Las Vegas Housing Market Update - October 2023

Is it time to buy your home in Las Vegas and Henderson? Today, you have 4,147 single-family homes for sale without offers. That's an increase from 3,955 last month. The number of homes for sale is still 38% less than a year ago. If a condo or townhome would suit your needs and budget, you have 1,586 options. The total number of homes for sale is 5,733

The number of homes sold in October dropped 6.7% from September to 1,615 single-family homes. We sold 520 condos and townhomes in October. The total number of homes sold was 2,192.

If we continue to sell 2,192 homes per month, today's homes will sell in 2.6 months if no other homes come on the market. Less than a six-month supply of homes still favors sellers. With 2.6 months, the supply is improving from 1.6 months last May.

The Median Home Price remained stable at $450,000 in October. The median price for condos and townhomes was also steady at $270,000.

Las Vegas and Henderson Luxury Homes

There are 604 single-family homes listed for $1M+, with 104 condos and townhomes listed for $1M+. Luxury home buyers have 708 options available today.

We sold 88 single-family homes for over $1M in October, plus 11 condos and townhomes for over $1M. The total number of luxury homes sold was 99 for the month.

Top 3 Luxury Homes Sold in October:

721 Dragon Peak Dr in Henderson's MacDonald Highlands - Listed for $11,500,000, it sold for $11 Million after 19 days on the market. This newly built home by Blue Heron offered 5 bedrooms and 7 baths in 8,114 sq. ft., with a 4 car garage on .65 acres. The home featured city, mountain, and Strip views.

11 Misty Peaks Ct in The Ridges of Summerlin - Listed for $5,490,000, it sold for $5,225,000 with 93 days on the market. This home was built in 2008 and offered 5 bedrooms and 8 baths in 8,940 sq ft with a 5 car garage. It was on a .51-acre lot.

7070 Nomi Ct in Blue Heron's Oasi Community - Listed for $4,999,900, it sold for $4,500,000 after 48 days on the market. This newly built home featured 6 bedrooms and 8 baths. with a 4 car garage on .52 acres. Oasi will be a community with 24 homes when completed. Located in Southeast Las Vegas, it's only 10 minutes to Harry Reid Airport, and a few minutes more to the Strip.

Las Vegas Housing Market Update - September 2023

In the market to buy your Las Vegas home? Today, you have 3,955 single- family homes to choose from. That's down from 4,205 last month and a 51% drop from the number of single-family homes for sale last year.

If you're in the market for condos or townhomes, you'll find 1428 options, slightly up from the 1381 condos and townhomes available last month. The total number of homes for sale today is 5,393.

We sold 1732 single-family homes in September. Condos and townhomes added 604 sales for the month. The total number of homes sold in September was 2,336. That's a 6.2% drop from September 2022.

If no new homes came on the market, the 5,393 homes for sale today would be absorbed in 2.3 months. When this number is less than six months, the market still favors sellers.

The Median Home Price stayed at $450,000 in September. That's where it was in September 2022. The median home price for condos and townhomes had soared to $287,000 in August. In September, it settled at $270,000.

Las Vegas and Henderson Luxury Homes

We have 593 luxury homes listed for sale. Condos and townhomes offer 90 options for the luxury buyer. Las Vegas Luxury Home Buyers have a total of 683 choices today.

We sold 96 single-family homes for $1 Million plus in September. That was a drop from 138 in August. Condos and townhomes added 10 closings. The total number of luxury homes sold in September was 106. That slightly improved over the 97 luxury homes sold in September 2022.

Top 3 Luxury Homes Sold in September:

7 Painted Feather Way in The Ridges of Summerlin - This modern home was listed for $ 17,750,000 and sold for $15,950,000 after 42 days on the market. The house was built in 2009 with 5 bedrooms and 8 baths in 10,843 sf. It was on 1.4 acres with Strip, Golf, and Mountain views.

19 Sanctuary Peak Ct. in Henderson's Ascaya was listed for $7,995,000 and sold for $7,550,000 after 243 days on the market. The home was completed in 2017 and offered 4 bedrooms 6 baths in 8,723 sf. On 1.34 acres, this contemporary home offered mountain views.

61 Olympia Canyon Way in Southern Highlands was listed for $5,150,000 and sold for $ 5.150,000 with zero days on the market. This contemporary custom by Growth Luxury Homes has an estimated completion date of August 2024. The home will include 4 bedrooms and 5 baths in 6,311 sf on .7 acres.

Las Vegas Housing Market Update - August 2023

Las Vegas home buyers have 4,205 single-family homes listed for sale today. That's up from 3,569 last month but a 46% drop from last year. Buyers considering a condo or townhome will find 1,381 more options. The total number of homes for sale today is 5,586.

We sold 2,016 single-family homes in August. That was .3% more homes sold than in August 2022. Condos and townhomes added 705 closings for a total of 2,721 homes sold.  If we continued selling that many homes of all types, today's inventory would be depleted in 2 months. Less than a 6 month supply of homes for sale continues to favor sellers.

The Median Home Price dipped slightly from $450,000 in July to $447,500 in August. In August 2022, the Median home price was $450,000. Our home values are unchanged from last year.  A recent article in the Las Vegas Review-Journal noted that the Median price for condos and townhomes has increased slightly. In August, it set an "all-time high" of $287K, an 8.3% increase from last year.

Las Vegas and Henderson Luxury Homes

Luxury buyers have 635 single-family homes available for more than $1 Million. Condos and townhomes offer 89 options. Total number of luxury homes on the market is 724.

We sold 138 single-family homes for more than $1 Million in August. Condos and townhomes added 12 more closings. The total number of luxury homes sold was 150. That's up from a total of 129 luxury homes sold in July. The top 38 closings were above $2 Million, with the top 7 being above $6 Million.

Top 3 Luxury Homes Sold in August:

11765 Discovery Canyon Dr., in Summerlin's The Summit Club - Listed for $22M, sold for $21.25M with only 5 days on the market. This contemporary custom was situated on .65 acres. The custom home was completed in 2022 and offered 6 bedrooms and 8 baths in 8419 sf with a 3 car garage.

697 Dragon Peak in Henderson's MacDonald Highlands - List price of $8.745M, sold for $8.45M with 5 days on the market. This new, single-story contemporary home featured incredible Strip views. It included 4 bedrooms, 6 bathrooms, and a 4-car garage on .56 acres.

58 Crested Cloud Wy in The Ridges of Summerlin - List price $8.5M, sold price $8.45M. This single-story home with a basement was completed in 2021. It included 7 bedrooms with 11 baths and a 6-car garage on .64 acres.

Las Vegas Housing Market Update - July 2023

Today's Las Vegas home buyers have 3,569 single-family homes without accepted offers. It's similar to the 3,456 homes available last month but a 52% drop over the number of homes for sale last year.

Condos and townhomes offer 1,234 more choices. Basically unchanged from 1231 options last month. The total number of homes for sale today is 4,803.

We sold 1932 single-family homes plus 644 condos and townhomes in July. The total number of homes sold was 2576, down from 2818 last month. It's only 1.5% fewer homes sold than in July 2022.

The Median Home Price bounced back to $450,000 after dropping to $440,900 last month. That's a 3.2% decline from July 2022, when the Median home price was $465,000.

Las Vegas and Henderson Luxury Homes

The Las Vegas MLS has 582 single-family homes listed for sale at $1M+. There are 94 condos and townhomes listed for more than a million, with 676 options for luxury home buyers.

We sold 118 single-family homes for more than 1 Million in July. We sold 11 condos and townhomes for $1M+ for 129 luxury homes sold. The top 5 closings were all above $5M.

Top 3 Luxury Homes Sold in July:

4909 Vegas Hills Ct. in The Summit Club of Summerlin - Listed for $17,990,000, this one sold for $15.5M with 72 days on the market. This contemporary beauty was built in 2020. It offered 7 bedrooms, 8 baths with a 5 car garage in 8936 sf of living space. This home featured beautiful golf and mountain views on .8 acres.

681 Dragon Peak Dr. in Henderson's MacDonald Highlands - Listed for $13.9M, it sold for $12.9M after 114 days on the market. Blue Heron built this new home. It offered 6 bedrooms, 8 baths with a 4 car garage in 8920 sf. It was situated on .86 acres with Strip, city, and mountain views.

11 Rockstream Dr in Henderson's Ascaya - Listed for $9.5M, it sold for $8.95M after 76 days on the market. The home offered 5 bedrooms, 8 baths with a 4-car garage in 9288 sf. on .48 acres with Strip, city, and mountain views.

Las Vegas Housing Market Update - June 2023

Are you buying a home in Las Vegas? Today you have 3,456 single-family homes for sale, similar to the number for sale in May. It's 36% fewer homes for sale than this time last year.

Condos and townhomes offer 1231 options for buyers. The total number of homes for sale is 4687, only a slight change from 4768 last month.

We sold 2132 single-family homes plus 706 condos and townhomes in June. Total number of homes sold was 2838. That's a 14.1% drop from June 2022.  If no new homes came on the market and monthly sales volume continued at the same pace, today's listings represent a 1.65-month supply of homes. A six-month supply is considered a balanced market. Low inventory favors sellers and keeps prices from collapsing.

After increasing for two months, the Median Home Price dropped by .3% from May. That's 8.1% lower than our peak Median Home Price of $482K in June 2022. At 440,900, our home prices might be stabilizing.

Las Vegas and Henderson Luxury Homes

There are 612 single-family homes for $1M+, with 90 condos and townhomes listed for $1M+. That's a total of two 702 options for luxury home buyers.

We sold 106 single-family homes for $1M+ in June. Condos and townhomes added 12 closings for $1M+. The total number of luxury homes sold was 118 in June, down from 134 in May and 150 in June 2022.

Top 3 Luxury Homes Sold in June:

20 Soaring Bird Ct. in The Ridges of Summerlin was listed for $10M and sold for $10M after 42 days on the market. This contemporary masterpiece spanned three floors with a rooftop deck, firepit, and bar offering spectacular views. Completed in 2011, it included 4 bedrooms, 6 baths in 6,698 sf with a 4 car garage. The home was on .52 acres with golf course frontage.

57 Hawk Ridge Dr. in The Ridges of Summerlin was listed for $8.5M and sold for $8M after 34 days. This single-story home included 4 bedrooms and 6 baths in 7,032 sf. It was built in 2013 on an over-sized .83-acre lot. The home featured indoor and outdoor basketball courts, a gym, a movie theatre, and a golf simulator.

91 Hawk Ridge in The Ridges of Summerlin was listed for $6.099M and sold for $6.099M with only 6 days on the market. From 2008, this 9,429 sf home included 5 bedrooms, 8 baths, and a 4 car garage. This home offered mountain views with a half-acre lot.

Las Vegas Housing Market Update - May 2023

Today’s home buyers have 3516 single-family homes for sale in the Greater Las Vegas, Henderson, and North Las Vegas areas. That’s a drop from 3735 homes for sale last month and 4352 last year.

Buyers interested in condos and townhomes have 1252 options on top of houses for sale. Total number of homes for sale is 4768.

We sold 2179 single-family homes plus 767 condos and townhomes in May. The total number of homes sold was 2946. That’s a 20.3 % drop from single-family homes sold and a 19.6% decline for condos and townhomes.

If no new homes come on the market, today’s inventory of 4768 homes now listed would be absorbed in 1.6 months. We’re still in a seller’s market. Despite the low inventory, homes linger on the market longer, especially if they’re over-priced or don’t show well.

Low inventory continues to help home prices. The Median Home Price increased to $442,120, a 2.8% increase over April’s $430,000 median price. It’s 8.3% lower than last May’s peak median home price of $482,000. It’s the second month in a row that prices have increased.

