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Vegas Valley Condo Market Continues Rapid Expansion

LAS VEGAS-Of the 91,900 units of total inventory announced, 2,300 are built, 13,500 are under construction, pre-sales for an estimated 6,900 units have been suspended and projects totaling 1,900 units have been officially cancelled.

By Brian K. Miller | Updated on July 06, 2006

(To read more on the multifamily market, click here.)

LAS VEGAS-The Las Vegas Valley potential condominium market continues to expand at a rapid clip, though the number of units that will actually be completed remains in question, according to the latest data from Applied Analysis, a locally based business advisory firm. The total potential inventory as of the end of June was 91,900 units in 135 projects that are either completed, under construction or announced. The figure has more than doubled in the past year despite insufficient demand to absorb the units, according to the report.

However, the report finds a significant number of these projects have failed to move forward as originally proposed. Of the 91,900 units of total inventory announced, 2,300 are built and 13,500 are under construction; pre-sales for another 6,900 units or so have been suspended, and projects totaling 1,900 units have been officially cancelled.

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