Condo Craze in Las Vegas

Las Vegas is emerging as one of the top Condo markets in the country. Over 40,000 mid-rise and high-rise condos are being constructed all over Las Vegas. Another 6000 apartments are currently being converted to condos.

The median prices for the apartment converted to condos have risen by $10,000 this month from around $160,000 in June 2005. The prices of condos in the high-rises start at about $500,000. A price for the various amenities and facilities offered by most of these condos.

Las Vegas real estate statistics reveal higher median prices, increased new home sales and fewer new home permits all pointing to continuing boom though some analysts tend to disagree opining at the 11,000 unsold units on the market. That is a total of 3 months of inventory, which is same last July.

If the current pace, Las Vegas will exceed 34,000 new home sales soon this would last year totals even if there were 3-5 percent decline in resales.