Las Vegas and Henderson Luxury Homes

There are 601 single-family homes listed for $1M+, with 89 condos and townhomes listed for $1M+—a total of 690 luxury homes for sale, down from 727 in May.

We sold 126 single-family homes plus 8 condos and townhomes for $1 Million or more. That’s a total of 134 luxury homes sold, up from 114 last month and down from 174 luxury homes sold in May 2022.

Top 3 Luxury Homes Sold in May

3 Heavens Edge Ct. in Henderson’s Ascaya was listed for $14,999,999 and sold for $14,250,000 after 338 days on the market. Sun West built this newly finished home. The single-story home featured multi-slide windows for indoor/outdoor living. The 9589 sf home was situated on 2.53 acres. It had 7 bedrooms, 9 baths, and 6 car garage. The backyard was beautifully designed with a pool/spa and outdoor kitchen with Strip, city, and mountain views.

42 Crested Cloud Way in The Ridges of Summerlin was listed for $11,999,000 and sold for $11,000,000 after 168 days on the market. This 10,181 sf single-story home was on a half-acre lot in the all-single-story Indigo Ridge enclave. It had 6 bedrooms, 8 baths, and a 6-car garage. Designer finishes included lighter colors with lots of light and a beautiful backyard with a long pool that featured an island for relaxing.

639 Cityview Ridge in Henderson’s MacDonald Highlands was listed for $6,999,000 and sold for $6,700,000 after 168 days on the market. This newly built contemporary home featured panoramic views of the gold course, city, mountains, and The Strip. The 6730 sf home included 4 bedrooms, 6 baths, and a 4 car garage on .4 acres.

Las Vegas Housing Market Update - April 2023

Home buyers in Las Vegas, Henderson, and North Las Vegas have only 3735 single-family homes listed in our MLS. That’s a 10.9% decline from March but 53.1% more than last year.

For buyers who will consider condos, townhomes, and high-rise condos, there are 1348 additional options. The number of condos and townhomes is also down 12.6% from March but 89.8% more than last year.

Sales volume continues to drop, with single-family home sales dropping 16.9% from March and 34.6% from April 2022. The sale of condos and townhomes also dropped 11% from March and 31.1% from April 2022.

We sold 2462 homes of all types through the MLS in April. The total number of homes listed for sale in today’s MLS is 5083. If we continue selling 2462 homes monthly, today’s inventory would be depleted in 2.06 months. Despite rising interest rates, today’s market still favors sellers. Less than 6 months favors sellers.

The Median Home price has benefitted from the low number of homes for sale. After four months of staying flat in April, the price crept back to $430,000. That’s 1.2% more than the past four months but 9.5% less than last year (before interest rates increased).

Las Vegas and Henderson Luxury Homes

There are 635 single-family homes listed for $1M+ today. Condos and townhomes offer 92 options for today’s buyers.

We sold 104 single-family homes priced at $1M+ in April. Condos and townhomes added 10 luxury home closings. The total number of luxury homes sold in April was 114, down slightly from 128 in March but a big drop from the 200 luxury homes sold in April 2022.

Top Luxury Homes Sold in April

5086n Scenic Ridge Dr in Spanish Hills Estates - Listed for $6,999,000, it sold for $6.25M after 187 days on the market. This 7567 sf home was on .37 acres with full Strip views. It was designed for entertaining, including a wine room, a designer kitchen with a custom butler’s kitchen, and more. It had 6 bedrooms, 8 baths, and a 3-car garage.

700 Dragon Peak Dr in Henderson’s MacDonald Highlands - Listed for $5.28M, it sold for $5.155M after 420 days on the market. This contemporary custom home was under construction during much of the days it was on the market. It was completed this year. The home featured fantastic views of the Strip, valley, and mountains. It offered 5 bedrooms, 5 baths in 5970 sf with a 5 car garage.

2037 Grouse St in Eagle Hills of Summerlin - Listed for $5.15M, it sold for $4.8M after 134 days on the market. The 12,274 sf home came with a detached 1068 sf, 2-bedroom guest house. This home offered 7 bedrooms, 8 bathrooms, and a 7-car garage. The home was on 1.14 acres.

Las Vegas Housing Market Update - March 2023

Las Vegas home buyers continue to see few choices on the market. Last month, we had 4519 single-family homes on the market. Now we’re down to 4097. That’s a 10% drop from February but 109% more than we had this time last year.

Despite low inventory and high-interest rates, sales jumped 37.1% from February. A total of 2237 single-family homes changed hands, plus 642 condos and townhomes. That’s down 27.8% from last March.

The Median Home Price stayed flat again last month at $425,000. That’s the fourth month where the median price of homes sold stayed flat. The median reached a peak of $482K last May. With four months of the median staying balanced, it’s an indication that we might have found the bottom of the market.

Las Vegas and Henderson Luxury Homes

There are 595 luxury single-family homes listed for $1 Million plus. Condos and townhomes add 95 options for luxury home buyers.

We sold 111 single-family homes for $1M+ in March, up from 70 in February. We sold 17 condos and townhomes for more than $1M. The total number of luxury homes sold in March was 128. That’s a nice jump from 75 luxury homes that sold in February. It’s still a drop from the 163 luxury homes sold last March.

Top Luxury Homes Sold in March:

7 Talus Ct in Henderson’s Ascaya: Listed for $9,999,000, this home sold for $11M after 65 days on the market. The custom, contemporary home features glass walls to enjoy beautiful views of the valley and Strip. It offered 6 bedrooms, 8 baths in 10,871 sf of living space with an 8-car garage. Built in 2016, it was on a half-acre lot.

8920 Players Club Dr in Summerlin’s Tournament Hills - Listed for $7.9M, it sold for $7.6 M after 29 days on the market. This traditional home offered 10 bedrooms, 16 baths in 21,835 sf of living space with a 9-car garage. Built in 1998, it was on the 4th Fairway of the private TPC Las Vegas golf course. It was on .89 acres.

5 Cloud Chase Blvd. in Henderson’s Ascaya - Listed for 6.9M, it sold for $6.5M with some 82 days on the market. This newly built, single-story home offered incredible views of the Las Vegas Valley. It included 5 bedrooms, 7 baths, and a 4 car garage in 6100 sf of living space.

Las Vegas Housing Market Update - February 2023

The number of Las Vegas homes for sale continues to drop. Last month we had 5315 single-family homes for sale. Today, we only have 4519 homes without offers. That's a 14.4% drop from January but 167.9% more than last year.  Buyers who are interested in condos and townhomes have 1507 options available. The total number of homes for sale is 6026.

We sold more homes in February, with 1722 Single-family homes changing hands. That's up 30% over January but 31.5% less than last February. We sold 102 condos and townhomes for a total number of 1759 homes sold.

The Median Home Price was flat for two months at $425K. In February, there was almost the same at $424,995. That's 5.6% lower than last year at this time.

Supply of Homes For Sale - We have a total of 6026 homes of all types for sale.  We sold 1759 in February.  If we continued selling that many per month, today's inventory would only last 3.4 months.  The market is moving closer to a balanced market but we long as we're still under a 6 month supply of homes for sale, our market slightly favors sellers..

Las Vegas and Henderson Luxury Homes

There are 602 single-family homes priced at $1Million plus in today's MLS. Condos and townhomes add 97 options for luxury buyers.

We sold 70 single-family homes plus 5 condos and townhomes for over $1M. The total number of luxury homes sold was 75, slightly more than the 73 sold in January. It's down from 113 sold last February.

Top 3 Luxury Homes Sold in February:

Turnberry Place, Tower 2, #3703, was listed for $8.25M and sold for $8M after 41 days on the market. This two-story penthouse occupied the top two floors of the tower. The 6401 sf home offered 4 beds, 5.5 baths. It had a rooftop lap pool and jacuzzi to enjoy beautiful views of the Strip and Downtown.

34 Grand Corniche in Lake Las Vegas Southshore was listed for $6.499M and sold for $5.95M after 24 days on the market. This waterfront estate included 5 bedrooms, 11 baths in 9781 sf of living space. A resort-style backyard featured a pool, spa, and outdoor kitchen with a private deck and boat dock.

2021 S Valadez in the Sections of the West side of town was listed for $3.899M and sold for $3.75M after326 days on the market. This 7419 sf home offered 6 bedrooms with 7 baths. It was on 2 acres with a pool, spa, outdoor kitchen, and basketball and tennis courts.

Las Vegas Housing Market Update - January 2023

Las Vegas Real Estate continues to hop along with a low inventory of homes for sale. Last month we had 6,353 single-family homes listed without offers. Today we only have 5,315 single-family homes without offers. That's a 12.3% drop from December but a 48.3% jump from last year.

Condos and townhomes offer 1610 options to home buyers. That's also a drop from 1773 last month. The total number of homes for sale today is 6,925. That's down from 7,926 last month and up from 2627 last year.

We sold 1259 single-family homes in January, down 13.6% from December. That's 48.3% of the single-family homes we sold in January 2022. With condos and townhomes added, we sold 1698 homes in January, down from 1888 in December and 3186 last January.

The Median Home Price stayed flat in January. For the second month in a row, it was $425,000. That's only a 2.3% drop from the $435,000 median home price last January.

Las Vegas and Henderson Luxury Homes

Today we have 628 luxury homes for sale at prices of $1 Million plus. Condos and townhomes offer 104 options for luxury home buyers.

In January, we sold 66 single-family homes plus 7 condos and townhomes for more than $1M. The total number of luxury homes that closed in January was 73. That's an increase from the 61 we sold in December 2022. It's a drop from 117 that sold in January 2022.

Top Luxury Homes SOLD in January 2023:

16 Flying Cloud Ln in The Ridges of Summerlin was listed for $9.3M. It sold for $8.2M with only 23 days on the market. This Frank Lloyd Wright-inspired home offered 5 bedrooms, 8 baths, and a 5-car garage. The 9,930 sf home was situated on .81 acres and sold with only 23 days on the market. The home featured city, mountain, and Strip views.

615 Scenic Rim Dr. in Henderson's MacDonald Highlands - listed for $6M, it sold for $5.95M with only 19 days on the market. This single-story modern home included 4 bedrooms, 5 baths, and a 6-car garage. This 6,100 sf home was on .45 acres with city, mountain, and full Strip views.

16 Wild Ridge Ct in The Ridges of Summerlin - Listed for $5.999M, it sold for $5.6M with zero days on the market. This single-story home featured exquisite wood finishes throughout. It offered 4 bedrooms, 5 baths with a 3 car garage. This 5,439 sf home was situated on .44 acres with beautiful mountain views.

Las Vegas Housing Market Update - December 2022

The number of homes listed for sale continues to decline. Today we have 6153 Single-family homes listed for sale in the Las Vegas Metro area. Last month we were at 6888. It’s more than triple, 175.9% higher than the 2203 we had last year.

Condos and townhomes add 1773 options for today’s buyers. The total number of homes of all types for sale is 7926. That’s down from 8898 homes of all types listed for sale last month but up from 2873 homes for sale last year.

We sold 1456 single-family homes in December, slightly increasing from 1412 in November. It’s roughly half (51.7%) of the 2977 single-family homes we sold in December 2021. Add condos and townhomes to get the total homes sold of 1888, again, less than half the 3881 homes of all types we sold in December 2021.

The Median Home Price dropped 1.4% from November to $425,000 in December, equal to the median home price in December 2021. The equity gained over the first six months of 2022 has now evaporated. Our median home price has dropped $57K from our record high of $482K in May.

