Overview of Las Vegas high rise condo market in 2017
In Overview of Las Vegas high rise condo market in 2017 we discuss:
1: The active inventory of Las Vegas high rise condos listings in the MLS that are not under contract
2: Number of foreclosure and short sale high rise condominium listings
3: Median sales prices of Las Vegas high rise condo towers from 2011 to 2016
4: Big discrepancy between median asking list and median sales prices
5: Why high rise condos prices haven’t been increasing
Please note that in order to separate true towers from midrise luxury condos in Las Vegas; we call buildings that are taller than 12 stories high-rise and shorter than 12 stories mid-rise.
This market report is concerned with true high rise towers and you can see their list in the left column of the Interactive Las Vegas high rise and midrise luxury condo map.
|All Listings||Median asking list price||Traditional sale||Foreclosures||Short Sales|
|Las Vegas high rise condos active listings in Las Vegas MLS||459||$446,000||453||3||3|
The inventory of Las Vegas high rise condos listings in MLS which are not under contract stands at 459, the median asking list price for these listings is $446,000. Only 3 listings are foreclosures or bank owned and 3 are short sales in lower price ranges.
This table shows the median sales prices for Las Vegas high rise condo towers since 2011, which is really when the Las Vegas real estate market bottomed out, to 2016.
|Las Vegas high rise condo sales||All Listings||Median sales price||Traditional sale||Foreclosure (bank Owned)||Short Sale|
First, please note the large difference between the median asking list price at $446,000 and median sales price of $280,000 for high rise condominiums which is $166,000. This means that cheaper condo listings are selling in 2016 and this helps lower the median sales prices.
This table shows the median sales price of Las Vegas high rise condominiums that have sold through the Las Vegas MLS since 2011. As you can see, the median sales prices appreciated by 71% from 2011 to 2013 and then pretty much got stuck in the $320,000 to $330,000 range for 2014 to 2015 and went down in 2016.
Also note how foreclosure and short sale listings in the Las Vegas MLS evaporated like a puddle of water in Death Valley. The foreclosures and short sales share of high rise condominium sales has been 5.4% and 5% of total sales for the past two years. Most of these have been in lower price ranges and no one really talks about the negative effect of foreclosures and short sales on the Las Vegas high rise condo market in 2017.
There are many reasons for the lack of price appreciation in this sector. Chiefly among them is the competition from single family homes. Those who prefer condos can get an upgraded regular condominium that includes all the amenities, with condo fees that are less than a third of high rise condos.
Las Vegas high rise condominiums are the best fit for either a very wealthy buyer who uses it to declare Nevada residency to escape high state income taxes of other states like New York and California. Or high income professionals that work in or just love the excitement of the Las Vegas Strip and want to be close to it.
The Las Vegas high rise condo market is a buyer’s market and good deals are abundant.
In the next video we will talk about how much each of the high rise condominiums has appreciated since 2011, when Las Vegas real estate bottomed out.
This study is far more illuminating than this Las Vegas high rise condo market report and will show how each tower has performed and the margins are wide. The best appreciating Las Vegas condo tower is Metropolis at about 76.2% and the lowest was Trump International Hotel at 10.8% median price appreciation since 2011.
If you want to buy or invest in Las Vegas high rise condos for sale, please call us at 800-762-4917 or use the contact form.
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On behalf of The Saber Team, this is Karen Saberzadeh of Realty One Group and www.lasvegas4us.com wishing you a great day.
This was an update on Las Vegas high rise condo market 2016