Las Vegas Real Estate News

Posted by Debbie Drummond on Wednesday, March 8th, 2017 at 3:21pm.

Las Vegas Housing Market Update - February 2017

Las Vegas Real Estate NewsBuyers have 5581 Single Family Homes to choose from in Las Vegas MLS today.  Those who are looking to buy a condo, town home or high rise condo have 1318 listings to consider.  Total listings without offers in the MLS is 6899.  This is a continued decline from last month's 7077.  In March 2016, buyers had 9496 homes for sale.  We've dropped 27% since this time last year.  Buyers who are looking in the lower price ranges should be prepared to act quick if they find a home they want.  Low inventory means the most desirable homes in the affordable prices ranges go quick.

We sold 2260 Single Family homes in February.  Condos, town homes and high rise condos added an extra 567 closings for the month.  Total homes sold in February was 2897.  Up from 2657 in January and 2605 in February 2016.

Cash was used for 929 (32%) of the homes purchased.  Short sales were involved in 132 of the closings.  Foreclosures in 172 of the closings.  Median price edged back up to $240K, that's 8.9% higher than last year.  

If we continued selling 2897 homes per month, today's inventory would only last 2.4 months.  The dwindling supply of homes for sale is keeping this a seller's market.

Las Vegas Luxury Real Estate

There is no shortage of inventory in the luxury market.  We have 398 luxury estates for sale with prices of $1 Million plus.  The high rise buildings offer 81 penthouses priced at $1 Million plus.  Total inventory of luxury homes is 479.

We sold 19 luxury estates for more than $1 Million in February.  Four high rise condos sold for more than $1 Mil.  Over the past year, we've sold 26.7 homes priced over $1M per month on average.  Today's assortment of luxury homes would last 18 months.  This surplus of luxury homes favors luxury home buyers.

Top 3 Homes SOLD in February

16 Soaring Bird Ct in the Ridges of Summerlin was most expensive home sold.  Listed at $3,999,999, it sold for $3.8M.  This contemporary home offered 5 bedrooms, 8 baths in 11,433 sf.  Built in 2011, it was only listed 11 days when it went into contract.  This golf course home was situated on Bear's Best golf course with Strip and Mountain views.  It was priced to sell quick at a list price of $350/sf.  It closed for $332/sf.

5 Wood Creek in Southern Highlands was a short sale and sold "as is".  Listed for $3,999,999, it sold for $3.5M.  The home offered 5 bedrooms, 9 baths in 9424 sf of traditional luxury.  

1328 Villa Barolo in Seven Hills Marquis community was built by Blue Heron.  The contemporary home was listed for $2.7M and sold for $2.575M.  The home offered 5 bedrooms, 6 baths in 6815 sf.  

Las Vegas Housing Market Update - January 2017

Today’s buyers have 5733 single family homes available.  Condos, high rise and town homes offer an extra 1344 options.  Total number of homes for sale in Greater Las Vegas MLS is 7077.  Down from 7418 last month and 8832 in February 2016. 

We sold 2080 single family homes in January.  Condos and town homes added 577 more closings.  Total homes sold in January was 2657.  Down from 3500 in December but up from 2177 in January 2016.

Cash was used for 815 of last month’s closings.  Short sales were involved in 114 of the transactions and foreclosures in 176.  The median home price went back to $238K from $235K the month before.  It’s 8.7% higher than January 2016.

If we continued selling homes at a pace of 2657 per month, today’s listings would be gone in 2.7 months.  The low inventory is definitely favoring sellers.

Las Vegas Luxury Real Estate

We have 401 luxury homes listed for more than $1 Million and 84 luxury high rise condos priced at $1 Million plus.  We sold 15 estate homes priced at more than $1 Million and 4 high rise condos priced at $1 Million plus.  This continues to be a segment of the market where there is far more supply than there is demand.

Top three deals in January:

11 Morning Sky Ln in the Ridges of Summerlin was listed at $3.699M and closed for $3.6M.  The contemporary home offered 9357 sf of living space with 5 bedrooms and 8 baths.  Situated on .76 acres, the home featured Mountain, Golf and Strip views.  It was sold as a foreclosure.