Las Vegas and Henderson Luxury Homes

The luxury home market is showing signs of slowing. The number of luxury ($1M+) single-family homes for sale dropped to 632 since last month. Condos and townhomes listed for $1M+ is 95 today. Today’s total number of luxury homes for sale is 727, down from 798 last month and 915 the month before. 

We sold 57 single-family homes for $1M+ in December. That’s slightly less than the 59 that sold in November. Condos and townhomes added 4 luxury homes sold. The total number of luxury homes sold in December was 61, down from 67 in November. It’s about half the 122 luxury homes that sold in December 2021.

Top 3 Luxury Homes SOLD in December 2022:

5 Promontory Ridge in The Ridges of Summerlin - Listed for $12,500,000, it sold for $11.750,000 with only 10 days on the market. This distinctive custom home offered 6 en suite bedrooms plus a detached casita. The guest house had a private entry with a living room, kitchenette, and two separate bedrooms. It was a two-story home that lived like a single-story with all bedrooms on the first floor. It offered 10,621 sf of living space on .82 acres with a 6-car garage. New owners will enjoy the unobstructed mountain, golf, and Strip views.

1 Boulderback in Henderson’s Ascaya: Listed for $5.895M, it sold for $5.8M after 48 days on the market. Built in 2019, this contemporary home has been updated to add a warm, modern feel. It was on .56 acres with unobstructed views of the Strip, mountains, and valley.

1493 Foothills Village Dr. In Henderson’s MacDonald Highlands - This contemporary custom home was listed for $4.75M and sold for $4.7M after 43 days on the market. It included 5 bedrooms and 4.5 baths in 9227 sf. It was on .43 acres with stunning golf and mountain views.

Las Vegas Housing Market Update - November 2022

We currently have 6888 single-family homes for sale in the Las Vegas MLS. That’s down from 7763 last month and 8040 the month before. It’s 161.7% more than we had for sale last year.

Condos and townhomes add 2010 options for today’s home buyers. The total number of homes for sale is 8898. Again, the third month of a decline in inventory.

We sold 1412 single-family homes in November. Down from 1643 in October and 1939 in September, The number of homes sold was a 53.5% drop from November last year.

Condos and townhomes added 503 closings for the month. The total number of homes sold in November was 1915, down from 2155 in October and 2492 in September. That’s a fraction of the 4045 homes of all types we sold in November 2021.

The median home price slid lower in November. After peaking at $482K in May 2022, the median home price declined 3 consecutive months, landing at $450K in August. It stayed at that price in September. Now for the second month in a row, it has declined. It went from $440K in October to $430,990 in November 2022. That’s a 2% decline from October but still 2.6% higher than November 2021.

Las Vegas and Henderson Luxury Homes

The Las Vegas MLS currently has 701 Single-Family homes for sale at $1M+. There are 97 condos and townhomes priced at $1M+. The total number of luxury homes for sale is 798, down from 915 last month.

We sold 59 single-family homes priced at $1M+ in November. Condos and townhomes added 8 more closings. The total number of luxury homes sold in November was 67, down from 102 in October. It’s less than half the 154 luxury homes we sold in November 2021.

Top Luxury Homes SOLD in November:

60 Sun Glow Ln in The Ridges of Summerlin - Built in the Azure Ridge enclave of the Ridges, this home was completed in 2014. It offered 4 bedrooms, 6 baths, and a 4 car garage in 7733 sf of living space. With golf course frontage, it also featured stunning mountain and Strip views. This home was sold without going into the MLS before it went into contract (zero days on the market). In the description, the listing agent stated, “Stunning home”, and I’m sure it is.

807 Magnum Cliff in Henderson’s Obsidian subdivision. This new construction home by Blue Heron had a base price of $4.395M and closed on 11/30/22 for $7,128,087. The contemporary, custom home offered 5 bedrooms, 6 baths, and 4 car garage in 7112 sf of living space on almost an acre. This home provided panoramic Strip views.

9 Sky Arc Ct in Henderson’s Ascaya - Listed for $7.3M, it sold for $6.6M after 42 days on the market. This new construction, contemporary custom home offered 5 bedrooms, 6 baths, and 4 car garage in 6330 sf of living space. Situated on .46 acres, it provided incredible Strip, golf, and mountain views.

4 Rainbow Point Pl in Lake Las Vegas’ Parker Point Estates - This new construction home was listed for $5.5M and sold for $5.1M after 92 days on the market. Situated on an elevated, half-acre lot, this beautiful home featured beautiful Lake, Golf, and Mountain views. It offered 4 bedrooms, 6 baths, and 4 car garage in 5793 sf of living space.

Las Vegas Housing Market Update - October 2022

Today, 7,763 single-family homes are for sale in our MLS. That’s down from 8,040 when we did last month’s update. It’s 2.6% fewer homes for sale than in September but 140.5% more than the 3475 we found in the MLS last year.

We have 2201 condos and townhomes for today’s buyers to choose from today. The total number of homes for sale is 9964, down from 10,341 last month.

We sold 1643 single-family homes through the MLS in October., down from 1939 in September. Buyers closed on 512 condos and townhomes. The total number of homes sold in October was 2155, slightly more than 2492 in September. For single-family homes, the number sold in October was down 2.6% from September and up 140.5% over last October.

The number of homes for sale would represent a 4.6-month supply of homes if we continued selling 2155 homes per month. It isn’t quite a buyer’s market yet, but we appear to be moving in that direction. When we have more than a six-month supply of homes for sale, we will be in buyer’s territory.

The median home price resumed its slide in October. It was stable at $450K in August and September. In October, it dropped to $440K. That’s a $42,000 drop from our record high of $482,000 last May.  It's still 7.3% higher than October 2021.

Las Vegas and Henderson Luxury Homes

Today we find 812 single-family homes priced at $1M or more. Condos and townhomes add 103 additional options. The total number of options for luxury home buyers is 915.

We sold 95 single-family homes for $1M+ in October. The high-rise market saw 7 condos that sold for more than $1M. The total number of luxury homes sold in October was 102. That’s a slight increase from 97 in September.

Top Luxury Homes SOLD in October:

5148 Spanish Heights Dr. in Spanish Hills was listed for $9.4M and sold for $8.56M after 52 days on the market. Built in 2009, this home featured incredible Strip views from almost every room. It offered 6 bedrooms, 9 baths in 15,218 sf of living space with a parking garage for 4 cars. The home was on .55 acres.

674 Dragon Point Dr in Henderson’s MacDonald Highlands was listed for $5.75M and sold for $5.83M after 209 days on the market. This newly built home was in the Richard Luke Collection at MacDonald Highlands. It offered Strip, Golf, and Mountain views on 1.04 acres. The house included 5 bedrooms, 6 baths in 7458 sf with parking for 16 cars.

43 Olympia Hills Cir in The Estates at Southern Highlands was listed for $6.499M and sold for $5.25M after 50 days on the market. This single-story home was built in 2006 and showed Tuscan influences. The home featured 5 bedrooms, 6 baths in 6806 sf with parking for 5 cars. Situated on .7 acres, it had a beautiful, private backyard.

51 Sun Glow Ln in The Ridges of Summerlin was listed for $5.95M and sold for $4.9M after 95 days on the market. Built in 2020, this contemporary home offered 5 bedrooms, 6 baths in 5952 sf of spacious living. The house had incredible mountain views.

Las Vegas Housing Market Update - September 2022

The number of homes for sale has increased slightly while the sales volume remains low.

As of today, we have 8,040 single-family homes listed for sale. That’s a slight increase from the 7,906 that were available last month. It’s 1.6% higher than the previous month but an incredible 134.5% over last year.

Condos and townhomes add 2321 options for today’s home buyers. The total number of homes for sale today is 10,341.

We sold 1939 single-family homes through the MLS in September. This includes Henderson, Las Vegas, and North Las Vegas but doesn’t include Boulder City and outlying areas. Condos and townhomes added 553 closings for the month. The total number of homes sold was 2492.  This is up 1.4% from August but down 36.7% over September 2021.

The number of homes sold each month has been gradually declining since June. Over the past 90 days, we have sold 7405 homes of all types. That averages about 2468 homes sold per month. At that rate, the 10,341 homes for sale today would be absorbed in 4.2 months if no new homes came on the market.

The National Association of Realtors looks at a 6 month supply of homes as a balanced market. Fewer favors sellers, and more is a buyer’s market. We’re not at a buyer’s market yet, but it appears we’re heading in that direction.

The Median Home Price stayed stable in September. The median price for the second month in a row was $450,000. Is this an indication that our market has reached the bottom? I doubt it, especially since we expect an additional price hike at the next Fed meeting.

Las Vegas and Henderson Luxury Homes

We have 791 single-family homes listed for $1M+ today, down from 795 last month and 812 the month before. Condos and townhomes offer 96 options for luxury home buyers. The total number of luxury homes for sale is 887.

We sold 86 single-family homes for $1M+ in September, down from 100 the prior month. Condos and townhomes added 11 luxury home closings. The total number of luxury homes sold was 97—five of those closed for more than $4M.

Top Luxury Homes Sold in September:

1474 Reims Dr in Henderson’s MacDonald Highlands - Listed for $5.498M, it sold for $5.25M after only 26 days on the market. Built in 2015, this contemporary home featured incredible views of the golf course, mountains, and Strip. The house lived as a single-story home with a fantastic walkout basement that offered plenty of space for entertaining. The home featured 5 bedrooms, 7 baths in 7,998 sf with a 4 car garage. It was situated on .58 acres.

4180 N Jensen St in Centennial Hills - This contemporary newly built home was listed for $4.95M and sold for $4.85M after only 8 days on the market. This custom home was situated on .97 acres near the base of Lone Mountain. It featured a separate casita with a living room, kitchenette, bedroom, and a washer and dryer. The home offered 8 bedrooms, 9 baths, and 6 car garage with 8900 sf of living space. It provides city and mountain views.

9116 Hickam Ave. in Centennial Hills - This custom compound was built in 2008. It was listed for $5.5M and sold for $4.65M after 38 days on the market. Situated on 2.3 acres, the home offered 5 bedrooms and 6 baths in 6,043 sf of living space. There is a separate casita with a living room. It provided ample entertainment space with two outdoor theaters, fire pits, a pool, a spa, and an outdoor kitchen. It was a car collector’s dream home with a detached garage that offered parking for 30 vehicles plus a workshop. It had RV parking with hookups and a motocross track.

In the years I’ve been reporting on the top luxury home sales, this is the first time Centennial Hills made the top three. It’s a fast-growing area where we can still find larger parcels of land for that dream home with space.

Las Vegas Housing Market Update - August 2022

The number of homes for sale rises slightly, but sales volume and prices are down.

Today we have 7,906 single-family homes for sale without offers. We have 9.1% more homes for sale than we had last month and 145.6% more than last year.

Condos and townhomes add 2,278 options for today’s buyers. That’s up from 1,852 for sale last month and 1,140 the time last year. The Total number of homes for sale is 10,184. While inventory is steadily rising, sales are falling.

We sold 1,859 single-family homes in August. Condos and townhomes added 661 properties that changed hands. The total number of homes sold in August was 2520. The number of single-family homes sold dropped 3.1% from July and 37.6% from August 2021.

The median home price dropped for a third month to $450,000. That’s a 3.2% drop from July but still 11.1% higher than the median home price from August 2021.

Is it a buyer’s market or a seller’s market? The National Association of Realtors views a balanced market as one with 6 months of inventory. Less is a seller’s market, and more favors buyers. The 10,184 homes listed today would represent 3 months of inventory if we sold as many per month as we sold over the past year.

