Las Vegas Real Estate News

Posted by Debbie Drummond on Wednesday, November 7th, 2018 at 1:19pm.

Las Vegas Housing Market Update - October 2018

We are seeing more homes for sale in today’s market. We have 7337 single family homes listed in our MLS. Up almost a thousand from 6358 last month. Condos, town homes and high rise condos add 1494 options. Total homes listed for sale is 8831 as of today. That’s up over 600 from last month’s total of 8223. An increase of 12.5% from September and an amazing 44.3% from this time last year.

We sold 2691 single family homes in October. We sold 737 condos and town homes for the month. Total homes sold was 3428. That’s a 10.3% increase from September but down 9.6% from this time last year.

The median home price dipped slightly from last month’s high of $300K. It fell back to $295,025 in October. Earlier this year, many of the local real estate gurus predicted the median price would reach the peak price of $315K by the end of the year. More recently, they’ve withdrawn from that prediction. It looks like the return to peak prices has slowed.

We’ve sold an average of 3538 homes of all types per month over the past year. At that rate, today’s homes for sale would be absorbed in 2.3 months if no new homes became available. That’s the same as last month. It’s still a market that favors sellers but is an improvement over the first half of the year when we had less than a 2 months supply of homes.

Las Vegas and Henderson Luxury Homes

We have 469 luxury homes for sale and 66 high rise condos that are priced at $1 Million or more. That’s a total of 535, down slightly from 541 last month.

We sold 35 homes priced at more than $1 Million in October. 11 of them were priced at $2 Million or more. We sold an additional 5 high rise condos priced at more than $1 Million with 3 of those priced above $2 Million.

Top 3 Luxury Homes SOLD in October

9504 Kings Gate In Queensridge was most expensive closing. It was listed privately at $10 Million and sold for $10 Million. The buyer is Floyd Mayweather. The main house offered 7929 sf of living space with a guest house that offered 704 sf. It includes 5 bedrooms, 8 baths and parking for 10 cars. Situated on 1.4 acres, it once featured golf course frontage on the now closed Badlands golf course.

7 Sable Ridge Ct in the Ridges of Summerlin. This home was listed for $8.975M and sold for $7M after 376 days on the market. This contemporary beauty included 13,255 sf of living space on .59 acres. It boasted an imported Italian kitchen with hidden elevator and bowling alleys. It featured golf, mountain and Strip views.

3 Cloud Chaser in Henderson’s Ascaya - This home was listed for $6.5M and sold for $5.2M after 363 days on the market. This new Hoogland Architecture Inspiration Home offered 180 degree views of the entire valley. It offered 7660 sf of living space with 4 beds, 5 baths on .57 acres.

Las Vegas Housing Market Update - September 2018

Today’s home buyers have 6358 Single Family Homes available. Condos, town homes and high rise condos add 1865 options. Total inventory is 8223 homes available. That’s up 11% from last month and 25% over this time last year.
 
We sold 2437 single family homes in September. We sold 1224 condos and town homes. Combining all property types we closed 3661 homes over the month. The single family homes we sold was a 20.7% drop from last month and 16.4% lower than last year.
 
The median home price continued to appreciate last month. In fact, it reached $300K, highest it’s been since 2007. It’s still below the peak of $315K which it reached in June 2006. The $300K median price is 1.7% more than August and 13.2% more than the same time last year.
 
We’ve averaged 3574 homes sold per month over the past year. At that rate, today’s inventory would be gone in 2.3 months if no new homes were listed. That’s an improvement over the first six months of the year when inventory was less than a 2 month supply. Anything less than a 6 month supply still favors sellers.
 

Las Vegas and Henderson Luxury Homes

The number of homes for sale in the luxury market is also increasing. We have 472 single family homes listed for than $1M, up from 457 last month. High rise condos listed for more than $1M is still at 69. Total number of luxury homes for sale is 541.
 
We sold 25 homes priced at more than $1 Million in September. Three high rise condos sold with more than a $1 Million price tag. Total number of luxury homes sold was 28, a drop from 62 in August. It’s only a slight drop from September 2017 when we sold 31 luxury homes.
 

Top 3 Luxury Homes SOLD in September

50 Morning Glow Ln in the Ridges of Summerlin was listed at $3,999,999. It closed for $4 Million after 21 days on the market. Situated on a hill in the Azure Ridge enclave, this home offered full Strip and Mountain views. The single story home included 4 bedrooms, 7 baths with a 4 car garage. It offered 6277 sf of living space on almost half an acre. While it was technically a single story home it featured a second story lounge with bar.
 
The Martin #4307 was listed for $3.5M and sold for $3 Million after 201 days on the market. This 3653 sf penthouse offered floor to ceiling windows. It has incredible Strip, Mountain and Sunset views. It included 3 bedrooms, 4 baths and 2 parking spaces.
 
76 Glade Hollow in the Ridges of Summerlin was listed for $2.499M and sold for $2.375M after 116 days on the market. This semi-custom home built by William Lyons was in the Sterling Ridge enclave. The home offered 3 bedrooms, 5 baths in 4618 sf of living space with a 3 car garage. It was situated on a 9148 sf lot that backs up to the The Summit subdivision with no homes behind it.
 
 

Las Vegas Housing Market Update - August 2018

Ready to buy a home in Las Vegas or Henderson? Today’s buyers have 5822 single family homes to choose from. Condos, town homes and high rise properties add 1604 more options. Total inventory for sale is now 7426. That’s 13% more than last month and 20% more than this time a year ago.
 
We sold 2991 single family homes in August. Condos, town homes and high rise listings combined to add 896 closings for the month. A total of 3887 homes changed hands. That’s 4% fewer than we sold in July and 2.6% fewer than in August 2017.
 