9812 Moon Valley in Mountain Trails of Summerlin was listed at $2.725M when it sold for $2.5M.  The 8645 sf home featured 5 bedrooms and 7 baths.  It was on just over half an acre.

Third place went to Unit 4501 at The Mandarin Oriental.  Listed at $2.7M, it closed at $2.43M.  This 2126 sf penthouse featured 3 bedrooms with 2.5 baths.  It offered incredible views.  The SOLD price was an incredible $1143/sf.

Las Vegas Housing Market Update - December 2016

Home buyers only have 5935 single family homes available for sale today.  Condos, townhomes and high rise condos offer 1483 more options.  Total inventory of homes for sale in Las Vegas, North Las Vegas and Henderson is 7418.  That’s a drop from 7988 homes for sale in November and 9275 homes for sale in October.

We sold 2720 single family homes in December.  Condos, town homes and high rise condos added 780 real estate closings. Total homes sold in December was 3500.  

The median home price dropped back to $235K from $240K in November.  If we continued selling 3500 homes per month, today’s inventory would only last 9 weeks.  That’s a low supply of homes for sale.  Unless more homes come on the market, we’re likely to see the median continue to increase.

Luxury Homes For Sale in Las Vegas and Henderson

Contemporary Luxury HomesWe sold 23 homes and 5 High Rise Condos priced above $1 M.  Five luxury homes and one high rise sold above $2 Million.  We have 494 homes and high rise condos listed for more than $1 Million.

Top Three Homes SOLD in December 2016

579 St. Croix in Henderson’s MacDonald Highlands was most expensive home sold in December.  Listed at $3.75M and sold for $3.3M.  The 6411 sf contemporary home offered 4 bedrooms, 5 baths on over half an acre.  It featured spectacular golf and Strip views.

10116 Summit Canyon in Summerlin’s Bellacere subdivision was second most expensive home.  Listed at $3.999M, this one sold for $2.95M after 179 days on the market.  The home included over 12,000 sf of living space with a separate guest house.  Owners will enjoy golf and mountain views.

508 Royalton in Summerlin’s Canyon Fairways subdivision was third most expensive home.  Listed at $2.799M it sold for $2.675M.  This home featured 7 bedrooms with 9 baths in 8470 sf of living space.  The home was situated on an over-sized 35,719 sf lot with mountain views.

 

Las Vegas Housing Market Update - November 2016

We have 6423 single family homes for today’s buyers to choose from.  Condos, town homes and high rise condos add another 1565 options.  Total listings available in the Greater Las Vegas area is 7988.  That’s a drop from last month’s 9275.  It’s also much lower than the 9768 homes that were available this time last year.

We sold 2522 Single Family Homes through the MLS in November.  Condos and town homes added an extra 640 transactions.  We sold a total of 3162 homes in November.  That’s a slight drop from the 3240 we sold in October.  It’s a nice increase from the 2414 homes sold in November 2015.

The median price reached a new high of $240,000.  This is an improvement over the last two months when the median began to decline below $235K.  It’s a big improvement over the $220K median price in November 2015.  Buyers who are looking for homes priced below the median should act as soon as they see something they like.  

Luxury Homes For Sale in Las Vegas and Henderson

Luxury home buyers are still at an advantage.  There are 390 single family homes priced at $1 Million plus.  88 Luxury High Rise Condos priced at $1 Million plus are available.  We sold 25 single family homes and 10 high rise condos that were priced over $1 Million in November.  

If we continued selling 35 luxury homes each month, today’s luxury home inventory would provide 13.6 months of inventory.  More than six months favors buyers.  We do see that newer, contemporary homes get snapped up quicker and close to list price.  Otherwise, there may be room to negotiate in the luxury home market.

Top 3 Luxury Homes SOLD in November

Las Vegas Luxury HomesThe most expensive home sold in November was a high rise condo at Panorama Towers, Building 2.  Listed at $5.975M Unit 3401 combined all three of the top floor penthouses to offer 14,176 sf of living space.  It offers incredible views of the Strip and valley.  This penthouse was sold as a gray shell, waiting for the new owners to add their own touches.  The closing price was $5.75M or $406/sf.  

