Las Vegas condo sales drop 10.8 percent even as prices rise slightly

Condominium sales in Las Vegas are showing more volatility than the single-family home market, with sales dropping to 497 in April, a 10.8 percent decline from the previous month, Residential Resources reported.

Median prices increased 2 percent, to $53,000, in April, which may signal a reversal to the generally downward trend, said Frank Nason, the real estate firm's president.

"As in the single-family market, the condominium market is not homogenous," Nason said. "There are great discrepancies within submarkets and individual projects within the submarkets."

Prices for condo sales in April ranged from $13,500 to $605,000, compared with $10,500 to $270,000 in March. They do not include high-rise condos.

As condo financing remains elusive, cash remains king with more than 90 percent of the transactions purchased with cash. Even normal transactions -- excluding foreclosures and short sales -- are seeing few financed deals, Nason said.