We have seen the Las Vegas, NV high rise real estate market as a challenged market with an abundance of resale inventory. For several reasons:
- Too many speculators in that market. They want to close n flip. They are not interested in holding, renting or living in them. Each time a building closes, we see an increase of inventory.
- Mortgage market madness has reduced the amount of loan products available to jumbo, second, vacation or investor type property owners. The ones who have very little money down and marginal credit, that is. So the buyer pool for both resales and new went kaput. Loud and hard too.
Here are the high rise stats:
Rentals:
- 318 Listed 11/14/2008
- 11 Under Contract 11/14/2008
- 48 Leased 8/28-9/28/2008
- 6.6 Months Inventory
Resales:
- 884 Listed 11/14/2008
- 25 Under Contract 11/14/2008
- 31 Closed 8/28-9/28/2008
- 28.4 Months Inventory (=2.4 years)
Rental inventory has decreased from the last report. Resale inventory has seen a dip in contracts but a slight increase in closes. Read last month's report here.
This report is compiled by using data from the GLVAR MLS. Data is gathered by the "VERTICAL" field and the "RESIDENTIAL" field using "CON" as subtype and "HIGHRIS,LOFTLIV,PENTHSE" equals any for building description. Information is deemed reliable but not guaranteed.
If you are thinking about buying or renting a high rise condominimum in the Las Vegas area, please call 702-966-2494. Press 1 if you are a buyer or press 2 if you are a renter. For financing options press option 3. For selling or leasing/property management press option 0. We will not list condos that have not yet closed with the builder or are not interested in contract reassignments. Para español presione el cuatro.
Renee I hope the inventory continues to drop. A drop in inventory is at least a 1st sign of an improving market.
Well doesn't look too promising the next month (already pulled numbers.) Down from 7 some years of inventory from last year so that is an improvement!