The median price for August was $295K. That’s up from the last two months where it had dipped to $290K. It had reached $295K in May. The latest Case-Shiller report confirms that Las Vegas home prices are fastest growing. The median home price is 13.5% higher than a year ago.
 
We’ve sold 3504 homes per month on average for the past year. At that rate, the current inventory would last 2.2 months if no new homes were listed. That’s the first time we’ve been over a 2 month supply of homes for sale in many months. It’s still drastically lower than the 6 month supply that indicates a balanced market. At this point, it’s still a seller’s market.
 

Las Vegas and Henderson Luxury Homes

Sales of Las Vegas luxury homes are strong but we still have an over-supply in this segment of the market. There are currently 457 residential homes for sale. High rise condos add 69 luxury options.
 
We sold 54 luxury estates and 8 luxury high rise condos in August. Total luxury homes sold was 62. Total luxury homes sold in July was 43 and June was 57.
 

Top 3 Luxury Homes SOLD in August

5198 Scenic Ridge Dr in Spanish Hills was listed for $5.25M and sold for $6.5M. This home was new construction with the price increasing due to upgrades. The home featured 6 bedrooms with ensuite bathrooms. It offered 9296 sf of contemporary living space on .34 acres.
 
Turnberry Place Tower 4, Unit 3801 was second most expensive. This penthouse was listed for $6.9M and sold for $5.5M after 244 days on the market. The luxury condo featured a private rooftop pool and spa. The 8205 sf home featured 5 bedroms, 9 baths a den and parking for 4 cars.
 
32 Painted Feather Way in the Ridges of Summerlin was listed for $4.499M and sold for $3.8M after 55 days on the market. This 9818 sf home was situated on an over-sized .64 acre lot. It offered 6 bedrooms, 7 baths and 4 dens in 9818 sf with parking for 4 cars. Views were superb of golf, city and the Strip.
 

Las Vegas Housing Market Update - July 2018

Las Vegas home buyers have 5161 Single Family Homes available in the MLS today. Condos, town homes and high rise properties add 1410 options. Buyers have 6571 homes available today. That’s about 6% more homes available than we had the same time last year but 30% fewer homes for sale than this time in 2016.
 
We sold 3188 single family homes in July. Condos, town homes and high rise added 858 closings. Total homes sold in July was 4046. That’s 4% more than we sold in July 2017 but 9% less than we sold in July 2016. Reason for the drop from 2016? Fewer homes available and higher prices are the likely culprits.
 
The median price for resale homes was stable last month at $290K. That’s two months where it was unchanged. The high was $295K in May.
 
We’ve averaged 3644 homes of all types sold each month over the past year. At that rate, today’s inventory would be absorbed in 1.8 months if no new homes came on the market. With less than six months of inventory, we are still in a seller’s market. This is especially in the affordable price ranges.
 

Las Vegas and Henderson Luxury Homes

Las Vegas' luxury home market is one area where we still have an over-supply. We currently have 437 homes plus 66 condos/town homes listed for more than $1 Million. Last month we sold 37 homes and 6 high rise condos that were priced above $1 Million. At that rate of sales, we have just under a year’s supply of luxury homes listed for sale. Buyers still have an advantage in the luxury market. Especially if you can be flexible about updating an older property. The 43 luxury homes sold in July was a drop from 57 that sold in June but up from 41 in May.
 
The five most expensive homes sold in July were all between $3M and $3.95M. The most expensive homes sold were in Seven Hills, Summerlin (3 of them) and Southern Highlands.
 

Top 3 Luxury Homes SOLD in July

1546 Villa Rica Dr in Seven Hills’ Terracina subdivision was listed at 3,999,950. It sold for $3.95M after 244 days on the market. This home offered 14,693 sf with 6 bedrooms, 9 baths and parking for 7 cars. Guest casita offered 1054 sf additional living space. This traditional home. Touches included faux paint, custom iron railings and artistic ceilings. It featured incredible Strip views.
 
32 Quiet Moon in the Ridges of Summerlin was listed for $3,999,999. It sold for $3.825M after 267 days on the market. This home was situated on a 1.28 acre over-sized lot. The main residence offered 11,052 sf of living space with an additional 2600 sf pool house. 7 bedrooms, 9 baths and parking for 10 cars.
 
27 Meadowhawk in the Ridges of Summerlin was listed for $3.75M. It sold for $3.7M after only 19 days on the market. This contemporary home featured exquisite stonework with city, mountain and Strip views. With 5 bedrooms, 6 baths and 3 car garage it was situated on just under half an acre.
 

Las Vegas Housing Market Update - June 2018

The Las Vegas MLS shows 4478 Single Family Homes For Sale.  Condos, town homes and high rise properties add 1192 options.  Today’s buyers have 5670 homes to choose from.  That’s a minor increase compared to 5554 homes for sale last month.  The number of homes for sale is 16.2% lower than what we had available last year at this time. 

We sold 3269 Single Family Homes in June, up from 3035 in May.  Condos and town homes added another 918 closings for the month.  Total homes sold in June was 4187, up from 3861 in May but an 8.9% drop from June 2017. 

The average number of homes we’ve sold per month over the past year is 3631 per month.  At that rate, today’s inventory would be gone in 1.5 months if no new homes came on the market.  It continues to be a seller’s market, especially in the lower price ranges. 

The median price of a resale home dipped from $295K last month to $290K this month.  That’s still a 12.7% increase for homeowners over last year’s value.  With low inventory, we don’t expect the 1.7% dip to be the start of a pattern.

