Be In The Know

The first week of April slipped by and the movement in the luxury market appears to be on average as compared to previous weeks this year. There are 404 homes listed for a million or more as of April 8, 2018.

During the past week, 20 new luxury listings came on the market, 12 went under contract, and 6 moved into sold status. The average list price was $2,410,532, whereas the average sale price was only $1,564,833.

Interestingly, no listings expired or were withdrawn. A great feat for listing agents! Typically, there’s at least one or the other each week.

Of the new listings, 7 are located in Summerlin, 4 of which were are all in the Ridges. Plus, there were 2 on the edge of Summerlin and 2 in the Northwest. The remaining 9 were in Henderson, Boulder City, and Lake Las Vegas.

Boulder City now has 9 active listings priced at a million or more. The majority of those have lakefront views of Lake Mead.

The sold listing with the highest price per square foot this week was not an ultra-glamorous mansion, rather it was a rare property located in Calico Basin on the edge of the Red Rock Conservation area. This ranch-style country home sits on 2.38 acres of horse property and sold for $1,100,000

For the entire Greater Las Vegas area, there were 650 recorded sales last week, only 6 that were priced above one million. The luxury market continues to make up only 1% of the activity.

Million dollar high-rises saw a few more new listings than in previous weeks. 5 came on the market for a total of 60 active listings. A beautiful penthouse at Turnberry Place went under contract and one penthouse also at Turnberry Place recorded as sold.

There were another 20 price reductions for luxury homes this week. Sellers are attempting to push the market as high as it can withstand hoping that an eager buyer will emerge. However, there is a trend that even the prettiest listings see at least one price reduction before they catch their buyer.

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

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