Las Vegas, NV June 2008 High Rise Inventory Update: Slightly Down at 2.8 Years

We have seen the Las Vegas, NV high rise real estate market have a phenomenal (and scary) jump in inventory in the last several months. 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:

• 297 Listed 6/3/2008
• 17 Under Contract 6/3/2008
• 65 Leased 4/24-5/24/2008
• 4.6 Months Inventory

Resales:

• 809 Listed 6/3/2008
• 43 Under Contract 6/3/2008
• 24 Closed 4/24-5/24/2008
• 33.7 Months Inventory (=2.8 years)
  

Rental inventory has big decrease from last month. Resale inventory has decreased also but 2.8 years of inventory is still A LOT of inventory. Read last month's report here.

There has been a noticed rise in foreclosures & bank owned listings at Manhattan South. List prices for those are about 50-65% of what the original owners paid for them! Manhattan South is located on Las Vegas Blvd South across the street from South Point Hotel & Casino but off strip and is a mid rise community. We are also seeing a noticeable rise in foreclosures in Soho as adjustable loans adjust. Soho is located in the Arts district between the strip and downtown.

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.