Las Vegas and Henderson Luxury Homes

The Las Vegas MLS offers 436 luxury homes priced at $1 Million or more, up from 416 last month.  High Rise condos priced at $1 Million plus add 63 options to the luxury home buyer.  The inventory is higher than last month but we also sold more luxury homes in June than in May.  48 luxury estates that closed for more than $1 Million and 9 luxury high rise condos that sold for over $1 Million.  A total of 57 luxury homes sold, up from 41 in May.

Top 3 Luxury Homes SOLD in June

5990 West Patrick Lane - This custom home is located West of the Strip and North of the 215 Beltway.  Situated on over 5 acres of land, the Santa Barbara style home offered 13,853 sf of living space plus a 3310 sf basement.  List price was $11.8M when this one went into contract but it was originally listed at $25M in 2015.  It closed for $8.5M on 6/7/18.  It was purchased with cash.  In the agent to agent remarks, it did say the sellers would consider “cryptocurrency”.  First time we’ve seen that offer locally.  

ONE Queensridge Place Tower 2 #1501 was listed for $4.5M and sold for $4.15M.  This 5844 sf penthouse featured 3 bedrooms/4 baths with a 4 car garage.  It featured Strip, city and Mountain views.

39 Skybird Ct in the Ridges of Summerlin was the third highest price paid in June.  This 9917 sf contemporary home was on .56 acres.  Built in 2009 it offered golf, Strip and Mountain views in arguably the top luxury community in Las Vegas.  It featured 6 bedrooms, 8 baths and a 5 car garage.

Las Vegas Housing Market Update - May 2018

The Las Vegas MLS shows 4301 Single Family Homes listed without offers today.  Condos, town homes and high rise condos add 1253 options for buyers.  Total homes for sale in Las Vegas is 5554.  That’s a slight increase from 5214 last month.  It’s down 15.5% from June of last year when 6175 homes were on the market.

We sold 3035 single family homes in May.  An additional 826 condos and town homes exchanged hands.  Total homes sold in May was 3861.  An increase over the 3555 homes sold in April.  The number of homes sold is down 10.7% from last May.

We’ve averaged 3630 homes sold per month over the past year.  At that rate, the current inventory of 5554 homes for sale would be absorbed in only 1.5 months.  This is an extremely low supply of homes for sale.  As long as demand continues, it is likely to continue pushing prices up.

The median price of a resale home rose to $295K in May.  Up 2.1% from $289K in April and 18% from May 2017.  At the peak of the market in mid-2006, the median price of a resale home was $315K.  At this rate, Las Vegas home prices may reach that peak later this year.  From there, we could go on to set a new record high price.

Las Vegas and Henderson Luxury Homes

There are 416 luxury homes priced at $1 Million or more in the MLS today.  That’s up from 381 last month.  High Rise condos add 67 options for luxury buyers.  We sold 40 luxury estates and 1 luxury high rise condo for more than $1 Million in May.  

Top 3 Luxury Homes SOLD in May

731 Dragon Ridge Dr. in MacDonald Highlands was listed for $7.995M and closed for $7.775M.  This contemporary home was completed in 2015 but originally listed for $12.9M in July 2014.  It was built by popular custom home builder Sun West.  It offered 6 bedrooms, 9 baths plus 4 dens and a 5 car garage. Total living space was 11,375 sf.  It was behind secondary gates on 1.1 acres with spectacular Strip and valley views.  

2 Olympia Hills in the Estates at Southern HIghlands was listed for $4.475M.  It sold for $3.95M after 105 days on the market.  This Tuscan home was built in 2009.  It featured views of the Southern Highlands golf course and the Strip.  It offered 7 bedrooms, 9 baths and a den in 8886 sf of living space.  Situated on .78 acres it also had a 4 car garage.

9009 Greensboro Lane in Summerlin’s Tournament Hills was listed for $2.2M.  It sold for $2.3M after only 9 days on the market.  The 3 bedroom, 4 bath with 3 dens and a loft home was 7445 sf of living space.  It featured views of the TPC Summerlin golf course and the Strip.  With a 4 car garage and .8 acres of land it was built in 1996. 

Las Vegas Housing Market Update - April 2018

We have 3987 Single Family homes listed for sale in the MLS today.  Condos, town homes and high rise properties add 1227 options for buyers.  Total inventory is at 5214 this month.  Up slightly from 4830 last month but down 24.9% from April 2017.   

We sold 2789 single family homes plus 766 condos and town homes in April.  We sold a total of 3555 homes in April.  This is .4% higher than last year but down 8.7% from last month.  If we continued selling 3555 homes per month, the current inventory would last 1.5 months.

The median home price continues to increase.  Last month’s median rose to $289K.  Up from $280K in March and 16.1% higher than April 2017. 

Las Vegas and Henderson Luxury Homes

There are 381 luxury homes for sale with a price of $1 Million or more.  High Rise condos include 64 luxury listings priced above $1 Million.  We sold 33 luxury estate homes and 4 luxury high rise condos in April.  

Top 3 Luxury Homes SOLD in April

Summerlin boasted all three of the most expensive homes that sold in April.

14 Sable Ridge Ct in the Ridges of Summerlin was listed at $5.075M and sold for $5.075M.  This 10,365 sf home was built in 2009.  It featured 6 bedrooms, 7 baths and parking for 6 cars.  The home was situated on .6 acres with Mountain and Strip views.

10100 Summit Canyon in Bellacere was listed for $4.775M and sold for $4.1M.  The 16,562 sf home featured 6 bedrooms, 12 baths and a 4 car garage.  Built in 2006 it was situated on .4 acres with golf course frontage on TPC Las Vegas.  It offered golf course and Strip views.

