Las Vegas Real Estate Market August 2013 Condo Report
Posted by Bruce Hiatt — November 25, 2013
Las Vegas Real Estate Market August 2013 Condo Report focuses on the luxury residential Las Vegas condos on or near the Las Vegas Strip. This eight month market report covers the period of January to August 2013. Only Las Vegas high rise condos are covered in this report and it does not include hotel condos.
For the 8 month time period, 289 Las Vegas condos along or near the Strip were sold through the MLS per the Greater Las Vegas Association of Realtors data. During this time period, 70% of the condos sold within 90 days on market and 50% sold with 30 days on the market. That’s quite impressive and reflects the tight inventory of Las Vega Strip area luxury condos. What’s more impressive is the average price range during this 8 month period. July saw the average price rise to $700,000 and August experienced an average price range of $450,000. Most of the 8 month period showed an average price range above $400,000 which many investors and buyers didn’t expect Las Vegas to rebound to that price level.
Inventory supply of Las Vegas condos on or near the Strip while showing 4 to 5 months most of the year jumped to 9 months in August. The trend since August appears to be downward but until we see September’s data we won’t know which direction the trend is heading.
The List price to sold price comparison during this 8 month period showed the sale price was somewhat close to the list price for Las Vegas condos priced $400,000 or less. For prices above $400,000 the gap widened but not as wide as one might expect. Only above $8 million were there significant gaps between the list and sale prices.
Click here to watch the Las Vegas Real Estate Market Condo Report Video.
About Luxury Realty Group
Luxury Realty Group LLC is based in Las Vegas, Nevada with additional affiliations in Toronto and California. Luxury Realty Group specializes in luxury homes and high rise condos from new construction to resales.
Our brokerage is often featured in news casts from CNBC, CBS, RTL from Germany and other well-known television media. Print media focus on our brokerage occurs from USA Today, Wall Street Journal to Forbes and Fortune.
We are also advisors to a number of Wall Street firms for the Las Vegas luxury real estate market. Most recently one of our high-end penthouse listings was featured in Architectural Digest.