The first week of May proved to be an average week for luxury real estate. There are a total of 418 active listings priced at a million or more. We started the first week of the year with 383 active luxury listings so the inventory has slowly increased to an additional months worth to meet current demand.
Let’s take a look at the last 7 days.
There were 22 new luxury listings to come on the market with an average asking price of $1,849,195 and an average price per square foot of $383. The average home size for these new listings is 5,511 square feet with 4 bedrooms and 4 bathrooms.
The majority have pools, are two or more stories, were built in the last 20 years, and sit behind a gate. When you think of a million dollar home in Las Vegas these are the exact features you can expect.
The highest priced home to get listed this week was a new Sun West home located in MacDonald Highlands with exceptional city views. Its asking price is $7,499,000.
A total of 12 homes recorded as sold this past week. The average sales price was $1,884,212, right in sync the average list price. Their average days on market was 71.
Additionally, the largest sale was on par with the highest priced new listing. Another spectacular home in MacDonald Highlands and also a product of Sun West Custom Homes that sold for $7,750,000
Lake Las Vegas included 3 new listings and 2 new sales, this is above average in a week over week comparison. The Ivan Sher Group represents the newest development in Lake Las Vegas. The first contemporary waterfront neighborhood with half acre and full acre homesites.
We saw 15 luxury listings expire this week and 7 listings were withdrawn, which is abnormally high. In addition, there were 17 price reductions. Home values are up, however, if a home is overpriced it still won’t sell in this market.
Luxury high rises to get listed this week included 4 beautiful suites at the highly desired Mandarin Oriental. This building is seeing the highest price per square foot in the entire city.
Overall, a positive week of production for the city as a whole.