663 Scenic Rim in Henderson’s MacDonald HIghlands was listed for $3.875M and sold for $3.45M.  This home was the 2016 “New American Home” at the 2016 Home Builder’s Show.  The contemporary home offered 5 bedrooms, 6 baths in 6185 sf of living space.  The home was situated on .28 acres with Strip, golf and Mountain views.

20 Meadowhawk Lane in the Ridges of Summerlin was listed for $3.799M and sold for $3.425M.  The contemporary home offered 5 bedrooms, 6 baths in 8277 sf of living space.  It was situated on .5 acres which is an over-sized lot in the Ridges.  The home featured golf and mountain views.

Las Vegas Housing Market Update - October 2016

Today’s MLS has 7462 single family homes listed for sale in Las Vegas, Henderson and North Las Vegas.  Condos, townhomes and high rise condos add 1813 options for today’s home buyers.  Total number of homes for sale in the Las Vegas/Henderson area is currently 9275.  That's about average with last month's inventory.  

We sold 2621 single family homes in October.  Another 619 condos, townhomes and high rise condos were sold in October.  Total sales volume was 3240 homes sold in October.  That’s a drop from 3524 in September. The 3240 homes sold in October 2016 is still a nice jump from the 2921 homes sold in October 2015.  The 9275 homes for sale today would only last 2.9 months if no new homes entered the market.  We're still in a seller's market for homes that are priced right.

The median home price continues to drop a little.  It fell to $232,250 in October.  Down from $234,900 the month before.  The median reached $237,500 in July.  It isn’t unusual for things to slow in Las Vegas in the Fall.  

Luxury Homes For Sale in Las Vegas and Henderson

Las Vegas Luxury HomesBuyers in the luxury home market have 432 options in single family homes priced at $1Million plus.  Buyers who like the idea of going vertical will have 91 options in the luxury high rise market.  

Top 3 Luxury Homes SOLD in October

We sold 20 luxury homes priced at $1 Million or more in October.  We sold 4 more luxury high rise condos priced at $1 Million plus.  

The highest price paid in October was for a penthouse suite at Mandarin Oriental.  Unit 4206 was listed for $5.5M and SOLD for $5.5M after 9 days on the market.  This was a cash purchase.  The penthouse featured incredible views of the Strip and Mountains.

Second highest price was in Henderson’s Anthem Country Club.  83 Kittansett Loop featured 6 bedrooms, 7 baths in 8549 sf.  The home was situated on a 25,700 sf lot.  The home offered golf, mountain and Strip views.  This home was sold as a short sale.  It was purchased with a conventional mortgage.

The Ridges of Summerlin took third place in October.  22 Meadowhawk was listed for $2.699M and sold for $2.4M after 305 days on the market.  This home offered 4 beds, 5 baths in 9436 sf of living space.  The home has incredible golf, mountain and Strip views.

Las Vegas Housing Market Update - September 2016

Home prices appear to be steady.  The median home price dipped slightly to $233,500, down from $235K in August.  It has hovered at $235K and $236K all Summer.  It’s still 6.1% higher than last year’s median of $220K.  

Las Vegas Home Buyers have 7426 Single Family homes available in Las Vegas, Henderson and North Las Vegas.  Condos, townhomes and high rise condos offer 1848 additional options.  Total number of homes for sale in the MLS today is 9274.

We sold 2837 single family homes in September.  We sold an additional 687 condos, townhomes and high rise condos.  Total escrows closed in September was 3524.  That’s down from 3775 in August but up from 3165 in September 2015.

Luxury Homes For Sale in Las Vegas and Henderson

Luxury Home Buyers have 449 homes and 98 high rise condos priced at more than $1 Million available.  We sold 19 luxury homes and 5 luxury high rise condos that were priced at more than $1 Million.

Top 3 Luxury Homes SOLD in September

Las Vegas Real Estate and Luxury HomesHenderson’s MacDonald Highlands took first place.  1203 MacDonald Ranch was listed at $4.75M and closed for $4.19M after 17 days on the market.  The contemporary home featured “unobstructive views of the entire City”.  It offered 4 bedrooms, 6 baths in 7855 sf of living space on .82 acres.

