7-Day Luxury Update

As compared to previous weeks this year, the past seven days were rather quiet for luxury real estate. Inventory still remains about the same with 416 properties currently listed for a million or more. There were 26 new listings to hit the market, which is about the norm for each week.

Similarly, the location and features for these new listings met the usual expectations. The majority are located in Summerlin with a few more scattered throughout west Las Vegas. Additionally, there was 1 in Boulder City and a little less than half were found in Henderson.

The average list price was a bit a higher than normal at $2,168,950. This was due to the highest priced new listing in Anthem Country Club for $7,000,000 represented by my team, The Ivan Sher Group.

Furthermore, 80% have a private pool and 73% are less than 20 years old. Half had a least a four-car garage or more and only 25% were a single story. Large lots and single-story homes with open floor plans are highly desired and the least available.

This week matched the previous week for new escrows with 10 that went from active status to pending status. Of these, a large listing in Seven Hills with a $5.975M price tag went under contract. A big sale for the neighborhood that will help support surrounding values.

There were also 10 listings to get withdrawn and 3 that expired. It is discouraging to see more properties expire and withdraw than those to go under contract. For this reason, we also saw 15 price reductions. Even in a strong market, overpriced homes take longer to sell, if they sell at all.

Buyers are educated and have more resources at their fingertips than ever before, even when demand is high if your home is listed for higher than fair value it will fall to the bottom of the list for those ready to make a purchase.

However, custom homes are each special and unique in their own way so it is much more difficult to determine fair market value when there is no exact comparable home. Understanding the inventory and comparing apples to apples is the key. Size, features, and location are the first to get weighted, followed by views, style, and layout.

Only 5 homes recorded as sold last week as compared to 12 the previous week. The average sale price was $1,297,000 and the average days on market was 51.

Four of the 5 homes that sold were located in Summerlin and one was located near downtown in one of the city’s first guard gated communities, Rancho Bel Air. This unique mid-century modern home was revitalized while still keeping its original charm and sold for $1,100,000. This sale speaks to the trend that older homes in the heart of the city are seeing highest prices they’ve seen in at least a decade.

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

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