Unit sales in the Las Vegas high-rise market will probably hit their lowest point since the pandemic in 2020. Sales prices, however, are poised to hit per-unit records.
The Q3 report from Applied Analysis shows 499 high-rise sales from Jan. 1-Sept. 30. For the July-September period, sales volume totaled 149 transactions.
The Q3 activity was lowest since Q3 2020, which had 125 sales. Q3 2023 reported 567 sales. 2021 had the most active Q3 post-pandemic sales at 858.
Unit Prices on the Rise
While the number of transactions fell, the average price for units sold was up 5.7% year-over-year from 2023. Q3 2024 saw an average unit price of $633,619, versus Q3 2023’s $579,147. It is possible 2024 will set a price record.
Price/SF increased 8% YoY. Q3 2023 was $484, while this year’s Q3 reached $531.
Most of the activity took place in the condo-hotel segment, rather than in purely residential buildings. MGM Signature led in transactions with 29 sales and an average price/unit of $402,339.
The Waldorf had the most expensive condo sale, fetching $8.5M for its sixth floor penthouse and marking the second highest sale in the building’s history.
Berkshire Hathaway Home Services’ Frank Napoli speculated the slow pace of activity was due to a combination of uncertainty about the national election and the unusually long and hot summer keeping people away from Las Vegas for longer than usual. (Source)