16 Sun Glow Lane in the Ridges of Summerlin was listed for $3.599M and sold for $3.5M.  The 6252 sf home offered 4 bedrooms, 6 baths with a 4 car garage.  Built in 2012 it was on .4 acres.  It featured golf, mountain and Strip views. 

Las Vegas Housing Market Update - March 2018

The Las Vegas MLS lists 3684 single family homes for buyers.  Condos, town homes and high rise add another 1146 options.  Total inventory for sale today is 4830.  That’s a slight increase from the 4748 homes for sale last month but a 29% drop from April 2017.  

Sold in March 3158 single family homes.  Condos, town homes and high rise properties added 824 more closings.  Total homes sold was 3982.  That’s a 1.3% decrease from March 2017.  Buyers are out there but low inventory is making it hard for them to find what they're looking for.

Over the past year, we’ve sold 3577 homes on average per month.  At that rate, today’s inventory of homes would only last 1.35 months if no new homes came on the market.  Less than a six month supply of homes favors sellers.  As long as we have this extremely low inventory, prices are likely to continue going up.

The median home price continues to rise.  This month it’s at $280K.  That’s 1.8% higher than February’s $275K median home price.  It’s 15.7% higher than the $242K median in March 2017.

Las Vegas and Henderson Luxury Homes

There are 396 Luxury Homes listed for more than $1 Million plus.  There are 60 Luxury High Rise condos listed for more than $1 Million.  We sold 41 luxury homes and 4 high rise condos priced at $1Million or more.  Total luxury homes sold in March was 45, down slightly from the 50 that closed in February.  

Top 3 Luxury Homes SOLD in March

Summerlin boasted not only the two most expensive deals of the month but of the past twelve months.   The first one in the Enclaves at Country Club Hills closed for $1004/sf.  That estate is situated on 1.4 acres with TPC Summerlin golf frontage.  The second in the Ridges of Summerlin closed at $622/sf.  That seems like a bargain considering it was brand new and on just over a half acre lot with Bear’s Best golf frontage.

1717 Enclave Ct in Summerlin’s Enclave at Country Club Hills was highest priced deal.  Listed for $18 Million it closed for $13 Million after 369 days on the market.  This home had sold for $5.75M in 2010.  Sellers completely renovated it.  It featured 6 bedrooms, 10 baths in 12,945 sf of living space.  It was situated on 1.4 acres with golf course frontage on the TPC Summerlin. 

45 Painted Feather in the Ridges of Summerlin was listed for $10,500,000 and sold for $8.9M with 135 days on the market.  This contemporary home was completed in 2016 and had never been lived in.  It offered 7 bedrooms, 9 baths and a 10 car garage in 14,303 sf of living space.  It was situated on .6 acres with golf course frontage on Bear’s Best.

888 Vegas View Dr. in the Canyons at MacDonald Highlands.  It was listed for $3,999,000 and sold for $3.3M after 117 days on the market.  This was a Blue Heron home on a private mountaintop lot.  It featured 4 beds, 5 baths in 5561 sf of living space on .67 acres. 

Las Vegas Housing Market Update - February 2018

The Las Vegas MLS has 3661 single family homes listed for sale today. The MLS offers 1087 condos and town homes for sale. Total available homes for sale is 4748. This is a 1.8% drop from last month when we had 4836 homes for sale. It's a 31.2% drop from the 6899 homes that were for sale in February 2017.
 
We sold 2059 Single Family homes in February. We sold 651 condos and town homes for the month. Single family home sales were down 5.4% compared to February 2017. Condos and townhomes were actually up 1.8%.
 
The median home price rose to $275K. Up from $265K in January and 14.6% higher than the $240K median price in February 2017.
 

Las Vegas and Henderson Luxury Homes

There are 389 Estate Homes listed for more than $1 Million. Condos and town homes add 62 options for luxury home buyers. Last month we sold 41 luxury homes priced at more than $1M. 9 luxury condos for more than $1 M. That’s up from 18 homes and 7 high rise condos sold in January.
 

Top 3 Luxury Homes SOLD in February

27 Eagles Landing Ln in Southern Highlands was listed for $8.05M and closed for $7.25M. This 11,354 sf home was built in 2006. It featured 6 beds, 8 baths and a 10 car garage on almost an acre with golf course frontage. It was on the market 188 days.
 
2981 Pinto Ln in the Historic District was listed for $4.95M and sold for $4.5M. Built in 1961, the “Hacienda Compound” offered 6 bedrooms, 9 baths in 8299 sf of living space. It was situated on almost an acre of land. It was on the market 288 days.
 
14 Promontory Ridge in the Ridges of Summerlin was listed for $4.895M and sold for
$4.4M after only 66 days on the market. The contemporary home offered 12,345 sf of living space with 6 beds, 11 baths and a 4 car garage. It was on a half acre lot with golf course frontage.
 

Las Vegas Housing Market Update - January 2018

The Las Vegas MLS has 3753 Single Family Homes For Sale without offers today.  The MLS has 1083 condos and town homes for sale.  Total inventory of homes for sale is 4836.  That’s a 2.8% drop from December but 36.5% from January 2017. 

We sold 2266 single family homes in January plus 616 condos and town homes.  A total of 2882 homes closed escrow for the month.  That’s a 13.7% drop from December but 5.5% higher than January 2017.

The median home price dropped back to $265K, down from $267,900 in December, 1.1% lower than December.  It’s still 11.3% higher year over year.

Las Vegas and Henderson Luxury Homes

We have 380 luxury estates listed for more than $1 Million.  There are 49 luxury high rise condos listed for $1M or more.  We sold 18 estate homes priced above $1M in January plus 7 high rise condos priced above $1M.  The luxury market continues to be the one area where Las Vegas has an over-supply of homes for sale.   