Summerlin was the location for second and third most expensive transactions.

2874 Red Arrow in Red Rock Country Club was listed for $3.999M and sold for $3.8M after 207 days on the market.  The 5 bedroom, 6 bath home offered 6425 sf of living space on .35 acres.  It featured golf, mountain and Strip views.

9017 Grove Crest in Tournament Hills was listed for $3.095M and sold for $2,866,750 after 148 days on the market.  The home featured 5 bedrooms, 6 baths in 9105 sf of living space on .63 acres.  The Mediterranean style home included a wine cellar that could accomodate 4000 bottles.

Las Vegas Housing Update - August 2016

The Summer home buying season has started to calm down but the Las Vegas housing market is still good for sellers.  The median price was at $235K in June, moved to $236K in July but slipped back to $235K in August.  That’s .4% lower than July’s median.  It’s 6.8% higher than August 2015 when the median was lingering at $220K.

We have 7527 Single Family Homes for Sale in the Las Vegas MLS today.  Condos, townhomes and high rise condos add another 1872 options for home buyers.  Total inventory of homes for sale in the Las Vegas, Henderson and North Las Vegas area is 9399.  We’ve sold 3266 homes per month over the past year.  At that rate of sales, today’s inventory is still only a 2.9 month supply of homes for sale.

We sold a total of 3775 homes, condos and townhomes in August.  That’s 417 (12.4%) more than the 3358 sold in August 2015.  

Luxury Homes For Sale in Las Vegas and Henderson

Luxury Home Buyers have 418 homes priced at $1M or more.  Add 97 high rise condos to give luxury buyers 514 options..  We sold 21 luxury homes and 5 luxury high rise condos in August.  The luxury home and high rise market is the one area where we have plenty of inventory.  

Top Three Las Vegas Luxury Homes SOLD in August

Las Vegas Luxury Homes For SaleMost expensive home sold in August was in Summerlin’s Tournament Hills subdivision.  8801 Palm Greens Ct was the highest price paid last month.  Priced at $3,749,999 when it sold, this home originally debuted at $22 Million in 2012.  In the original listing, it was offered furnished, including some collector’s items.  

The home offered over 19,000 sf of living space on 1.17 acres.  With gorgeous views of the TPC Summerlin golf course, the style of this home was old world glamor.  It had an indoor pool and spa in a detached building.  It featured a separate guest house and casita.  The location, backing up to Rampart street was a negative for this home.  The orange and blue colors likely weren’t to everyone’s taste.  The home closed at $3.375M.

Henderson’s Anthem Country Club was the location for the second highest priced deal.  11 Yorkridge featured 7526 sf of living space, including the guest house.  Listed at $2.4M, it sold for $2.4M.  It offered Strip views and golf course frontage on the 15th and 16th fairways.  This 5 bedroom, 9 bath home had been on the market 223 days.

The Ridges of Summerlin took third place in August.  64 Midnight Ridge is new construction home by Christopher Homes.  Base/list price was $2.125M.  Closing price was $2,333,748.  This contemporary home offered 5 bedrooms, 6 baths with a 4 car garage.

Las Vegas Housing Update - June 2016

June was the hottest on record in Las Vegas.  The Las Vegas Review Journal reports an average of temperature of 91.9 degrees. For us desert rats, 91.9 degrees of dry heat is heaven.  Especially when we have working AC and a nice pool nearby.

Las Vegas median home price also heated up a bit in June.  It finally broke the $220K barrier that it’s lingered at when it went to $229K in May.  June took it 2.7% higher to $235K.  $15K over the $220K average for most of the Fall, Winter and Spring.  It’s 6.8% higher than the median price in June 2015.

We have 7249 single family homes listed for sale as of today.  Condos, townhomes and high rise condos add 2055 options.  The total inventory of homes for sale in Las Vegas, North Las Vegas and Henderson is 9304.  We’ve sold 3159 homes per month over the past year.  That means the 9304 homes for sale is only a 2.94 months supply of homes.  The Las Vegas market continues to favor sellers.

