7-Day Luxury Update

As the temperature continues to heat up, so does the market. Summertime is our peak season for buying and selling real estate. Whether you have children or not, once schools get out for summer the demand for housing rises. For this reason, we recommend to our clients that the next few months is the ideal time to list their home.

For the fourth week in a row, we have seen a small increase in active inventory for luxury homes priced at a million or more, now including a total of 422 listings. That is about 7% of all homes for sale in the valley.

There were 26 luxury homes listed in last seven days. Of those, 24 have a pool, 19 are two stories or more, 14 are behind gates, and only 4 have at least one acre of land.

The majority are located in Las Vegas with 8 in Summerlin, 6 in the Northwest/Southwest, and 2 in Southern Highlands. The remaining 10 are located in Henderson. The average list price was $1,958,532.

The highest priced listing to come on the market this week is an exceptional estate in Queensridge with an asking price of $7,999,888. This 15,000 square foot beauty offers 8 bedrooms, 11 bathrooms, a guest house, and an incredible backyard on a 1.1-acre lot. The home received a multi-million-dollar remodel transforming it from traditional to glamorous.

Its contemporary elegance throughout each space is drop-dead gorgeous while still offering comfort and functionality. From the chandelier lighting to the basement bar, this home hits the mark for ultra-luxury.

On the other end of the spectrum, there were only 7 luxury homes that recorded as sold this past week, 3 in Las Vegas and 3 in Henderson. The average sold price was $1,655,571 and the average days on market was 125.

The Ivan Sher Group represented the two highest sales for the week. A beautiful Canyon Fairways’ home on the TPC golf course that sold for $4,100,000 and a home in MacDonald Highlands that sold for $2,200,000.

Additionally, there were 20 price reductions this week and 11 listings that either expired or got withdrawn. Only 3 new high-rise units were listed over a million this week, interestingly all 3 are penthouses at Turnberry Place.