Las Vegas: 21-year inventory of Condos


Stunned minds are gazing on Las Vegas where there is a 21-year inventory of condominiums.

It really didn’t take a $40,000 study from the Sierra Club to determine that Las Vegas was overbuilt, putting a strain on natural resources. Just look at the vacant buildings.

Nowhere is it more apparent than in the high-rise condominium market where 5,527 completed units are sitting empty, waiting to be sold, housing analyst Larry Murphy said Friday at a meeting of the Las Vegas High-Rise and Condominium Association.

With an average of 22 high-rise closings a month, Las Vegas has a 250-month supply of inventory, or about 21 years, the president of SalesTraq research firm said. In comparison, the supply for traditional homes on the market here is between two and three months.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: