With Inventory Declining and Prices on the Rise, Don't Wait Any Longer to Buy a Las Vegas Condo
With hardly any new projects in the pipeline when it comes to multi-family development, prices for condos and townhomes in Las Vegas were up nearly 16% heading into the busy spring season. Reports back in March revealed the median price for condos and townhouses in Southern Nevada was up from $105,000 last year to $121,500 so far in 2016, with the steady upward trend likely continuing throughout the rest of the year.
It’s no secret developers are shying away from building in new condos in Las Vegas, so as we make our way through the summer and inch closer to the fall market, buying now might make a lot of sense for most potential buyers looking for the perfect new condo or townhouse residence.
Inventory will no doubt remain tight in the short-term and despite just 336 high-rise condos being purchased through the month of June, options are limited and finding something that fits all your needs and wants is seemingly more challenging than ever. In other words, if you’re in the market for a new condo in Las Vegas, starting your search as early as possible is in every buyer’s interest because you never know how long you might be waiting for something to hit the market that checks off most of the items on your long list of demands.