Unfortunately, we’re not selling as many in the current market. Over the past three months, we’ve averaged 2624 homes sold. At that rate, the current inventory is approaching a 4-month supply. Not a buyer’s market yet, but sellers have to price their homes just right, and the house has to show well in this market.

Las Vegas and Henderson Luxury Homes

We have 795 single-family homes listed for $1M+ for sale today, down slightly from 812 last month. Condos and townhomes offer 94 options for luxury home buyers. That’s also a slight drop from the 100 available last month.

We sold 100 single-family homes priced at $1M+. That’s up from 96 in July. Condos and townhomes added 7 more closings. Total luxury homes sold in August was 107, down from 119 in August 2021 and up from 102 in July.

Top Luxury Homes SOLD in August:

91 Spanish Gate Dr in Spanish Trail - Listed for $6,888,888, it sold for $6M after 74 days on the market. This traditional Mediterranean estate was built in 1995. The home had views of two golf courses in Spanish Trail and was situated on 1.6 acres. It offered 6 bedrooms, 10 baths, and a 5-car garage. Total living space was 11,494 sf, including the pool house.

The Martin #4307 - This penthouse was listed for $4.9M and sold for $4.22M after 125 days on the market. This 3653 sf penthouse offered 3 bedrooms and 4 baths on the 43rd floor. The custom residence featured European cabinetry, hard surface counters, and floors with Gatineau appliances. It had a 750 sf balcony with incredible views of the Strip, City, and Mountains.

6945 Stargazer Ridge Ct in Southwest Las Vegas - Listed for $4.105M, it sold for $3.8M. This new home is located in a small gated cul de sac with only 8 homes. Renowned photographer Peter Lik designs these homes. Situated on .5 acres, it offered 4 bedrooms, 6 baths with a 3 car garage. It is located within 10 minutes of the Strip and Allegiant Stadium.

Las Vegas Housing Market Update - July 2022

In last month's update, we noted that the Las Vegas Housing Market was shifting with more homes coming on the market and lower sales. The shift has continued.

Today we have 7699 single-family homes for sale in the Greater Las Vegas/Henderson/North Las Vegas market. That's 27% more than last month and 143.8% more than a year ago.

Condos and townhomes offer 2176 more options. That's also up from 1852 for sale last month and 1140 a year ago.

The total number of homes for sale today is 9875, up from 7807 last month. It's more than double the 4290 total number of homes we had for sale this time last year.

We sold 1967 single-family homes in July. Condos and townhomes added 657 more closings. This number is also a drop from last month and last year. The number of single-family homes sold in July is 22.6% less than we sold in June and 38.4% less than July 2021.

The median home price dropped slightly last month. In July, it fell 3.1% from $480K to $465K. It's still up 14.8% over July 2021. It's the second month in a row where prices have declined.

The National Association of Realtors has a long-standing philosophy that a six-month supply of homes represents a "balanced" market. Less than six is a seller's market, and more than six is a buyer's market.

Over the past year, we've sold an average of 3630 homes each month. If we continued to sell that many per month, today's inventory would still be less than a 3 month supply. Unfortunately, I don't think we will continue selling 3630 per month.

The total number of homes sold per month has declined for two months, with 3702 sold in May and 3351 sold in June. With 2624 in July, we might be heading towards an average of 2500 homes per month. At that rate, today's inventory would be a 4 month supply. Still not a balanced market, but if we continue this pattern, we'll be there before long.

Las Vegas and Henderson Luxury Homes

The luxury market isn't seeing as much of an increase in the number of homes for sale. Today we have 812 single-family homes listed for more than $1M, up slightly from 808 last month. There are 100 condos and townhomes listed for more than $1M. The total number of luxury condos and townhomes available is 100, down slightly from 105 last month.

The number of luxury homes that sold in July did drop. We sold 96 single-family homes for $1M+, down from 144 in June. We sold 6 condos for more than $1M in July, the same as June. The total number of luxury homes sold in July was 102, a 31% drop from one month to the next.

Top Luxury Homes SOLD in July:

14 Promontory Ridge in The Ridges of Summerlin - Listed for $8.499M, it sold for $8M with only 16 days on the market. This 12,345 sf home included 6 bedrooms, 10 baths, and a 4-car garage on .54 acres. Built in 2005, it was recently updated with the finest contemporary finishes. It included a game room with a theatre and an indoor basketball court with a large gym. It offered beautiful mountain and golf course views with city views from the rooftop terrace.

1 Rockstream Dr in Henderson's Ascaya - Listed for $7.85M, it sold for $7M with 96 days on the market. This single-story contemporary was situated on a corner lot with unobstructed city, valley, and mountain views. It offered 5 bedrooms, 6 baths, and a 5-car garage on .58 acres. It featured a rooftop observation deck to enjoy the incredible views.

10 Cedar Chase Ct in Henderson's Anthem Country Club - Listed for $5,999,999, it sold for $5.4M with only 5 days on the market. This traditional two-story home was built in 2006. It offered 7 bedrooms, 9 baths, and a 10-car garage. Amenities included an underground wine cellar and theatre. Situated on ..53 acres with a detached casita, it had unobstructed Strip views.

Las Vegas Housing Market Update - June 2022

The Las Vegas housing market appears to be shifting, with more inventory for buyers. Today, 5955 single-family homes are listed for sale in the MLS. Condos and townhomes provide 1852 options for buyers.

The total number of homes for sale is currently 7807. That's a 61% jump from 5794 homes for sale last month. It's more than double the 3732 homes that were for sale at this time last year.

The number of homes sold is also down; in June, 2550 single-family homes were sold through the MLS. And Condos and townhomes added 801 closings. Total homes sold was 3351 compared to 3702 that sold in May. It's a 24.7% drop from the 4450 sold in June 2021.

The Median Home Price dips slightly for the first time in over two years. The median reached $482K in May. In June, it slid back a modest .4% to $480K. That's still 21.5% higher than last June's median price of $395K.

The increasing number of homes for sale and declining sales indicate that our market is beginning to shift. Over the past year, we've sold an average of 3760 homes per month. At that rate, today's 7807 homes for sale is still only a 2-month inventory of homes for sale. However, if we continue to sell 3351 homes per month, the inventory becomes 2.3 months of supply.

Historically, a 6 month supply of homes for sale is considered a balanced market. Less than 6 is a seller's market, and more than 6 is a buyer's market. We're still in a seller's market, but there appears to be light at the end of the tunnel for home buyers.

Las Vegas and Henderson Luxury Homes

The number of luxury homes for sale is also increasing. Today we have 808 single-family homes listed for more than $1M, up from 749 last month. There are 10ths 05 condos and townhomes priced over $1M, up from 92 last month.

We sold 144 single-family homes for more than $1M in June, down from 161 in May. Only 6 condos sold for more than $1M compared to 13 in May. While the median home price might have dipped slightly, we recorded the highest-priced sale in Las Vegas this year and the second-highest of all time. And of course, all 4 of the top deals in June were purchased with cash. See details below.

Top Luxury Homes SOLD in June:

11091 Stardust Dr in Summerlin's The Summit Club was listed for $21M and sold for $19.95M. It was initially listed last November for $23M. The price recently dropped to $21M and was snapped up pretty quickly by the new owners. This home offered 5 bedrooms, 8 baths in 9427 sf of living space with a 4 car garage—the home's design incorporated natural light with elegant contemporary finishes. Situated on .6 acres, it featured beautiful city and mountain views.

1717 Enclave Ct in Summerlin's The Enclaves at Country Club Hills was listed for $24.5M and sold for $17.5M. Steve Wynn purchased this home in 2018 for $13M. He originally listed it for $25M in 2020. The 6 bedroom, 11 bath home had a 4 car garage. It was situated on 1.4 acres with golf frontage on the TPC Summerlin golf course.

5 Echo Peak Ln in the Ridges of Summerlin was listed for $9.6M and sold for $9.6M with zero days on the market. This 10,588 sf home offered 5 bedrooms, 8 baths, and an 8-car garage. It was in a truly exclusive location within the Ridges, "The Pointe," behind a third gate. The home was on an acre with city and mountain views.

11 Boulderback Dr in Henderson's Ascaya was listed for $9.125M and sold for $9.125M with zero days on the market. This home was completed in 2021. It offered 4 beds, 7 baths with a 4 car garage on half an acre. It featured city, mountain, and Strip views.

Las Vegas Housing Market Update - May 2022

Las Vegas home buyers are seeing more homes for sale for the second month. We have 4352 single-family homes for sale in today's MLS. There are 1442 condos and townhomes for sale today.

The total homes for sale today is 5794, up from 3783 homes for all types for sale last month. That's a 46.3% increase over April and 75.8% more than last year.

We sold 2775 single-family homes in our MLS in May, a 3.1% drop from April and 8.8% from May 2021. We sold 927 condos and townhomes in May. The total homes sold for the month was 3702. That's a drop from 3783 in April. It's a drop from 4526 homes of all types that sold in May 2021.

The increasing number of homes for sale does not change us into a buyer's market, at least not yet. We sold 3994 homes of all types per month over the past year. At that rate of sales, today's homes are only a 1.45-month supply of homes for sale. Less than a six-month supply is considered a seller's market.

The Median home price climbed again. It rose to $482K in May, a 1.5% increase over April's $475K Median price. It's a 25.2% jump over the Median home price from May 2021.

Las Vegas and Henderson Luxury Homes

Today we have 749 single-family homes for sale at $1M plus. 92 condos and townhomes are listed for sale.

We sold 161 single-family homes for $1M or more, plus 13 condos and townhomes closed at $1M+. Out of these, 41 closed for $2M+, 11 for $3M+ and 6 for more than $4M.

Top 3 Luxury Homes Sold in May:

720 Dragon Peak Dr in Henderson's MacDonald Highlands was listed for $14.9M and sold for $14.6M. This home is a contemporary Blue Heron home that is under construction. When completed, it will feature 8051 sf in the main house plus a 2409 sf. It will have 5 beds, 7 baths, and an 8-car garage when finished. It will have a pool and spa. Blue Heron is known for its spectacular swimming pools and combining indoor/outdoor living. Situated on .91 acres with city, mountain, and Strip views, this one will be stunning.

1198 MacDonald Ranch Dr, also in Henderson's MacDonald Highlands, was listed for $12.9M and sold for $10.75M after 310 days on the market. This traditional home is a car collector's dream with a garage for 12 cars. It offered 6 bedrooms and 10 baths in 23,554 sf of living space. With two master suites and four private en suites, this home was situated on 2.4 acres with golf course frontage.

Turnberry Place Tower 3 #3801 was listed for $9.8M and sold for $6.5M after 133 days on the market. This luxury penthouse offered 3 bedrooms and 7 baths in 8205 sf on the tower's top floor. It came with its private pool on the terrace. With traditional finishes, it included a theater and a wine cellar. It featured incredible views of the Strip, golf course, and Las Vegas mountains.

Las Vegas Housing Market Update - April 2022

Today’s home buyers are seeing a slight increase in homes for sale. As of today, we have 2805 single-family homes listed in the MLS.  Condos and townhomes offer 978 options.

The total number of homes for sale today is 3783. That’s an improvement over the 3258 available when I reported last month. It’s an improvement over the 3170 options available at this time last year. We have 21.7% more homes for sale now than the previous month and 33.6% more than last year.

We sold 2676 single-family homes in the Las Vegas metropolitan area. Another 860 condos and townhomes traded hands. Total homes sold were 3536 in April. We sold 8.3% fewer homes in April compared to March and 14.9% fewer than last April.

