty-eight high-rise condos closed escrow in May, including 40 at SoHo Lofts in downtown Las Vegas. That compares with 64 total sales in 2005 and 11 through April of this year.”

You can read the rest of the story here.

A LAS VEGAS REALTOR IS STANDING BY FOR YOUR CALL

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This entry was posted by Josh G. on Friday, July 6th, 2007 at 1:40 am and is filed under Hise Rise Condos. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.