We sold 3179 single family homes in June.  Condos, townhomes and high rise added another 791.  Total transactions in June was 3970.  That’s up 21% from the 3275 homes sold in June 2015.

Luxury Homes For Sale in Las Vegas and Henderson

Las Vegas Luxury HomesThe Las Vegas MLS has 467 single family homes listed for more than $1 Million.  In the high rise buildings, we have 86 luxury condos priced at more than $1 Million.  We sold 32 luxury homes and 3 high rise condos priced at $1 Million or more in June.  The inventory of luxury listings gives buyers the advantage.

The top three homes sold in June includes one of the most expensive homes ever sold in Las Vegas.  Our most expensive home last month sold for $17.5 Million.  It was located in Summerlin’s Enclaves at Country Club Hills.  This price slightly tops the price paid for 1186 MacDonald Ranch Dr., in Henderson’s MacDonald Highlands.  That home sold to heirs of Walmart founder Sam Walton for $17.5 Million in 2007.  It’s nice to see we finally have a home that has tied the top of the market price.

1625 Enclave Ct was not listed for sale when it was purchased by David Copperfield for $17.55 Million.  The home was built in 2009.  The main house offers 18,611 sf of luxury living space.  Guest quarters and other amenities add an extra 14,021 sf for a total of 36,501 sf.  The home is situated on 1.58 acres behind the guard gates of Country Club Hills.  A second mechanical gate offers added privacy.

Second most expensive home sold in June was also in Summerlin.  23 Hawk Ridge Dr was listed for $8.475M and sold for $7M.  This home in the Ridges of Summerlin offered 10,933 sf. With 5 bedrooms and 9 baths.

Third place went to 6990 S Pecos Rd. This compound featured an 11,534 sf main house with an additional 7895 sf of living space.  Situated on 3.6 acres, this home was listed for $4,799,990 and sold for $4.43M.

 

Las Vegas Housing Update - May 2016

Las Vegas Home ValuesTemperatures are heating up and so is the Las Vegas housing market.  The median price has hovered around $220K for several months.  May was the month when it finally broke away from the plateau.  The median home price soared to $229K.  That’s an 8.5% increase over last year’s median of $211,250.  With low inventory, especially in the entry level price ranges, we expect it will go higher.

The number of homes listed for sale continues to be low.  There are 7029 single family homes available in today’s MLS.  Condos, townhomes and high rise properties add an extra 2121 options for buyers.  A total of 9150 homes are now available in the MLS.  At this time last year, we had 9637 homes available.

Over the past year, we’ve averaged 3130 homes sold per month.  At that rate, today’s inventory would last only 2.9 months.  The lack of inventory definitely favors sellers.

We sold 2969 single family homes in May.  Condos, high rise and townhomes added 724 properties that changed hands.  A total of 3693 homes sold in May.  That is up from 3256 homes sold in May 2015.

Distress Sales continue to decline.  Only 4.5% of the homes sold in May were short sales.  Foreclosures were involved in 6.1% of the homes that sold.

Compared to Last Year:

  • 5.1% fewer homes for sale (9150 compared to 9637)
  • SOLD 13.4% more homes (3693 compared to 3256)
  • Distress Sales - 10.6% compared to 15.5% last year
  • Cash Deals - 28% in May.  Compared to 29.5% last year
  • Median Home Price - $229K compared to $211,250 last year

Luxury Homes For Sale in Las Vegas and Henderson

Las Vegas Luxury HomesThe Luxury Home Market is picking up a little as we get into Summer.  We sold 36 homes priced at $1 Million plus in May.  That includes 3 high rise condos.  That's up from our monthly average of 28 per month for the past year.

There are currently 457 single family homes listed for $1 Million plus.  Luxury high rise condos add 92 options.  The luxury market has 549 homes available.  At an average of 28 per month, this is a 19.6 month supply of homes.  This continues to be an area that favors buyers except for the most desirable homes.

