7-Day Luxury Update

It is with great pride that we honor those who have sacrificed it all to protect our country and our cherished way of life. Memorial Day is way of saying thank you and a time to celebrate how far we’ve come. With that, we are also celebrating our Golden Knights’ first Stanley Cup game and a small rise in inventory this week for the luxury real estate market.

For the entire month of May we have seen a week over week increase in the number of active listings priced at a million or more. At the start of the month there were 418 luxury homes for sale and today there are now 456 available homes. That is the highest it has been this year.

In the past seven days, activity for this segment of the market was right on par as with previous weeks. Although inventory did rise, there was only two-thirds the amount of new listings this week compared to last week.

The 28 new listings to hit the market were fairly distributed across the valley, however, 7 were located just in the Ridges. That brought the Ridges available inventory to 46 homes.

The average list price this week was $2,643,169. This is slightly high due one of the new listings in the Ridges for $7,988,000. This was the only property above $5M to have any change in status. Additionally, the average square footage was 6,005 with 4 bedrooms, 5 bathrooms, plus 82% had pools. Exactly what we would expect in this price range.

The number of luxury properties that recorded as sold this week more than tripled those from last week. 14 properties sold with an average sale price of $1,476,796. The average days on market was 68 and the average home specs were almost identical with the new listings.

The majority were located in Summerlin/West Las Vegas. The highest sale this week was located in Southern Highlands for $3,950,000 and was represented by The Ivan Sher Group.

Furthermore, there were only 7 new escrows opened all with list prices between $1M-$1.3M. As well as, 7 listings that were either withdrawn or expired. The number of price decreases was slightly below the norm with only 13 homes that were reduced.

With all the excitement surrounding the Stanley Cup in our city this week, it will be interesting to see how much real estate activity takes place. More to come!