Top 3 Luxury Homes SOLD in January

2061 Troon Dr. in Henderson’s Legacy subdivision was listed for $3.975M.  It sold for $3.975M after 192 days on the market.  The 11,271 sf home was on just over a half acre lot.  It featured golf course frontage on the Legacy golf course.  

98 Sun Glow in the Ridges of Summerlin was listed for $4,199,900.  It closed for $3.925M after 301 days on the market.  This contemporary home offered 7138 sf of living space with a 4 car garage on .43 acres.  The home offered Mountain, golf and Strip views.

The Mandarin Oriental Unit 4707 was listed for $2.995M.  It sold for $2.9M after 278 days on the market.  The penthouse featured 2 beds, 2.5 baths in 2167 sf. with city and mountain views.

Las Vegas Housing Market Update - December 2017

There are 3833 Single Family Homes for Sale in the Las Vegas MLS.  Condos, town homes and high rise condos add 1096 options for buyers.  Total inventory of homes for sale in Las Vegas and Henderson is 4929.  That’s an 15.7% drop from November and 35.7% from this time last year.

We sold 2628 single family homes in December.  Condos, town homes and high rise condos added 669 closings.  Total homes sold was 3297.  That’s 1% lower than November and 3.5% lower than last year.  We have sold on average 3684 homes of all type per month over the past year.  At that rate, today’s 4929 options would be gone in 1.3 months if no new homes came on the market.  No wonder prices are going up. 

The median home price rose to $267,900 in December.  That’s up 2.6% from November and 14% from December 2016.   

New home construction has been increasing as well.  Las Vegas has 5 communities in the Nation’s Top 50 for new home sales.  Summerlin came in fourth highest selling master planned community in the Country.  Inspirada placed 8th.  Cadence was 23rd.  Mountain’s Edge and Skye Canyon also made the top 50.  

Las Vegas and Henderson Luxury Homes

The luxury home market continues to have an over-supply but it is improving.  We have 382 residential properties listed for $1 Million plus.  There are 53 luxury High Rise condos priced at $1 M plus.  Luxury home buyers have 435 options available today.

We sold 33 homes priced above $1M in December plus 11 high rise condos priced above $1M.  

Top 3 Luxury Homes SOLD in December

16 Flying Cloud Lane in The Ridges of Summerlin was listed for $5.499M.  It sold for $5.05M after only 12 days on the market.  The contemporary home in Azure Ridge featured 5 en-suite bedrooms on .8 acres.

31 Hawk Ridge in The Ridges of Summerlin was listed for $3.5M and sold for $3.5M with only 2 days on the market.  This home was tenant occupied with a lease that expires on or before 1/31/19.  Tenants are paying $9000/month in rent.  The home featured unobstructed Strip views.

637 St. Croix in Henderson’s MacDonald Highlands was listed for $3,988,888.  It sold for $3.5M after 227 days on the market.  This contemporary home was designed by noted architect Richard Luke.  It featured 6 bedrooms, 8 baths in 9760 sf of living space.  Parking for 7 cars in three separate garages.

4th thru 6th places - Three other homes sold for more than $3M.  All three were at The Mandarin Oriental with closing prices of $3.35M, $3.3M and $3.1M.    

Las Vegas Housing Market Update - November 2017

The Greater Las Vegas MLS has 4369 single family homes listed for sale today.  Condos, town homes and high rise condos add 1195 options.  Total homes for sale in Las Vegas, Henderson and North Las Vegas is 5564.  That’s a steady drop from the 5953 available last month and the 6155 the month before.  It’s a 30% drop from the 7988 homes that were available in December 2016.  

We sold 2527 single family homes in November plus 684 condos and town homes.  A total of 3211 homes closed escrow during the month.  A sizeable drop from the 3731 sold in October but slightly more than the 3162 sold in November 2016.  

Average homes sold per month has been 3502 for the past year.  At that rate of sales, today’s inventory would only last 1.7 months.  The low inventory continues to favor sellers over buyers. 

The median home price dipped slightly to $261,150 in November.  Down .7% from October but 8.8% higher than November 2016 when the median was $240K.

Luxury Homes For Sale in Las Vegas and Henderson

We have 368 estate homes listed for $1Million or more.  Luxury condos add 58 options for the million plus buyer.  We sold 34 estate homes for more than $1M in November.  This included two town homes that were former models at VU in MacDonald Highlands.  The VU homes closed for $1.333M and $1.525M.  We sold 5 high rise condos for more than $1M in November.  Total luxury home sold for the month was 39. 

Top 3 Luxury Homes SOLD in November

16 Vintage Valley Ct in the Estates at Southern Highlands - Listed for $6.25M it sold for $5Million after 155 days on the market.  This modern estate was situated on 1.26 acres with golf course frontage and impeccable finishes.  Built in 2006, it featured 7 bedrooms, 8 baths plus two dens in 11610 sf of living space.

42 Drifting Shadow in the Ridges of Summerlin was listed for $4,249,000 and sold for $4,040,000 after 5 days on the market.  This contemporary luxury home was built in 2016.  It offered 5 bedrooms, 7 baths plus a den in 7259 sf of living space on just over half an acre.  

2656 Mirabella St in Seven Hills of Henderson was listed for $3.395M and sold for $3.025M after 351 days on the market.  This home is under construction with a predicted completion in 2017. 

Las Vegas Housing Market Update - October 2017

The Las Vegas MLS has 4717 single family homes available for buyers today.  Condos, town homes and high rise condos offer 1236 options.  Total inventory of homes for sale is 5953.  That’s a 3.3% drop from the 6155 homes that were for sale last month.  It’s a 20% drop from last year. 

