Las Vegas Real Estate Agent, Las Vegas Homes, Condos, Land, Commercial Real Estate and Personal Blog

Back to discussing Las Vegas real estate and I want to start with the Greater Las Vegas Valley, which includes Las Vegas, North Las Vegas, Henderson and Unincorporated Clark County, condominiums market by price range. The data for this post is from the GLVAR (Greater Las Vegas Realtor Association) and only includes condominiums that have been sold by a Las Vegas realtor or are listed by one. This data doesn’t include condominiums listings, or condos that are sold by a new condo builder or condos that are sold in a real estate auction or FSBOS ( for sale by owner).

This data includes condos that are sold or have closed escrow in the last 30 days, contingent sales, pending sales and exclusive right to sale or available listings. Condos are priced in thousand dollars increments, for example 1-50 means $1000-$50,000.

As of June-24-2009, total condos sold in the last 30 days in the Greater Las Vegas Valley equal 562, contingent sales equal 1138, condos that are pending sale equal 471 and available units equal 2288. The break down by price range is shown in the table below.

A point of caution, there are many condo units that are under contract and are still listed as available since REO agent are notoriously tardy in updating their listings. Also many contingent sales revert back to the market as the buyer may not be able to obtain financing or doesn’t agree with CC&RS or just changes his/her mind, etc.

In the $1000-$50,000 price range, 164 condo units have closed escrow in the last 30 days and there is a good chance that the vast majority of pending sales and more than half of contingent sales will close escrow in the next 30 days. This will make for a good increase in the number of units sold in the next month. But look at how many condos seem to be available for sale (many are under contract already), the number is 307 which is about a 1 month supply of inventory. If the 200 out of 233 pending sales and one half of of contingent sales close escrow next month, then the supply of inventory for condominiums that priced $50,000-$100,000 is about 1.5 months. Given that less than 30% of the available inventory is priced right (best deals) then you can see why condos in this price range sell immediately and with multiple offers, cash sales and above asking price; the real inventory is very low.

The supply of inventory by month goes up as the price range is increased. The inventory goes up to 2.3 months for condos that are priced $100,000-$150,000. In the upper price range the inventory of condos increases appreciably. There is a 10 month inventory for condos that are priced at $300,000-$400,000.

I have repeatedly written that median and average prices that get so much publicity are meaningless; now you see why. Even this analysis is too general and the data has to be further broken down to small areas and then a good understanding is gained.

FHA, Fanny Mae and Freddie Mac are no longer financing most condo communities in Las Vegas because the vast majority of them are investor owned. This will have an adverse effect on the condo prices. But I don’t see it affecting the under $100,000 dollar condos as the vast majority of buyers are cash investors.