Most Expensive Homes Sold in May

All three of this month’s top deals were in Henderson’s MacDonald Highlands:

509 Dragon Gate Ct was listed at $3.95M and sold for $4M.  This home featured 4 bedrooms, 6 baths in 6581 sf of living space.  The home offered City, Mountain and Strip views.  It was situated on .58 acres with parking for 6 vehicles.

582 Lairmont was listed for $3,699,999.  It sold for $3.5M.  This contemporary home offered golf, Mountain and Strip views.  It included 4 bedrooms, 8 baths plus a casita in 8048 sf of living space.  The home was situated on .69 acres with parking for 4 vehicles. 

583 St. Crois St was listed at $3.55M.  It sold for $3.415M.  This home featured golf, mountain and Strip views.  The contemporary home had 5 bedrooms, 7 baths in 9614 sf of living space.  It was situated on .54 acres with parking for 4.

Las Vegas Housing Update - April 2016

Las Vegas Real EstateWe’re in the midst of the Spring Home Buying and Selling season.  We’re seeing multiple offers and bidding wars on the hottest homes.  Newer homes in the lower price ranges are hot sellers.

New listings are showing up in our saved search but inventory is lower than last month.  We have 7015 single family homes in today’s MLS.  Condos, town homes and high rise properties offer 2227 more options.  Total number of homes for sale is 9242.  That’s a 2% decline from the 9445 homes available last month.  It’s a 5% drop from 9751 homes available in May 2015.

We've sold 3103 homes per month over the past year.  At that rate, today's homes would be gone in 3 months if no new homes were listed.  This is a seller's market.

Distress Sales are dwindling.  There are 317 foreclosures in the current listings (3.4%).  Short sales are involved with 655 of the homes listed (7.1%).  Total distress sales is 10.5% of the current inventory.  Down from 11.5% last month and 14.5% a year ago.

What SOLD in April 2016?

The Greater Las Vegas MLS shows 2781 single family homes sold in April.  Condos, town homes and high rise properties added 694 deals for the month.  A total of 3475 homes changed hands in Las Vegas, North Las Vegas and Henderson.  

Cash Sales

Low interest rates pushed the number of cash deals down to 28.4%.  Steady with last month’s 28%.  Conventional mortgages were used in 32.5% of last month’s deals.  VA and FHA loans were used in 36.7% of the transactions.  

Days on Market

It’s a great time to sell your Las Vegas home.  52% of the homes that sold in April accepted an offer in 30 days or less.  An incredible 71.1% of the homes sold were in contract in 60 days or less.  If you’ve been considering listing your home, call (702) 354-6900.

Compared to Last Year 

  • 5.2% fewer homes for sale (9242 compared to 9751 last year)
  • SOLD 5.9% more homes (3475 compared to 3269 y/y)
  • Distress Sales - 10.5% listed compared to 14.5%
  • SOLD in 30 Days or Less - 52% compared to 48% in April 2015
  • Cash Deals - 3% lower than last year (28% compared to 31%)

Luxury Homes For Sale in Las Vegas and Henderson

Las Vegas Luxury Homes For SaleThe MLS offers 469 luxury homes priced at $1 Million or more.  There are 94 luxury condos listed for sale.  That brings the total to 563.  This is up from 538 last month and 459 at this time last year.  The luxury home and high rise market is the one area where Las Vegas has surplus inventory.

We’ve averaged 28 luxury homes sold per month this past year.  Last month we only sold 15 luxury homes and 4 high rise condos listed for $1 Million or more for a total of 19 deals. 

Most Expensive Homes Sold in April 

9 Via Ravenna Ct in Siena at Lake Las Vegas.  Listed at $3.25M, it sold for $2.85M.  The home was purchased with cash.  It featured 4 bedrooms, 5 baths, plus 3 dens and a loft.  The 7627 sf home was equipped with an elevator and 3 car garage. 

9301 Verlaine Ct in Queensridge was listed for $2.55M and sold for $2.55M.  Original list price on this one was $3.5M.  This home was a short sale.  It offered 5 bedrooms, 6 baths in 8880 sf.

