Las Vegas Condo Inventory Down

As of January 2011, the inventory of high-rise condos for sale in Las Vegas has dropped to 345 from over 600 last year.   Of those, 48 are foreclosures and 114 are short sales.  As with any market, when supply diminishes demand starts to increase so we see this drastic reduction in inventory as a step in the right direction.  Pricing for condos in 2010 dropped 2.9%.  While that may look like a poor number it pales in comparison to 2009 (-33.8%) and 2008 (-51.4%).