The Median Home Price appears to know no limit. We reached a new record in April with a $475,000 median price. That’s 3.3% higher than March’s record of $460K. It’s 26.7% higher than last April.

Mortgage interest rates are also going up. The Las Vegas Review-Journal reported that the average as of yesterday is 5.27% for a 30-year fixed-rate mortgage. That’s up from 2.96% a year ago.

Las Vegas and Henderson Luxury Homes

The luxury home market continues to show strength. We have 468 single-family homes listed for more than $1M, up from 409 last month. We have 78 condos and townhomes priced at $1M+. Total luxury homes for sale is 546.

In April, we sold 183 single-family homes for more than $1M, another new record. We sold 17 condos and townhomes for more than $1M, including a $4.3M penthouse at Waldorf Astoria. We sold a total of 200 homes for $1M+. The top 4 homes sold closed for more than $6M. Two of those were in Summerlin, and two were in Henderson

Top Luxury Homes Sold in April

49 Hawk Ridge Dr in the Ridges of Summerlin was listed for $8.99M and sold for $9M with only 5 days on the market. This home was built in 2007 but was recently completely remodeled, including the backyard. It offered 8638 sf of living space with 4 bedrooms, 7 baths, and a 4 car garage. Situated on .57 acres with golf course frontage, it featured golf, mountain, and Strip views.

1210 MacDonald Ranch Dr in Henderson’s MacDonald Highlands was listed for $8.295M and sold for $8.295M with zero days on the market. Sun West built this single-story home in 2017. It offered 8495 sf of living space with 5 bedrooms, 6 baths, and a 4 car garage. In 2018 it won Silver Nugget Awards for “Best Custom Home of the Year” and “Best Luxury Single Family Home of the Year.” Situated on .65 acres, it had golf course frontage with golf, mountain, and Strip views.

683 Scenic Rim Dr also in Henderson's MacDonald Highlands was built in 2016. Listed for $6.847M, it sold for $6.45M with 7 days on the market. This contemporary home offered 5986 sf of living space with 5 bedrooms, 6 baths, and a 6-car garage. Situated on a .46 acre corner lot, it provided city, mountain, and Strip views.

9025 Grove Crest Ln in Summerlin’s Tournament Hills was listed for $6.5M and sold for $6.45M with 169 days on the market. Built in 1997, this traditional home was updated with contemporary finishes. Located on .49 acres with frontage on the TPC Summerlin golf course, the house had 6 bedrooms, 9 baths, and a 4-car garage in 10165 sf of living space. It had golf and mountain views.

Las Vegas Housing Market Update - March 2022

The number of homes for sale continues to decline as the number sold last month soars. We have 2406 single-family homes for sale today.  For buyers who can consider condos and townhomes, there are 852 options available.

The total number of homes for sale is 3258 as of today. The entire inventory of homes for sale is up from 2723 last month. It was slightly more than the 3114 homes available this time last year.

We sold 3057 single-family homes in March. That’s up from 2403 in February, which is a short month. That’s a slight decline from 3605 single-family homes sold in March 2021.  The homes sold in March was up 30.2% from February but down 12.2% from March 2021.

The Median Homes Price seems to keep on soaring. It rose 2.2% to $460K in March. Up $10K from February’s all-time high. It’s up 26.7% from this time last year.

Las Vegas and Henderson Luxury Homes

The luxury home market continues to be strong. We have 409 single-family homes listed for $1M+. Condos and townhomes add 75 options for the luxury buyer.

We sold 163 estate homes in March. Condos and townhomes added 20 closings. Total luxury homes sold in March were 183.

The incredible development in the luxury market is how many homes are selling for $4M+—twelve luxury homes sold in March and closed at $4M or more.

Top Luxury Homes Sold in March:

44 Hawk Ridge in the Ridges of Summerlin was listed for $11,999,000 and sold for $11,400,000 with only 6 days on the market. This modern home was completed in 2021 by Six Star Construction. The three-story home featured a dramatic floating staircase entry. It offered 4 bedrooms, 7 baths in the 10609 sf of living space with parking for 4 vehicles. It had golf, mountain, and Strip views on .7 acres.

472 Saint Moritz Dr in Henderson’s MacDonald Highlands was listed for $8,999,999 and sold for $8.5M after 108 days on the market. The 9995 sf home was built in 2015. It offered 7 beds, 10 baths, and parking for 10 vehicles. It had City, Mountain, and Strip views on 1.3 acres.

64 Olympic Canyon Way in the Estates at Southern Highlands was listed for $7.5M and sold for $7.025M with only 9 days on the market. Built in 2020, this home offered 8684 sf of living space with 5 bedrooms, 7 baths, and a 4-car garage on .77 acres.

Las Vegas Housing Market Update - February 2022

The number of homes for sale in the metropolitan Las Vegas/Henderson areas remains low, but we have a slight uptick from last month. Today, we have 2022 single-family homes listed for sale compared to 1917 last month. The month before, we had 2203. A year ago, we had 1979 single-family homes available in the MLS.

Buyers who can shift to condos and townhomes have 701 options available, including high-rise condos. The total inventory of all types of homes available is 2723, down from 2873 last month. That’s a significant drop from 3292 homes available at this time last year.

We sold 2403 single-family homes through the MLS in February. Considering it was a short month that included a 3-day weekend with the County Recorder and Title companies closed, it’s a surprise that we sold only slightly less than 2427 we sold in January. Total homes sold, including condos and townhomes, was 3165, down slightly from 3186 in January. It’s a nice jump from the lake 1998 homes we sold last February.

The median home price jumped 3.4% from January to $450K, up from $435K in January and up 26.8% year over year. The median price for condos and townhomes also climbed 7% to $260K in February and 31.6% last February.

Las Vegas and Henderson Luxury Homes

Las Vegas and Henderson have 334 luxury homes priced at $1M+ available today. Condos and townhomes add 73 options for luxury home buyers. Total luxury homes for sale is 407. Last month we had 388 luxury homes for sale, and a year ago, we only had 299 luxury listings. As price appreciation pushes more homes into the $1M+ category, it’s likely to increase the number of $1M+ homes for sale.

We sold 102 estate homes in February. Condos and townhomes added 11 luxury homes sold. The total for February was 113, down from 117 in January and up slightly from 103 sold in February 2021.

Top 4 Luxury Homes Sold in February:

4 Soaring Bird Ct in The Ridges of Summerlin - Listed for $13.875M, it sold for $12.5M after 47 days on the market. Built in 2016, this contemporary custom home offers 6 bedrooms/8 baths in 10,800 square feet. Situated on an acre, the centerpiece of this magnificent home is the pool, surrounded by gardens, seating areas, and an outdoor gourmet kitchen.

55 Promontory Ridge in The Ridges of Summerlin - This one was listed for $6.499M and sold for $5.85M after 506 days on the market. Built in 2009, it was situated in the exclusive enclave of the Ridges known as “The Pointe” and had no homes behind it. The home featured beautiful wood and stonework with mountain/desert views from every room. With 8388 sf of living space, it offered 5 bedrooms and 8 baths.

Turnberry Place Tower 3, #3101 - This penthouse was listed for $4.499M and sold for $4.395M with only 2 days on the market. The 5609 sf residence had been updated to give it a modern, contemporary look. It offered 5 bedrooms and 5 baths with beautiful views of the Strip, city, and mountains in the distance.

663 Palisade Rim in Henderson’s MacDonald Highlands - Listed for $4M, it sold for $4M with zero days on the market. Built in 2018, famed local architect Richard Luke created this single-story home. It offered 3 bedrooms, 4 bathrooms in 4999 sf of living space. It featured a beautiful pool with incredible Strip views.

Las Vegas Housing Market Update - January 2022

Housing Inventory continues to decline. We’ve seen the number of homes for sale continue to decline for months now. Today, we have 1917 homes for sale without accepted offers in the greater Las Vegas area. I don’t include Mesquite, Boulder City, etc. Last month we had 2203 single-family homes when I did the monthly update. The month before it was 2644.

Buyers who can consider condos and townhomes will find 710 additional options available. The total combined inventory of homes for sale is 2627, down from 2873 last month. It’s a bit drop from the 3843 homes of all types for sale at this time last year.

We sold 2427 single-family homes in January. That’s a drop from 2977 last month. The total number of homes sold, including condos and townhomes, was 3186, dropping from 3881 in December. We sold 2970 in January 2021. It’s normal to see the housing market slow a bit in January, but the demand is out there. Buyers can just find what they’re looking for at the price they want to pay.

Supply of Homes For Sale: We have sold an average of 4170 homes/mo, including homes of all types, over the past year. At that rate, the 2627 homes of all kinds we have on the market would be sold in .62 months if no new homes came on the market. Inventory this low is a seller’s market.

The median home price has been steadily rising over the past year. Last month was no different. We went from December’s record of $425K to a new record of $435K in January. That’s a 2.4% increase month over month, but year over year, it’s a 26.1% increase over January 2020.

Las Vegas and Henderson Luxury Homes 

Las Vegas Luxury Homes are selling fast and for high prices, too. We currently have 316 single-family homes listed for $1M+. Condos and townhomes add 72 luxury options. Total luxury homes for sale is 388, a drop from 425 last month.

We sold 109 single-family homes priced at $1M+ in January. Condos and townhomes added 8 transactions. Total luxury homes sold in January was 117. That’s down from 122 in December but up from 85 in January 2021.

Top 4 Luxury Homes SOLD in January 2022:

39 Club Vista Dr. in Henderson’s Anthem Country Club - It was listed at $8.95M, and closed for $8.25M after 72 days on the market. Built in 2016, famed architect Richard Luke designed this home. Situated on 1.3 acres, this single-story home featured Strip, City, and Mountain Views. It offered 6 bedrooms, 7 baths in 7821 sf of living space plus an approximately 500 sf casita. It included a parking garage for 6 cars.

7 Skybird Ct in The Ridges of Summerlin - Listed at $8.5M, it sold for $8.25M with only 2 days on the market. Built in 2016, this contemporary single-story home had incredible Strip and golf views. Situated on an oversized .73 acre lot, it offered 5 bedrooms, 7 baths in 8593 sf of living space with a 4 car garage.  

659 Scenic Rim in Henderson’s MacDonald Highlands - Listed for $8.75M, sold for $7.5M after 130 days on the market. This Richard Luke-designed home was a single-story on .53 acres. Built in 2019, it offered 5 bedrooms, 7 baths with 4 car garage.  

Las Vegas Housing Market Update - December 2021

The inventory of homes for sale continues to decline.  Today, we have 2203 single-family homes listed for sale.  Last month it was 2644 and the month before it was 3290.  Compare that to last year when we had 3124 single-family homes available.

Condos and townhomes add 670 options for buyers. The total number of homes of all types for sale is only 2873. Compared to last month when we had a total of 3563. I’ve included properties in the “Coming Soon” status both months. This time last year, we had a total of 4885.

We sold 2977 single-family homes in December. Condos and townhomes added 904 homes sold. The total number of homes sold in December was 3881. The number of single-family homes sold was down 2.9% from November but 3.8% higher than December 2020.

Two records achieved - The median home price in Las Vegas went to $425K in December, a $5K increase over November and 23.2% higher than December 2020.

We sold a record of 50,010 homes of all types in 2021. That’s a 21.5% increase over 2020. We set the previous all-time high in 2011 at the bottom of the market. Last year, we sold almost5 2000 homes more than we did in 2011.

Las Vegas and Henderson Luxury Homes

The luxury home market continues to be strong. We have 346 single-family homes priced at $1M+. Condos and townhomes add another 79 luxury options. Total luxury homes for sale is 425. That’s a drop from 519 last month.

