Another week has slipped by and the housing market continues to triumph. Today on March 1, there are 387 listings priced at $1 million or more. Sounds fairly high. Take away the list price, there are 4,948 homes currently on the market in Greater Las Vegas. This shows us that the luxury sector only makes up about 7% of the market share.
The Shapiro & Sher Group represents more luxury listings than any other team in the industry. 10% of the active homes over $1 million are listed by us.
‘High rise’ condominiums are an entirely different search on the MLS. Currently, there are 361 high rise units available. Of those, 53 or 14% are priced at $1 million or more. The only luxury high rise building that is not on or near Las Vegas Blvd is One Queensridge Place near Summerlin. This development is currently home to the highest priced penthouse on the market listed for 15 million dollars.
The Market in 7 Days
In the last 7 days, there was an average increase of 36% for new listings, new closings, and new escrows in the luxury market, as compared to the previous 7 days. The last week of February saw 25 new listings, 14 recorded sales, and most impressively there were 17 new escrows opened. That’s more than double the amount of new escrows than the week before.
The average list price jumped from $2,083,849 to $2,739,041.
As well as the average sale price moved from $1,636,636 to $2,452,348.
A week over week analysis will appear to be more volatile than a quarterly or annual report, however, it is an advantage as a buyer or seller to have a clear understanding of the inventory. In a competitive market, you must strategize to create the results you are looking for.
Of the 25 new listings, 40% were in Summerlin, 28% were in Henderson, and the remainders were scattered around the rest of the valley. To no surprise, 21 have pools and are behind gates, and none of them were foreclosures or short sales.
Last but not least, 1 of the 14 recorded sales from last week gives us a reason to celebrate! 27 Eagles Landing sold for $7.2 million, the highest sale in Vegas since 2016.