This past week reflects continued growth in the luxury market. Inventory has risen week over week since March 1, 2018.
Of the now 415 active listings priced at a million or more, the Shapiro & Sher Group continues to represent the highest majority of 11% market share. The average home for this active inventory is approximately 6,400 square feet with 5 bedrooms, 6 bathrooms and an average price of $2,652,000.
There were 23 new listings to come on the market this week, which is 7 more than the previous week, with an unusual majority located in Henderson neighborhoods such as Seven Hills and Anthem Country Club.
Summerlin had slightly fewer new listings, followed by Southern Highlands, and additional scattered locations around the valley. There was even a large horse property that became available in the Southwest.
Although new listings have increased, the number of sold homes from this week remains the same as the previous 7 days. This is reflective of the overall increase in inventory. The 8 properties that sold included 6 with pools, 2 that were a single story, and 5 that were located in Summerlin. The average sold price did reduce back to down within a more common range coming at $1,651,000 for the week.
The luxury high-rise market saw only one new listing located in the hottest building on the Strip, Mandarin Oriental. This suite is listed for over $1,400 a square foot! There were no new closings to report and only one new pending sale for a suite in Park Towers. With so much current demand in the market, it is surprising not to see at least one recorded high rise sale each week.
There was one notable land re-sale in the Enclaves on the TPC golf course that sold for a modest $1,950,000. The future home to occupy this home site should be worthy of praise, as this street includes some of the city’s most expensive properties.
The number of price reductions this week was higher than the historical norm. This could be the result of eager sellers that have listed high to take advantage of the market and are now ready to get their home sold.
Copyright Jimmy Foster. Market Statistics from GLVAR. Photo & Video Credit Shapiro & Sher Group