Although it may be cliché, it is still hard to believe we are just about half way through 2018 already. As I watch the market week after week, time seems to slip by faster than a hot property in Summerlin. As we approach the end of the second quarter, the luxury market shows the same consistency that is has all year long.
The active inventory that is priced at a million or more is now at 457 properties. Not including luxury high rises. These properties have an average price of $2,587,474. At the current rate that luxury homes are selling in Greater Las Vegas, this inventory would last approximately 12 months.
In the last seven days, there were 18 new luxury listings. More than half were located in Summerlin and the majority were custom with a pool, two-stories or more, and less than 20 years old. The average list price for the week was $2,019,496. The highest priced new listing was a new modern beauty situated in Seven Hills for $4,250,000.
On the other hand, there were 11 properties that recorded as sold this week. The average days on market for these homes was 87 and the average sold price was $2,015,545. The highest priced sale is now the third highest price for year thus far at $8,500,000.
This incredible compound was not located in a guard gated community, rather it offered 5 acres of paradise in the Southwest. The home included over 17,000 square feet, 7 bedrooms, 14 bathrooms, 16-car garage, full indoor basketball court, a baseball diamond, and much, much more.
Additionally, there were 16 listings either withdrawn from the market or that expired before selling. This is slightly high compared to previous weeks. New escrows met the norm with 13 properties that went from active status to pending status. Lastly, there were 17 price reductions.
As for luxury high rise listings over a million, there were 5 listed this week between Mandarin, Veer, and One Queesnridge Place. And only 2 that recorded as sold, one at Mandarin and one at Panorama.