We sold 112 single-family homes for $1M+ in December. We sold 10 condos and townhomes for $1M+. Four of the luxury homes that sold were at $4M+, and three of the four were in the Ridges of Summerlin. The total number of luxury homes sold in December was 122, a slight drop from the 154 we sold in November and similar to the 115 we sold in December 2020.

Top 4 Luxury Homes SOLD in December 2021

66 Crested Cloud Way in The Ridges of Summerlin - List Price $8.3M, Sold Price $7M. This single-story custom home was built in 2018 in the all single-story Indigo enclave of the Ridges. This 6322 sf home offered both Strip and Mountain views on an elevated lot. It included 4 bedrooms (two primaries) and an office, each with its own patio. This home had 5 bathrooms, a 5 car garage with a pool on .56 acres, and warm, contemporary finishes.

1 Boulderback in Henderson’s Ascaya - List Price $4,999,999, Sold Price $4.87M. The home included 3 bedrooms, 5 baths in 4923 sf of living space, plus 3 car garage with a pool and spa. Built in 2019, this was also a single-story home on .56 acres. The house featured unobstructed views of the Las Vegas valley on a corner lot.

19 Meadowhawk Ln in The Ridges of Summerlin - List Price $5M, Sold Price $4.8M. This home had incredible Strip views and was built in 2009. It offered 7 bedrooms, 7 bathrooms in 6086 sf with a 4 car garage, pool, and spa. It was on a .36 acre lot.

41 Sun Glow Ln in The Ridges of Summerlin - List Price $4.4M, Sold Price $4.4M. This home had mountain views, and beautiful wood finishes were incorporated throughout the house with accent walls and cabinetry. It was built in 2017 and offered 6 bedrooms, 6 baths in 4406 sf with a 3 car garage, pool, and spa on .3 acres.

Las Vegas Housing Market Update - November 2021

The number of homes for sale in Las Vegas is still low, forcing prices higher. Last month we had 3290 single-family homes available. This month it’s down to 2644. The inventory of homes for sale is 14.7% lower than October and 25.3% lower than this time last year.

Condos and Townhomes add 793 options for today’s buyers. The total number of homes for sale is 3437 as of this morning. Including the “Coming Soon” listings, we have 3563 homes for sale. That’s lower than the 4223 last month and 4885 homes for sale at this time last year. Coming soon listings only offer 116 more opportunities in all categories.

We sold 3089 single-family homes in November through the MLS. Condos and townhomes added 956 closings. Total homes sold in November was 4045. Even with limited inventory, that was a 6.4% hike over October and 7.8% more than November 2020.

The median price of a single-family home jumped $10,000 to $420,000. That’s a 2.4% increase over October and 21.7% more than November 2020. The median price of a condo is now $240K. Most analysts expect home prices will continue to appreciate in 2022 but at a slower rate. Only time will tell.

Las Vegas and Henderson Luxury Homes

The Luxury Home Market continues to show strength. We have 433 homes for sale at $1m+ with 12 more in “Coming Soon” status. Condos and townhomes offer 74 options for luxury buyers. Total luxury homes for sale (including the coming soon category) is 519.

We sold 141 single-family homes priced at $1M+ in November. Condos and townhomes added 13 more deals. Total luxury homes sold in November was 154, a jump from 126 in October.

Top 3 Luxury Homes Sold in November 2021:

For the first time since I’ve been reporting on the top three deals of the month, all three of the highest prices paid were in the same community.

29 Promontory Ridge Dr. In the Ridges of Summerlin was listed for $6,997,500 and sold for the full list price. This one sold for cash with only 6 days on the market. Built in 2007, it offered 6 bedrooms with 9 baths in 11,918 sf of living space. Situated on half an acre, it featured a rooftop deck with city and mountain views with parking for six cars.

90 Hawk Ridge Dr. In the Ridges of Summerlin was listed for $7.975M and sold for $6.5M. Built in 2010, this contemporary home included 5 bedrooms, 7 baths in 8186 sf. It had a 4 car garage and was situated on .4 acres. The house was on the market for 103 days, and the buyer paid cash.

11 Golden Sunday Ln in the Ridges of Summerlin was listed for $6.199M and sold for the full list price after 17 days on the market. Built in 2005, it offered 5 bedrooms, 7 baths with a 5 car garage in 9771 sf. It was located behind a secondary and third gate in the Promontory enclave of the Ridges. Situated on .62 acres, it included a 5 car garage.

Las Vegas Housing Market Update - October 2021

Homebuyers in Las Vegas are still seeing low inventory. Last month we had 3475 single-family homes for sale, and this month we see 3290 in the MLS. That’s a 5.1% drop in inventory. Condos and townhomes offer 933 choices, and that’s also lower than last month when we had 1062 condos and townhomes for sale. Total homes currently for sale is 4223, down from 4537 last month—still a significant drop from 6605 homes available this time last year.

We sold 2946 single-family homes in October, and we sold 887 condos and townhomes. Total homes sold in October was 3833, a drop from the 4027 sold in September, and it’s only slightly less than the 3871 homes sold in October 2020.

The median home price edged up again to $410,000. That’s .9% more than September’s $406,500, and it’s 20.% higher than October 2020. The median price of condos and townhomes is also edging up. It was $236K in October, up 2.6% from September and 26.5% higher than October 2020.

Las Vegas and Henderson Luxury Homes

The Luxury Home Market in Las Vegas and Henderson is going strong. We currently have 439 single-family homes listed for $1M+, and there are 76 condos and townhomes listed for over $1M. Buyers looking for luxury homes have 515 options, and that’s a drop from 548 in September.

We sold 98 luxury homes through the MLS in October. Condos and townhomes added 10 more homes that closed for $1M+. Total luxury homes sold in October were 108. That is a drop from September, with 126 luxury homes sold. We sold more single-family luxury properties this month than last month, but we had more sales of luxury condos and townhomes last month. In October 2020, 89 luxury homes sold.

Top 3 Luxury Homes Sold in October 2021

10951 Stardust in Summerlin’s Summit Club was listed for $15.4M and sold for $15.4M after 28 days on the market. This Montecito-inspired beauty was built in 2019. This Montecito-inspired beauty featured four bedrooms, six baths, and a main level primary suite in 6634 sf of living space. It had parking for 3 cars and was situated on .61 acres.

3 Anthem Pointe Ct in Henderson’s Anthem Country Club was listed for $11,9M and sold for $10M after 17 days on the market. Built in 2002, this contemporary home featured 6 bedrooms, 10 baths in a total of 15,874 sf of living space and was situated on an acre overlooking the 5th green of the ACC golf course. If included parking for 8 cars.

25 Promontory Ridge in The Ridges of Summerlin was listed for $5.999M and sold for $5.999M with only 15 days on the market. Built in 2005, this traditional home had a slight Tuscan influence. It offered 5 bedrooms, 5 baths in 8588 sf of living space. It was situated on half an acre with 4 car garage. It had city, mountain, and Strip views.

Las Vegas Housing Market Update - September 2021

Homebuyers in Las Vegas see a slight increase in homes for sale. There are 3475 single-family homes for sale today. Condos and townhomes offer 1062 options for buyers. We have 6.4% more single-family homes for sale than we did in August. The number of condos and townhomes has declined from 1140 that were available last month. The total number of homes for sale is down slightly from the 4668 that were available last month to 4537 today. Compared to the 7138 we had for sale a year ago, we are still low on inventory.

We sold 3091 single-family homes in September. Realtors sold 936 condos and townhomes last month. We sold 4027 homes of all types, less than the 4059 sold in August. It’s 1.9% fewer homes than we sold in September 2020.

The median home price crept up to $406,500. Only .4% higher than August but 20.5% higher than September 2020. It's the second month in a row where the median didn’t increase substantially. Possibly a sign that the market is beginning to stabilize.

Las Vegas and Henderson Luxury Homes

The Luxury Home Market in Las Vegas and Henderson continues to perform. We currently have 465 homes listed for sale with $1M+ price rags. Condos and townhomes offer 83 options, and the total luxury homes for sale is 548.

We sold 115 luxury homes priced at $1M+. Eleven condos and townhomes sold for $1M+. Total luxury homes sold in September was 126, up from 105 in August. In September 2020, we sold 84 luxury homes, and we only sold 46 in September 2019.

Top 3 Luxury Homes SOLD in September 2021

2787 La Bella Ct in Henderson’s Seven Hills Marquis community - Listed for $7.2M, it closed for $6.875M with 89 days on the market. Blue Heron built this contemporary, custom home in 2019, and no one had lived in it when they sold it. It offered 8659 sf living space with 5 bedrooms, 8 baths, and parking for 12 cars. It was situated on just over an acre with views of the Rio Secco golf course, mountains, and The Strip.

91 Hawk Ridge in the Ridges of Summerlin - Listed for $6.499M, sold for $6.3M after 11 days on the market. This custom home was built in 2008 and was nicely remodeled with contemporary finishes. The house offered 9429 sf of living space with 5 bedrooms, 8 baths, and parking for 4 cars. Situated on half an acre, it featured scenic mountain views.

44 Wildwing in the Ridges of Summerlin: Listed for $6.1M, it sold for $6.045M after 362 days on the market. Built in 2008, sellers had nicely remodeled. It offered 5 bedrooms, 9 baths in 8888 sf with 4 car garage.  

Las Vegas Housing Market Update - August 2021

Las Vegas homebuyers are finding a few more options in today’s market. As of today, we have 3528 single-family homes for sale in the MLS. Condos and townhomes offer 1140 options. The total number of homes for sale in the Las Vegas/North Las Vegas/Henderson area is 4668. That’s up from 4290 the prior month and 3732 the month before. Of course, it’s nothing compared to the 7222 we had in the MLS a year ago.

We sold 3081 single-family homes through the MLS in August. Condos and townhomes added 978 closings. The total number of homes sold was 4059. That’s a 4.2% drop from July but is 10.3% more than August 2020.

The Median Home Price cracked the $400K market in July when it rose to $405,000. A headline in yesterday’s Review-Journal read, “Las Vegas house prices cool off during record-breaking run”.

I’m sorry, but the Median home price stayed at $405K. I would consider that a sign the market is beginning to stabilize more than cool off. And, as the RJ admitted, that’s a 20.9% jump from August 2020.

Las Vegas and Henderson Luxury Homes

The Las Vegas/Henderson Luxury home market continues to soar. We sold 105 single-family homes priced at more than $1M in August. Condos and townhomes added 14 luxury home sales. Total luxury homes sold in August was 119. That is a drop from the 163 luxury homes that sold in July. It’s still a jump from the 72 luxury homes sold in August 2020.

Inventory in the luxury market continues to be plentiful. We currently have 481 single-family homes listed for $1M+. Condos and townhomes offer 80 additional choices for the luxury buyer. That’s slightly less than the 589 luxury homes for sale at this time last year.

Top 3 Luxury Homes SOLD in August 2021:

661 Dragon Peak Dr in Henderson’s MacDonald Highlands - Listed for $12.5M, it sold for $12.5M after 30 days on the market. This Blue Heron contemporary was built in 2020. It offered 9534 sf of living space on .8 acres. This beautifully appointed home featured Strip, Mountain, and City views. It included 5 bedrooms, 8 baths with 2 dens and 2 lofts and a 4 car garage.

57 Hawk Ridge Dr in The Ridges of Summerlin - Listed for $7.5M, it sold for $7.5M cash with zero days on the market. The single-story home, located on an oversized .8 acre lot on the golf course. It featured 4 bedrooms, 6 baths in 7032 sf of luxury living.