We sold 2973 single family homes in October.  Condos, town homes and high rise properties added 758 more closings.  We closed a total of 3731 homes in October.  That’s 2.5% more than last month and 16% more than we sold in October 2016. 

The median home price dipped slightly to $263K in October.  Down from $265K in September.  It’s still 13% higher than the $232,500 median in October 2016.  The median home price marks the point where half of the homes sold each month cost more and half cost less.  It’s interesting to note that the median home price dropped slightly in October 2016.

Luxury Homes For Sale in Las Vegas and Henderson

We have 400 single family homes listed for $1M or more.  There are 65 luxury condos listed for more than $1 Million.  We sold 38 luxury homes and 2 luxury high rise condos for more than $1 Million in October.  A total of 40 luxury homes changed hands for the month.  That's up from 35 the prior month and only 24 in October 2016.

Top 3 Luxury Homes SOLD in October

9511 King’s Gate Court in Queensridge.  Listed for $7.5M this one sold for $6.5M.  The final MLS listing for this home had been on the market for 115 days.  The home had been on and off the market since I showed it with a list price of $14M back in 2009.  The traditional home was situated on 1.9 acres with Strip views from the gourmet kitchen and pool.   The home offered 10 bedrooms, 12 baths in 15,816 sf of living space with a 4 car garage and guest casita.

47 Quintessa Circle in Southern Highlands was listed for $6.5M and sold for $6M after 223 days on the market.  This newly built home had a mediterranean facade with contemporary interiors.  The 5 bedroom, 6 bath home offered parking for 8 cars with 12,033 sf of living space.  It was situated on a half acre lot. 

16 Hawk Ridge in the Ridges of Summerlin was listed for $4,997,500 when it closed for $4.55M.  The contemporary home was built in 2016.  It featured 5 bedrooms, 6 baths in 8150 sf on .46 acres.

Las Vegas Housing Market Update - September 2017

Las Vegas Home Buyers have 4977 single family homes available today.  Condos, town homes and high rise condos offer 1178 more choices.  Total homes for sale is 6155.  That’s a tiny increase over 6139 last month but a 33% drop from the 9274 homes that were listed a year ago.   

We sold 2920 single family homes in September.  Condos, town homes and high rise properties added 720 transactions.  Total homes sold was 3640 for the month.  Down from 3992 in August.  The number of single family homes sold was only down .4% from September 2016.   

The median home price continued to edge up, rising to $265,000 in September.  That’s 1.9% higher than the previous month and 13.5% higher than September 2016.

Luxury Homes For Sale in Las Vegas and Henderson

We have 418 single family homes and 71 condos and town homes listed for more than $1 Million.  Total of 489 luxury homes for today’s buyers.  Down from 547 last month.  We sold 31 estate homes, 1 town home and 3 high rise condos for more than $1 Million in September.  A total of 35 luxury homes closed escrow for the month.

Top 3 Luxury Homes SOLD in September

1504 MacDonald Ranch - in Henderson’s MacDonald Highlands was listed for $6.25M and sold for $5.5M after 47 days on the market.  The 14,031 sf estate boasted incredible views.  Featuring HGTV’s “World’s Best Party Room” with a 16 person 3D theatre, this home was designed for entertaining.

The Mandarin Oriental #4306 - Listed for $4.995M, it closed for $4.6M after 90 days on the market.  This penthouse offered 3 bedrooms, 4 baths in 3922 sf of living space with amazing views.  

55 Promontory Ridge in the Ridges of Summerlin -  Listed at $4.895M, it sold for $4.1M after 453 days on the market.  Original list price had been $6.975M.  The 8203 sf home was situated on 1.4 acres.  

Las Vegas Housing Market Update - August 2017

Las Vegas Home Buyers have 5012 Single Family Homes listed for sale today.  Condos, town homes and high rise condos add 1127 options.  Total inventory in the Greater Las Vegas area is 6139 homes for sale.  Down slightly from the 6161 we reported last month.  That’s an 18% drop in inventory from August 2016.

We sold 3199 single family homes in August.  Condos, town homes and high rise condos added 793 closings.  Total homes sold for the month was 3992.  Ten more than sold in July.  It’s a 5.7% increase over August 2016. 

The median home price stayed even with July at $260K in August.  That’s 10.6% more than the $235K median from August 2016.

Luxury Homes For Sale in Las Vegas and Henderson

Twenty eight homes and seven high rise condos closed for more than $1 Million in August.  We currently have 410 single family homes listed for more than $1 Million.  High Rise condos offer 70 luxury homes priced at $1 Million or more.  The luxury market continues to be the one area where we have far more homes for sale than buyers.

Top Three Las Vegas Luxury Homes SOLD in August

30 Golf Estates Dr in Southern Highlands was the most expensive home sold in August.  Listed for $3.25M it closed for $3,199,000.  The 7790 sf home featured a theatre, wine cellar, gym with five bedrooms and seven baths.  It had a 695 sf casita and was situated on almost an acre.

2809 Via Tazzoli Ct in Seven Hills Marquis subdivision was second place.  The contemporary home by Blue Heron featured incredible views of the Rio Secco Golf course and the Strip.  Listed for $2.75M it closed for $2.7M.  This home had been listed for almost two years with a starting price of $3.5M on 7/21/15.

The Mandarin Oriental’s unit 4002 took third place.  Listed for $2.75M it sold for $2.34M after 100 days on the market.  This residence featured two master suites and sweeping Strip views.

Las Vegas Housing Market Update - July 2017

Home-Values-RisingLas Vegas Homebuyers have 5025 single family homes to choose from today.  Condos, town homes and high rise condos add another 1136 options.  Total inventory of homes for sale today is 6161 in Las Vegas, Henderson and North Las Vegas.  Almost the same as the 6175 listed for sale last month but 34% lower than the 9399 listings in August 2016.

