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A total of 48 hi rise Las Vegas condos closed escrow in May, including 40 at SoHo Lofts, at Las Vegas Boulevard South and Hoover Avenue. That compares with 64 total condo sales in 2005 and 11 through April of this year.

The Las Vegas housing market is entering a period of extraordinary transition with the first real infusion of Las Vegas hi rise condominium sales in May.

May’s Las Vegas housing statistics offer “intriguing clues” as to why the much discussed housing bubble has not burst.

While the inventory of Las Vegas homes for sale reached an all-time high of 20,515 in May, about double from a year ago, it’s a supply of six to seven months based on sales through the Las Vegas mls. That’s a relatively healthy market.

Median resale prices are staying around their all-time high at $284,950, a 5.5 percent increase from May 2005, and Las Vegas new home prices jumped 11.8 percent to $324,757. The number of Las Vegas new home subdivisions in the market declined for the second consecutive month.

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Sky Las Vegas, hi-rise luxury condominium, on the world-famous Las Vegas Strip, was topped out at Noon on friday when 600 construction workers of M.J. Dean Construction Co. of Las Vegas sent a symbolic fir tree upward on a placing boom. The final portion of Sky Las Vegas hi rise condos concrete roof had been set in place earlier in the day, completing the exterior superstructure and the symbolic tree was attached following a long-established tradition in the construction industry.

The $325 million, 45-story Sky Las Vegas luxury hi rise condos,will be the first of its kind located on one of the world’s most magical boulevards. Sky Las Vegas hi rise condo will provide the ultimate location for those seeking immediate access to the abundant shopping, electrifying entertainment and incomparable dining experiences of The Strip.

The Las Vegas Sky luxury condo tower will house 409 units with 870 to 5,500 square feet. There is something for every lifestyle and taste in Sky’s 30-plus living plans including Penthouse units and premium, three-story suites with rooftop garden Skydecks.

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