In the blink of an eye, the first quarter of 2018 has come to a close. As of March 31st, there are Wheth of inventory. There were 220 homes listed for a million or more in the first quarter and 100 properties that recorded as sold.
The Shapiro & Sher Group represented 12 of those sales. The average sale price for the first quarter was $1,983,383 and the highest priced sale closed for $13,000,000.
In the past week, there were 17 new luxury listings to come on the market, six in Henderson, two in Summerlin and the rest scattered around the valley. As usual more than 75% have pools and are two levels or more.
Also this week, 9 properties recorded as sold, this is very close to the same ratio of sales versus listings for the whole quarter.
Of those 9 closings, five were in Summerlin, two in Henderson, and one in both the Northwest and Southwest.
The number of new escrows rose back up to 13 and the number of price reductions dropped from 20 to 11. There could be a correlation between the abundance of price reductions from the previous week to the increased amount of escrows this week.
There was very little movement for high-rise listings priced over a million. This week two were listed and there were no changes to pending/contingent or sold status. However, there are twice as many high-rise listings priced between $500,000 and $1M, then there are over a million. The top five highest priced units are at Mandarin Oriental or Turnberry Place.
By far the most high-rise sales this quarter, making up almost half, were at the Mandarin Oriental. This building has seen a huge increase in demand over and price per square foot.
Overall, the numbers for the first quarter and week over week reflect a hot market for the luxury sector. Sellers are back in healthy positions and buyers are willing to pay more for something that meets all of their needs. We will continue to watch the fluctuations each week for upward or downward trends.