4821 Meridian Pass in The Summit Club of Summerlin - Listed for $8M, it sold for $7.5M after 101 days on the market. This two-story home offered 4 bedrooms, 5 baths in 3497 sf of living space on .32 acres. It offered beautiful mountain views.  This home sold for an incredible $2145/square foot.

Las Vegas Housing Market Update - July 2021

Homebuyers are finding a slight increase in homes available, but inventory is still tight. We have 3220 single-family homes for sale today. That’s a nice jump from 2678 last month. Condos and townhomes provide 1070 options for buyers who don’t have to have a detached home. Total homes for sale is 4290, up from 3732 last month. It’s still low compared to the 7184 homes available this time last year.

We sold 3237 single-family homes and 975 condos and townhomes last month. The total number of homes that sold was 4212. Total homes sold in July was a 5.4% drop from June but up .8% from July 2020.

The median home price cracked the $400K mark for the first time in Las Vegas. In July, it rose 2.5% over June to $405,000. That’s 22.7% higher than the median in July 2020. Median Home prices for new build homes rose to $411,418 in June.

Las Vegas and Henderson Luxury Homes

Las Vegas/Henderson Luxury Home Market continues to soar. We sold 146 homes for $1M+ in July. Condos and townhomes added 17 closings of homes for $1M+. A total of 163 luxury homes were sold in July, only two less than we sold in June. Compare that to July 2020, when 66 luxury homes sold, and July 2019, when 49 luxury homes changed hands.

As of today, we have 495 luxury homes listed for sale priced at $1M+. Condos and townhomes offer 78 luxury homes. Total luxury homes for sale is 573, up from 495 last month and slightly less than the 595 available at this time last year,

Top 3 Luxury Homes Sold in July

7 Cloud Chase Blvd in Henderson’s Ascaya - This contemporary custom home was built by Westpoint and designed by local architect Richard Luke. The 5 bedroom, 7 bath with 4 car garage home was listed for $10,500,000. It sold for $10,500,000 after only 19 days on the market. This home features incredible City, Mountain, and Strip views and sits on .53 acres.

5100 Spanish Heights Dr in Spanish Hills was listed for $6.888M and sold for $6M after 68 days on the market. Built in 2003, this home featured incredible Strip views. The 14000+ sf home included 7 bedrooms, 11 baths, and a garage for 10 cars. Nicholas Cage formerly owned the house.

54 Crested Cloud Way in The Ridges of Summerlin - Listed for $5,899,999, it sold for $5,899,999 after 34 days on the market. This contemporary, single-story home is in the Ridges’ newest enclave of Indigo. Built in 2019, the 7784 sf home featured 5 bedrooms, 7 baths, and a 4 car garage. It is on an oversized lot of .59 acres.

Las Vegas Housing Market Update - June 2021

Buying or Selling your Las Vegas home? Selling continues to be easier than buying. Today we have 2678 single-family homes listed for sale. That’s up a few hundred compared to 2348 last month. Condos and townhomes offer 1054 options for buyers, about the same as last month. The total number of homes for sale is 3732. That’s more than the 3403 options available last month. It marks the fourth consecutive month when the inventory has increased slightly.

We sold 3407 single-family homes through the MLS in June. Condos and townhomes added another 1043. Total homes sold was 4450 for the month. That’s up 11.1% from May and 43.8% from June 2020.

We’ve sold 3940 homes of all types per month on average over the past 12 months. If we continue selling at that pace, today’s inventory of 3732 homes for sale is less than a month’s supply.

This market favors sellers. Homes that are well-priced and show well are selling fast. Last month, 88.6% of homes sold in less than 30 days. Even in this market, if a home is over-priced, it will take longer to sell.

The median home price continued to climb. In June, the median price for single-family homes jumped from $385K to $395K. That’s a 2.6% increase for the month, and it’s 21.5% higher than the median home price last June of last year.

Las Vegas and Henderson Luxury Homes

The luxury market in Las Vegas/Henderson has been thriving. We have 420 luxury homes priced at $1 Million or more. There are 75 condos and townhomes priced at $1M or more. Total luxury homes for sale are 495 today, up from 438 last month.

We sold 154 single-family homes for $1M+. Condos and townhomes added 11 luxury closings for a total of 165 sold in June. On top of the sales volume in this market, the prices are incredible. The top 3 homes sold in June closed between $14M+ and $25M. 36 of the luxury homes sold last month sold for $2M+, and 16 of those sold for $3M+.

Top 3 Luxury Homes Sold in June

685 Dragon Peak Dr in Henderson’s MacDonald Highlands. It was listed for $28M, and it sold for $25M with only 7 days on the market. This newly built custom by Blue Heron Homes is the current show home. Blue Heron has a leaseback with the new owner. Showings are by appointment only. Dubbed Vegas Modern 001, this home offers 15,000 sf of living space with 2 saltwater infinity pools and a spa. It has parking for 5-11 cars. The sky lounge & deck offer 360-degree panoramic views. The fully furnished home sits on 1.26 acres.

The Martin Penthouse 4500 was listed for $18M and sold for $16,250,000 after 213 days on the market. This contemporary custom residence featured just under 13,000 sf of living space and occupied the top floor of the building. It includes an additional 2000 sf of balcony space. It also featured 360-degree views from Red Rock to the Sunrise mountains, from Downtown LV to Allegiant stadium and beyond.

8 Rockmount Ct in Henderson’s Ascaya - Listed for $15,999,000, it sold for $14,690,000 after 9 days on the market. Sunwest Custom Homes built this single-story home. Situated on 2.27 cares, it offered 11,130 sf of living space plus a 971 sf casita. New owners will enjoy the oversized pool/spa/cold plunge, a putting green, and a 6 car garage.

Las Vegas Housing Market Update - May 2021

Ready to buy your Las Vegas home? Your options continue to be limited, and prices continue to go up. As of today, we only have 2348 single-family homes listed for sale. Condos and townhomes offer 1055 options. The total number of homes for sale is 3403. That’s the third month when we have seen a slight increase in the number of homes for sale. That’s 11.2% more than in April but 65% less than May 2020.

Last month we sold 3052 single-family homes. Condos and townhomes added 1473 closings. A total of 4526 homes were sold in May. The number of single-family homes sold in May was 9.6% less than April but 87.3% more than May 2020 when the market dropped as the shutdowns started.

The Median home prices soared to a new record. In May, the median reached $385K, a 2.7% increase over April’s $375K and 22.2% more than May 2020.  Buyers looking for homes in the low $300s can expect bidding wars if the home is nice and in a popular area.

Las Vegas and Henderson Luxury Homes

We have 353 luxury homes priced at $1M+. Condos and townhomes offer 85 luxury options. Total luxury homes for sale is 438 as of today.

We sold 139 single-family homes for $1M plus in May. In addition, we sold another 14 luxury condos and townhomes priced at $1M+.

Top 3 Luxury Homes Sold in May

51 Quintessa Cir in The Estates at Southern Highlands was listed for $8.95M and sold for $8.8M after 241 days on the market. This contemporary custom home featured golf views and all the best finishes. It offered 6 bedrooms, 9 baths with a 4 car garage on half an acre. Built in 2019, it was on the market for 241 days.

7 Talus Ct in Henderson’s Ascaya - Listed for $8.499M and sold for $8.2M after 64 days on the market. This contemporary masterpiece featured glass walls to create an indoor/outdoor feel. It had 6 bedrooms, 6 full baths, and two half baths in 10871 sf of spacious living. It included an 11 car garage. Situated on half an acre with City, Mountain, and Strip views, it was built in 2016.

1517 Champion Hills in Summerlin’s Tournament Hills - Listed for $7.75M it closed for $8M after 48 days on the market. This Tuscan-style home was built in 2015. It offered 5 bedrooms, 7 baths in 8119 sf of living space and 4 car garage. It was on just over half an acre with golf course frontage on TPC Summerlin with golf and mountain views.

Las Vegas Housing Market Update - April 2021

Are you hoping to buy a home in Las Vegas? Be prepared for the bidding wars. Multiple offers are standard on the most excellent homes, especially if they're in a desirable area plus have a pool. The number of homes for sale continues to be limited. As of today, there are 2119 single-family homes in the MLS. That's up slightly from 1952 when I did last month's report.

There are 1051 condos and townhomes available for buyers. That's down a little from the 1162 available last month. The total number of homes for sale is 3170, up from 3114 last month. It's a 3.1% increase over the single-family homes for sale in March but 698% lower than this time last year. The new "coming soon" category offers 194 homes about to hit the market. Many of those will have offers before their status changes to available for sale.

We sold 3389 single-family homes in April. Down from 5.3% from March and 79% from last April when sales plummeted with the pandemic's shutdown. Condos and townhomes accounted for 1126 closings, a slight rise from the 1078 condos and townhomes sold in March. Perhaps a sign that buyers who are frustrated with the single-family options are moving to the condo and townhome options. The total number of homes sold in April was 4515.

The median home price increased again. The median for single-family homes rose to $375K in April. That was a 3.3% increase from March and 21% from April of last year.

Las Vegas and Henderson Luxury Homes

We have 350 single-family homes listed for more than $1 Million. There are 24 luxury condos and townhomes available. The total luxury home inventory is 374. That's the lowest number of luxury homes for sale that we've had in a few years.

We sold 143 single-family homes for $1M plus. We sold 20 condos and townhomes for over $1M. Total luxury homes sold in April was 163, down slightly from 170 in March. Forty-three of the single-family homes that sold for more than $1M closed for over $2M. Seventeen luxury high-rise condos sold for more than $1M, with 8 of those closing for more than $2M.

Top 4 Luxury Homes Sold in April

1641 Enclave Court in Summerlin's Enclave at Country Club Hills was listed for $12,850,000 and sold for $11.3M. This home offered 6 bedrooms, 10 baths, and a 7 car garage. The architectural style was classic French. It was situated on 2.6 acres on the 18th hole of the TPC Summerlin golf course. Built in 1999, it was on the market 32 days before going into contract.

1701 Enclave Court in Summerlin's Enclave at Country Club Hills was listed for $12,950,000 and sold for $9.6M. The 13,349 sf home offered 4 bedrooms, 8 baths, and a 4 car garage. Built in 1997, it was on 1.94 acres with golf course frontage. Frank Lloyd Wright's Falling Water inspired the home. It was on the market for 207 days.

15 Hawk Ridge Dr in The Ridges of Summerlin was listed for $6.8M and sold for $6.8M after 116 days on the market. The 10,194 sf contemporary home was built in 2009 and was tastefully updated. It offered 5 bedrooms, 9 baths, and a 5 car garage in 10,194 sf of living space on .6 acres. It featured panoramic views of the Strip, Bear's Best golf course, and the mountains.

587 Saint Croix in Henderson's MacDonald Highlands was listed for $6,995,000 and sold for $6,488,800 after 142 days on the market. Built in 2008, this contemporary home featured golf and strip views on .76 acres. It offered 7 bedrooms, 13 baths, including a separate casita with an 8 car garage in 13706 sf of living space.

Las Vegas Housing Market Update - March 2021

Are you looking to buy a home in Las Vegas or Henderson? Be prepared for a challenge. The number of single-family homes for sale has reached a record low. It's even lower than the lowest number of homes for sale back in 2004 as we headed into the boom before the crash.

As of today, we have 1952 Single-Family homes for sale in the MLS. That includes Las Vegas, Henderson, and the City of North Las Vegas. It doesn't include Boulder City, Laughlin, and the outlying areas of Clark County.

There are 1162 condos and townhomes for sale. If you can consider one of these housing types, you will have a better chance of buying than having a single-family home. Our MLS now has a "Coming Soon" status. Even in that category, there are only 171 single-family homes. Condos and townhomes provide another 25 options.

