Inventory is up! Today there are 401 active luxury listings available for sale, that’s about 5% higher than we’ve seen over the past several weeks. In the last 7 days, there were 16 new listings that came on the market priced at a million or higher and 8 properties that recorded as sold.
The average list price for those 16 new listings was $2,455,673. Their locations were commonly distributed, 6 of them located in Summerlin, 5 in Henderson, 3 in the Southwest, and 2 were central. 95% have a pool and are two-stories or more.
The sold listings included an abnormally high sale of $13,000,000! This skewed the average sale price for the week, bringing it to $4,201,125. It is very uncommon to see an average sale price that is so much higher than the average list price.
This record-breaking sale was located in the Enclave on the TPC Golf Course in Summerlin. It is the second highest sale for this boutique cove of homes, the first being $17,500,000 that recorded in 2016.
Of the 8 sold properties, half were in Summerlin, 2 were in Henderson, and 2 scattered elsewhere in the city. The averages days on market were 106. Additionally, 95% had a pool and are two-stories or more.
High rise listings are not included in the above analysis. There are 61 active high rise listings priced at a million or higher, 7 were newly listed this past week; 4 in Mandarin Oriental, 1 at One Queensridge Place, 1 at Panorama, and 2 at Veer. There were no new escrows and only 1 new sale at Mandarin. The high-rise market historically has moved slower than single family listings.
Surprisingly, there are 72 active land listings priced at $500,000 or higher. 3 just came on the market and 6 just sold. New up and coming communities such as Ascaya, only release a certain amount of lots at a time so it only represents a small portion of those land listings.
There are still a handful of lots scattered throughout more seasoned neighborhoods such as the Ridges and Anthem Country Club. The Summit is the newest luxury community that is being developed in Summerlin South and is selling lots at lightning speed without listing their availability on the MLS.
Lastly, this past week saw 18 price reductions which has been close to the norm over the past several weeks. It is a seller’s market, however, seller’s are having to reduce on average about 1 times in the luxury sector before seeing an offer. Additionally, 5 properties were withdrawn before selling and 4 expired.