7-Day Luxury Update

It appears the “busy” home selling season is now in full swing, as if it wasn’t already. The number of luxury homes that were listed for sale this week was nearly double the weekly average for the year thus far. There were 42 homes newly listed for a million or more bringing the total inventory for that segment to 435 active listings. Sure, 42 homes was only 4.5% of all new listings in the city, yet it is still worthy of attention due to the abnormal increase for just one week.

 

These new luxury listings were evenly distributed between Summerlin and Henderson communities with several outliers in the North, South, and East parts of town.The majority of new Henderson listings were located in MacDonald Highlands, Seven Hills, and Anthem Country Club.

To no surprise, 83% met the standard criteria for million dollar plus homes in the valley. A minimum of 4 bedrooms, 3+ car garage, 4k+ square feet, and a private pool.

The average list price remains slightly high at $2,150,500 and $360 per square foot. The highest priced new listing is located in Seven Hills for $6,750,000. Additionally, the Ivan Sher Group represented 3 of the 42 homes.

On the flip, only 4 luxury properties recorded as sold last week. Perhaps inventory is rising because the buyer pool has slowed down. This could be necessary to slow the market from overinflating.

The average sale price was $1,482,250 and the average days on market was very low at 29. For this same week in 2017, the average sales price was almost exactly the same at $1,466,462. However, that is a week to week comparison not the market as a whole.

There were 19 new escrows opened, 2 listings that expired without selling, and 3 listing that were withdrawn from the market. The number of price reductions stayed about the same at 17 and were evenly scattered across the entire valley.

Copyright Jimmy Foster. Market Statistics from GLVAR. Photo & Video Credit The Ivan Sher Group

Content Partners