Las Vegas Real Estate Market Report for September 2012
By June Stark, Las Vegas Luxury & High Rise Condo Expert
What does the future hold for Las Vegas real estate?
We have no crystal ball, but all sales data points to rising prices and and a rosier future.
While prices are increasing, verifying that a market bottom is in, sales volume is down. We attribute this to the very low inventory levels, fewer foreclosures, and buyer frustration due to the multiple offer scenarios that are commonplace.
As far as the high rise condominium market sector is concerned, there were 62 sales reported in the Las Vegas MLS, with the majority of them being in three buildings: Trump Las Vegas, Mgm Signature, ( both of which are condo hotels and must be cash only purchases) and The Martin, Las Vegas' best selling residential high rise tower.
The statistics from the MLS do not include the brand new home sales in Las Vegas and Henderson sales data. What we are experiencing in this market sector is a lack of standing inventory and sales that have picked up significantly, as real estate buyers and investors are seeing the gap between price per square foot on foreclosures and short sales versus brand new homes close.
The links below will help you research the Las Vegas High Rise, Condo, and Homes markets:
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