We sold 3144 single family homes in July.  We sold 748 condos and town homes.  Total homes sold was 3892.  That’s lower than the 4475 sold in June but 10.8% higher than July 2016.

Low inventory continues pushing prices up.  The median went to $260K in July.  Up from $257K in June and 10.2% higher than the $236K median in July 2016.

Luxury Homes For Sale in Las Vegas and Henderson

Low inventory is pushing prices up in the lower and mid-level price ranges.  The luxury market isn’t there yet.  We have 431 homes for sale priced over $1 Million.  Luxury condos add 74 extra options for those who are looking in the $1M plus range.

We sold 40 estate homes priced above $1 Million and 3 high rise condos priced above $1 Million.  The 43 luxury homes sold is a nice increase over the 26 million dollar homes sold in July 2016.  Still, the 506 luxury listings available today will last 11.7 months if we continued selling at 43 per month.  The luxury market favors buyers unless a home is spectacular and well priced.

Top Three Luxury Homes SOLD in July

5 Echo Peak Ln in The Ridges of Summerlin was the most expensive transaction.  Listed at $6.999M, it sold for $5M.  The home was situated on an acre of totally private land.  It offers 5 bedrooms, 8 baths in 10588 sf.  It was listed for 223 days.

Turnberry Place Tower 2 Unit 3301 took second place.  This penthouse was listed for $5.5M and sold for $4.5M after 341 days on the market.  It featured 4 bedrooms, 7 baths in 5779 sf.

586 Lairmont in MacDonald Highlands was third most expensive.  Listed at $4.499M, this home sold for $4 Million after 103 days on the market.  The 12,656 sf home was situated on a 29,261 sf lot and featured a 507 sf guest house.  Built in 2009, the home had been completely remodeled.

Las Vegas Housing Market Update - June 2017

Today’s homebuyers have 5080 single family homes available.  Condos, town homes and high rise condos add 1095 options for buyers to consider.  Total homes available is 6175.  That’s up slightly from 5991 homes listed for sale last month.  It’s 34% fewer homes for sale than the 9304 listed in June 2016.  

We’ve sold 3589 homes per month on average for the past 12 months.  Today’s listings would be gone in 1.4 months if no new homes came on the market.  It’s definitely a hot seller’s market.

The scarce inventory continues to push prices higher.  Median home price rose to $257,373.  That’s up 2.9% from May and 9.5% from the $235K median in June 2016.

Sales volume climbed along with the median price.  We sold 3679 single family homes plus 897 condos and town homes.  Total homes sold in June was 4475.  That’s up from 4252 in May.  It’s 12.7% more than the 3970 homes sold in June 2016.

Luxury Real Estate in Las Vegas and Henderson

The Ridges of Summerlin Luxury HomesSales volume in the luxury market is picking up but we still have too many luxury homes for sale.  There are 413 estate homes and 68 high rise condos listed at more than $1 Million.   

We sold 38 luxury homes and 7 high rise condos that were priced at more than $1 Million in June.  A total of 45 luxury closings.  That’s down from the 56 luxury homes and condos sold in May.  It’s still higher than the 35 closings in June 2016 and the monthly average of 31 we’ve maintained over the past year.  At that rate of sales, today's inventory is a 15.5 month supply of luxury homes.  The luxury market is a buyer's market.

Top Three Luxury Homes Sold in June

15 Promontory Ridge Dr in The Ridges of Summerlin was the most expensive home sold in June.  Listed at $6.9M, it closed at $5.5M.  This was a stunning single story home that included a basement with a bowling alley and basketball court.  It offered 4 bedrooms, 6 baths in almost 11,000 sf of contemporary living space.  Built in 2015, it was on the market for 371 days before selling.

16 Wild Ridge Ct was also in The Ridges of Summerlin.  Listed at $4,499,000, it sold for $3,970,000.  This home was sold turnkey with over $400,000 in furniture and art.  It featured 4 bedrooms, 5 baths in 5439 sf on almost a half acre lot.

Mandarin Oriental Unit 3808 was the third highest price paid in June.  Listed at $3.4M it sold for $3.4M with 48 days on the market.  This penthouse featured 2 bedrooms, 3 baths in 2910 sf.

The Ridges of Summerlin and the Mandarin Oriental are arguably some of the hottest residential real estate in town. 

Las Vegas Housing Market Update - May 2017

Today's homebuyers have 4894 single family homes for sale in Las Vegas.  Condos, town homes and high rise properties add 1097 options for buyers.  That's down from 6781 last month and 9150 in May 2016.

Declining inventory has pushed the median home price up for the past several months.  It went to $250K in May from $249K in April and $229K from May 2016.

The Spring home buying fever kicked in last month.  We sold 3403 single family homes in May.  Condos, town homes and high rise added 849 closings for the month.  Total homes sold in May was 4252.  That's up from 3608 last month and 3693 in May 2016.

Cash deals accounted for 1187 (19.8%) of the homes sold.  Short sales were involved in 137 (2.3%).  Foreclosures were involved in 149 (2.5%).

Las Vegas Luxury Real Estate 

The luxury market is the one area where we don't have a shortage of inventory.  There are 395 single family homes and 77 high rise condos listed for $1 Million plus.  For ultra luxury, there are 165 single family homes and 38 condos listed at $2 Million plus.

We sold 48 homes and 8 high rise condos priced at $1M plus.  The $2M plus homes saw 11 closings of single family homes and 4 high rise condos.