1573 Villa Rica in Seven Hills Terracina community was listed for $2,499,900.  It sold for $2.4M after 14 days on the market.  

Las Vegas Housing Update - March 2016

What’s for Sale in Las Vegas and Henderson?

Las Vegas Real Estate NewsSpring is here and the experts predict it’s going to be “Crazy Spring Buying Season”.   In Las Vegas, we have 7089 single family homes for sale.  Condos, townhomes and high rise condos offer 2356 more listings.  Total inventory available is 9445.  As reported in the previous link, new listings have come on the National market.  Las Vegas is lower than the 9496 homes listed for sale last month.  

Over the last year, we sold 3082 homes per month on average.  Today’s inventory of homes for sale would be gone in 3.06 months if no new listings came on the market.  The low inventory is definitely favoring sellers.  We aren’t seeing situations where 10 buyers are bidding on one house, but it isn’t unusual to see competing bids on the best values.

Short sales are involved in 777 (8%) of the homes for sale.  332 (3.5%) of them are foreclosures.  The distress inventory is down to just 11.5% of the current listings.  A nice improvement over the 13.4% from this time last year.

What SOLD in March 2016?

We sold 2721 single family homes plus 700 condos and townhomes.  A total of 3421 homes sold in March.  That’s up from the 2605 homes sold in February 2016.  

Cash Sales

Interest rates continue to be a bargain but some buyers are still paying cash.  28% of last month’s deal were cash purchases.  35% of the homes were purchased with conventional mortgages.  35% of the homes sold in March were bought with FHA and VA loans.  

Distress Sales

6.1% of the homes sold in March were short sales.  Foreclosures accounted for 7.2% of the homes sold.  

Days on Market

The most desirable homes are getting picked up quick.  49% of the homes sold in March went into contract in less than 30 days.  66% of the homes that sold were in contract in less than 60 days.  

Compared to Last Year

  • 2.7% fewer homes for sale (9445 compared to 9714 last year)
  • SOLD 4.8% more homes this year (3421 compared to 3262 last year)
  • 13.3% Compared to 15.3% in March 2015
  • Up 4% - 49% in 2016 compared to 45% in March 2015
  • Down 4% - 28% compared to 32% in March 2015
  • Up 7.3% - $220K compared to $205K in March 2015

Luxury Homes For Sale in Las Vegas and Henderson

The luxury market is the one area where there isn’t a shortage of inventory.  We have 538 homes listed at $1 Million plus.  We sold 34 homes priced at $1 Million plus last month.  That’s up from our 12 month average of 28.5.

Most Expensive Homes Sold in March

7 homes and 2 high rise condos topped $2 Million in March with 3 topping $3M.  MacDonald Highlands claimed the two most expensive deals with a high rise at The Mandarin Oriental coming in third.

1607 Liege Dr in MacDonald Highlands.  Listed for $4.25M, sold for $4 Million.  This 8237 sf contemporary home offered 4 bedrooms, 7 baths with parking for 5.  It was situated on 1.75 acres and featured incredible views of the valley, Mountains and Strip.  

604 St. Croix in MacDonald Highlands.  Listed for $3,499,990 and sold for $3.25M.  This 10,067 sf traditional home featured over ¾ acres of golf frontage with spectacular views.  The home offered 5 bedrooms, 8 baths and parking for 4 on .8 acres.

The Mandarin Oriental Unit 3005 - Listed at $3.3M and sold for $3,177,999.  This 2998 sf penthouse was a corner unit with 2 bedrooms and 3 baths.  It featured views of the North and South Strip.

 

Debbie Drummond  is a Full Time Realtor with over ten years experience in the Las Vegas Real Estate Market. She and her team of Real Estate Pros offer the highest level of service.  If you’re buying or selling a Las Vegas home, call (702)354-6900 or email Debbie@LVHomePro.com. They’ll be happy to assist you in your move.

1 Response to "Las Vegas Real Estate News"

Gabe Sanders wrote: Thanks for the update for the Las Vegas and Henderson real estate market, Debbie. It is interesting to note the many similarities we have even though my market is considerably smaller.

Posted on Monday, April 11th, 2016 at 8:16am.

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