The currency is volatile but has stayed within a certain range and currently at a price that favors foreign investors but is still a risk.

There will never be a ton of volatility, and you will see steady increases in property value year over year.

Aren't condos typically more volatile in uneasy markets? 

However, the simple truth is, we are facing a heightened chance of possible volatility.

But, it's also why I was searching Bigger Pockets for Harry Browne, too :)(Imho - this is all more of a tangent) In general, in terms of saving up for real estate downpayments, that's a tough call and I couldn't speak as an expert or tell others what to do, but ya I think (imho) I would ideally want to try to hold some less volatile but somewhat inflation-protected as well as cash if I was looking at a mortgage in 1-2 years. 

The other concern that I would have with Las Vegas is that it's economy is highly dependent on tourism and hospitality which prices and rents are very volatile in times like this and during the 2008 recession.

Some asset classes and locations will experience more volatility than others.  

It assesses on the city site at $123,200.The reason I bid so high is because I have been outbid before, and the market in my area is very volatile.

The market is so volatile right now and there seems to be a mass exit from the state.

There are many short term markets that are decades old where you don't have to worry about the regulations and volatility of metro markets.