Las Vegas Luxury Home NewsWhere are the most expensive homes selling?  The 11 most expensive homes included 6 estates in the Ridges of Summerlin.  One estate home sold in Seven Hill's Terracina & Venezia community.  One horse property on 10 acres sold on East Russell.  One estate home sold in Southern Highland's Tuscan Cliffs.  One estate sold in Spanish Trails.  Summerlin's Tournament Hills was the final estate home to make the $2M+ list.

Top Three Homes Sold in May

20 Sun Glow in the Ridges of Summerlin was the most expensive sale in May.  This contemporary home was listed for $4.95M and sold for $4.65M.  The 7371 sf home featured 5 bedrooms, 6 baths, 4 car garage.  The finishes included custom wood and a large wine room.  The home was built in 2016.

ONE Queensridge Place #1704 took second place.  This 4939 sf penthouse was listed for $4M and sold for $3.8M.  It offered 3 bedrooms, 4 baths.  It had golf, city and Mountain views.

66 Meadowhawk Ln in the Ridges of Summerlin took third place.  This contemporary home was on 3 levels with an elevator.  It was listed for $3,995,000 and closed for $3,580,000.  The 8759 sf home offered 6 bedrooms, 7 baths with golf course frontage and Strip views.

 

Las Vegas Housing Market Update - April 2017

Las Vegas Home Buyers have 5571 options available today.  Condos, Town Homes and High Rise Condos add another 1210 options for buyers who don't want a detached home to maintain.  Total inventory of homes available in Las Vegas, North Las Vegas and Henderson is 6781.  Down slightly from 6822 last month.  That's a big drop from the 9242 homes for sale in May 2016.  May 2015 had 9751 homes for sale.  

We sold 2868 single family homes last month.  Condos and town homes added 740 transaction.  Total homes sold was 3608 up from 3475 this time last year.  At this rate of sales, today's inventory would only last two months.  The extremely low inventory is driving prices up.  Homes in the lowest price ranges are receiving multiple offers and often sell above list price.

There were 1022 cash deals (28%).  156 of the homes were sold as short sales (4.3%).  Only 144 of the homes sold were foreclosures (3.99%).  The median home price is now $249,000.  That's 2.9% higher than last month and 12.9% higher than April 2016.

Las Vegas Luxury Real Estate

We have 422 homes listed for more than $1 Million.  High rise condos add 83 extra options for luxury buyers.  We sold 25 homes and 2 high rise condos that were priced at $1 Million or more.  We continue to see more inventory than demand in the luxury market.

Top Three Homes SOLD in April

8 Vintage Valley Dr. in the Estates at Southern Highlands was the most expensive home sold in April.  Listed at $3.95M it sold for $3.6M.  This was a new construction, contemporary home with high ceilings and exquisite finishes.  It offered 5 bedrooms, 7 baths in 8255 sf of single story living.  It was situated on an over-sized .610 acre lot.

40 Vintage Canyon in Estates at Southern Highlands was listed at $3.1M and closed at $2.8M after 244 days on the market.  This home was built in 2015.  It offered 6 bedrooms, 5.5 baths in 8792 sf on half an acre.

1108 Pine Island Ct. in Summerlin's Tournament Hills was listed for $2,499,900.  It sold for list price after 10 days on the market.  Built in 1996, the home was a modern design with 4 bedrooms, 8 baths in 8376 sf.  This home featured golf and mountain views.

Las Vegas Housing Market Update - March 2017

Home buyers in Las Vegas have 5542 single family homes available.  Condos and town homes offer 1280 options.  We have a total of 6822 homes listed for sale in the Greater Las Vegas area MLS.  That’s only slightly less than the 6899 options available last month.

In April 2016, there were 9445 homes listed for sale.  Today’s inventory is 24% lower than it was a year ago.  Las Vegas isn’t the only market with a shortage of homes for sale.  The Associated Press reports that the supply of homes for sale is at a 20 year low throughout the Country.  

We sold 3105 Single Family homes plus 797 condos and town homes.  Total homes sold in March was 3902.  Up from 2897 in February and 3421 homes sold in March 2016.  That’s an increase of 14% year over year.

There were 1183 cash deals in March (30%).  Short sales were involved in 173 of the deals (4.4%).  Foreclosures were involved in 197 of the homes sold (5%).  Median price increased to $242,000 and increase of 10% over last year.

Las Vegas Luxury Real Estate

We have 414 homes listed for $1 Million plus and 80 high rise condos listed for more than a million.  That’s still too much inventory in the higher price range.  We did see strong sales in the luxury market in March.  We sold 34 homes priced above $1 Million plus 11 high rise condos priced above $1 M.  13 of the homes and high rise condos sold in March were priced above $2 Million.  The most expensive home sold last month was a high rise condo at Mandarin.  It closed for $40K more than an estate home in Queensridge.

Top Three Homes SOLD in March 2017

Las Vegas Luxury Home ValuesMost expensive home sale recorded in March was penthouse #4706 at Mandarin Oriental.  This 3922 sf high rise condo was listed for $6.598M and sold for $6.24M after only 10 days on the market.  The furnished condo went for $1591/sf.

Second place went to 9501 Orient Express Ct. in Queensridge.  This 22000 sf home was listed for $6.799M when it sold for $6.2M.  It had been on the market 372 days.  This closing was especially encouraging for homeowners in Queensridge.  Home values in the community have softened now that Badlands golf course is closed.  In the agent to agent remarks they noted that the home was “priced $2 Million below the current appraisal”.  Before the course closed, this home offered golf course frontage on three sides.

Third place was 82 Meadowhawk Ln in the Ridges of Summerlin.  Listed at $3,997,500, it sold for $3,544,500.  The home offered 4 bedrooms, 7 baths, 4 car garage with pool and spa in 7888 sf.  It was listed for 123 days.

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.

Leave a Comment