The total number of homes for sale in greater Las Vegas is 3114. The coming soon category hints at 196 homes that are soon to hit the market. From our experience, this new "coming soon" category is used as a tool to gin up interest and bidding wars before homes are listed for sale.

We sold 3605 single-family homes in March. Condos and townhomes added 1078 closings for the month. A total of 4683 homes changed hands during the month.  That's 34.7% more than in February and 35.1% higher than March 2020.

Supply of Homes for Sale - If we continued selling 4683 homes per month, today's inventory would sell in less than three weeks. Over the past twelve months, 3614 homes have sold per month on average. At that rate, today's inventory would only last .86 months if no new homes come on the market. Six months of inventory is considered a "balanced market". More favors buyers. Fewer favors sellers.

The Median Home Price made another jump in March. After months of being stable at $345K, it went to $355K in February. March saw it rise to $363K. That's a 2.3% increase over February and a 13.8% increase year over year.  Half of the homes sold were more expensive, and half were that price or less. Buyers looking for homes that cost $400K or less will find stiff competition in this market.

Las Vegas and Henderson Luxury Homes

We have 365 single-family homes listed for $1M plus. Condos and townhomes add 86 luxury options at $1M+.

We sold 159 single-family homes for $1 Million or more. We sold 11 condos and townhouses for $1M+.  Total luxury homes sold was 170.  That's up from 103 that sold in February.

Top 3 Luxury Homes Sold in March

9511 King's Gate Ct in Queensridge - Listed for $7.7M, it sold for $7.5M with only nine days on the market. This Mediterranean-style home offered many unique features, including an indoor basketball court, sports media room, gym, and wellness spa. The 20,120 sf compound was situated on almost two acres.

99 Hawk Ridge Dr. In The Ridges of Summerlin was listed for $8,999,000 and sold for $6.15M after 241 days on the market. This 13,490 sf home included an adjacent lot with a 5000 sf guest house. It was on 1.67 acres with golf course frontage and parking for seven cars.

29 Promontory Ridge Dr in The Ridges of Summerlin was listed for $5,999,000 and sold for $5.6M after 123 days on the market. The single-story home featured a basement and a separate casita. It offered 11,918 sf of living space on .48 acres with the entire city's views from the roof deck.

Las Vegas Housing Market Update - February 2021

Looking for a home in Las Vegas or Henderson? Be prepared to encounter difficulty finding it in the current market. As of today, there are only 1979 single-family homes in Las Vegas, Henderson, and North Las Vegas listed for sale in our MLS. I only include Henderson as far as the edge of town. Does not includes Boulder City. Buyers who will consider condos and townhomes have 1313 options in that category, including the high-rise condos.  

The total options available for today’s buyers is 3292. Our inventory is down 27.6% from January and 60.4% from this time last year.

We sold 1507 single-family homes in February. Condos and townhomes added 491 transactions. Total homes sold in February was 1998. We sold 4.9% more homes in February than in January and 12% more than in February 2020.

Supply of Homes for Sale - We’ve sold an average of 3368 homes of all types over the past 12 months. If we continue at that rate, today’s inventory of homes for sale is only .98 months. Historically, a 6 month supply of homes represents a balanced market. Less than that favors sellers, more than that favors buyers. I have worked as a Realtor in Las Vegas since 2003. Even in the seller’s market in 2004-2006, our inventory didn’t sink this low.

The Median Home Price was stable at $345K for November, December, and January. In February, it jumped to $355K. That’s 2.9% higher than January and 12.3% higher than February 2020.

Distress Sales - When this pandemic first started, several buyers, told me to let them know when the flood of foreclosures and short sales started. Sorry, but they were wrong. We only have 8 foreclosures listed in the MLS and 12 short sales. That includes single-family homes, condos, and townhomes. It’s a minuscule fraction of our current market. This is not the time for bargain hunters and scavengers who think they’re going to score a deal.

Las Vegas and Henderson Luxury Homes

We have 299 luxury homes listed for $1 Million plus. That’s less than the 315 last month and 368 in December. There are 98 luxury condos and townhomes, which is equal to the number available last month.

We sold 92 single-family homes for $1M plus in February. We sold 11 condos and townhomes for more than $1M. Total luxury homes that sold in February - 103. That’s a jump from 80 single-family in January and 5 condo/townhomes in January.

Top 3 Luxury Homes Sold in February

23 Hawk Ridge Dr in the Ridges of Summerlin - Listed for $8.875M, it sold for $8.25M with zero days on the market. The contemporary home was built in 2015 and was situated on .69 acres. It features 5 beds, 9 baths, 7 car garage with 10,933 sf of living space. It offered full Strip views as well as mountain and golf views.

19 Sanctuary Peak in Henderson’s Ascaya - Listed for $6.9M it sold for $6.3M with only 2 days on the market. It offered 8911 sf of living space on 1.34 acres with 4 beds, 6 baths, 4 car garage. Built in 2018, it was designed by Swabeck Partners with incredible Mountain Views.

Third Place Tie:

39 Vintage Canyon St in Southern Highlands - Listed for $4.95M, it sold for $4.9M after 188 days on the market. The 6750 sf home was completed in 2019. It offered 4 beds, 6 baths, and a 5 car garage on .51 acres. The contemporary home featured golf views.

2 Awbrey Ct in Henderson’s Anthem Country Club - Listed for $5,999,990, it sold for $4.9M after 97 days on the market. This was a “Spanish Revival” style home. It offered 13,887 sf of living space on .59 acres. It included 7 beds, 10 baths, 6 car garage and was built in 2010. It featured City, Mountain, and Strip views.

Las Vegas Housing Market Update - January 2021

Las Vegas home buyers only have 2335 Single-Family Homes available to purchase today.  If you want the low maintenance lifestyle of condos or townhomes, there are 1508 choices.  The total number of homes for sale is 3843.  Our MLS now allows us to enter listings as “coming soon”.  We currently have 107 houses and 16 condos/townhomes in “coming soon” status.  That gives a total of 3966 homes for sale.  That’s a drop from 4885 last month.  A 28.5% drop from the prior month.  It was 52.8% fewer homes for sale than last year.

Las Vegas Housing Market Update - December 2020

Buying a Home in Las Vegas? Today’s buyers are well-advised to have their pre-approval or proof of funds available when viewing homes. We only have 3124 single-family homes listed for sale. Condos and townhomes offer 1761 options. Total homes for sale is 4885. Inventory of homes for sale is down 13.7% from November and 41.5% from this time last year.

We sold 3314 single-family Homes in December. Condos and townhomes contributed 874 deals. Total homes sold for the month was 4188. We sold 8.9% more homes in December than in November and 26.7% more than we sold in December 2019.

Supply of Homes For Sale - Over the past 12 months, we’ve sold an average of 3287 homes of all types per month. At that rate, our current inventory would be gone in 1.5 months. That’s down from 1.65 last month. That’s why buyers should be prepared to make an offer quickly when they find the right home.

The Median Home Price stayed stable last month at $345K. That’s the first month it hasn’t gone up since it dropped to $310K in April. A solid 8 months of home price increases until it stabilized in December. It was up 10.2% from the $312,990 median price in December 2019.

Distress Sales - The number of distressed listings available continues to be minuscule. Only 23 Foreclosures are currently listed and 32 short sales. Out of the homes that sold last December, 24 were foreclosures, and 14 were short sales.

Las Vegas and Henderson Luxury Homes

We have 368 traditional luxury homes listed for more than $1 Million. There are 100 luxury high rise condos available for $1M or more.

We sold 115 luxury homes for more than $1Million in December. 42 of those were over $2M. 4 were in the $4M range. 6 were in the $5M range and 3 in the 6 M. The top four were $7M plus.  We sold ten luxury high rise for more than $1 Million. Two of those were in the $2M range and the top was $4.5M at The Waldorf Astoria.

Top 4 Luxury Homes SOLD

7 Falcon View Ct in The Ridges of Summerlin - Listed at $15,990,000, it sold for $14.5M with zero days on the market. This contemporary masterpiece was perched high up in the Ridges behind 3 gates. It included 6 bedrooms, 9 baths, and a 10 car garage in 14,464 sf on 1.65 acres. It offered golf, mountain, and city views.

750 Dragon Ridge in Henderson’s MacDonald Highlands - Listed for $13,750,000, it sold for $11,250,001 after 349 days on the market. This contemporary home was built by Blue Heron in 2017. It included 7 bedrooms, 11 baths, and a 15 car garage in 12,386 sf of living space. It came with an indoor basketball court, bowling alley, tennis courts, home theatre, and more. Views were golf, city, and Strip.

11639 Discovery Canyon Dr in The Summit Club of Summerlin - Listed for $7.8M, it sold for $7.4M after only 2 days on the market. This single-story home offered 3 bedrooms, 4 baths in 3266 sf with a 3 car garage. It was situated on .45 acres. It was a cash deal, and at $2266/sf is an indication that The Summit is going to rival our best neighborhoods. It featured golf and Strip views.

7 Sable Ridge Ct in The Ridges of Summerlin - Listed for $7.75M, it sold for $7.32M after 448 days on the market. This 5 bedroom, 9 bath home offered 13,255 sf with a 3 car garage. This contemporary home was built in 2009 and situated on .59 acres with golf, mountain, and Strip views.

Las Vegas Housing Market Update - November 2020

Las Vegas Home Buyers are competing to find a limited number of homes for sale. As of today, we have 3793 single-family homes in our MLS. Condos and townhomes add 1541 options. The total number of homes for sale is 5334. Compared to last year, we have 42.5% fewer single-family homes for sale. We have 24.7% fewer condos and townhomes listed for sale.

We sold 2918 single-family homes in November. We sold 757 condos and townhomes. Total homes sold was 3675. That’s a drop from 3871 sold in October. It’s a big jump from 2329 homes sold in November 2019.

Supply of Homes For Sale - We’ve sold an average of 3225 homes of all types per month over the past year. At that rate, today’s inventory of homes would be depleted in 1.65 months if no new homes come on the market. That’s a seller’s market.

The Median home price continues to rise due to the low inventory. The median home price went up 1.4% over October to a new high of $345,000. It’s 14.1% more than the median price in November 2019.

Distress Sales - Despite the pandemic, we still aren’t seeing a lot of foreclosures and short sales. We only have 33 foreclosures in the MLS and only 37 short sales. I’ve started tracking this number in response to the number of folks who are predicting doom and gloom due to the pandemic. So far, it has not materialized.

Las Vegas and Henderson Luxury Homes

We have 447 traditional luxury homes listed for $1 Million or more. High Rise condos add 104 luxury options.

We sold 91 residential homes for $1 Million or more. 25 of those sold for $2 Million or more with the top closing from $5M to $7.4M.  We sold 6 luxury High Rise Condos for more than $1M with the top price of $3.65M at Waldorf Astoria.

Top Three Luxury Homes SOLD

27 Hawk Ridge Dr. In the Ridges of Summerlin - Listed at $7.75M sold for $7.4M after 10 days on the market. This 7073 sf contemporary was built in 2015 and was situated on .89 acres. It featured 7 bedrooms, 8 baths, 3 dens a loft, and parking for 5 cars. It has a 1787 sf guest house with an entertainment room and gym. It featured golf, mountain and Strip views.

5228 Spanish Heights Ln in Spanish Hills - Listed for $8,999,999 it sold for $7.3M after 209 days on the market. This Mediterranean style home was built in 2012 and was situated on just over an acre. The home offers 16,425 sf of living space with 6 beds, 10 baths, 6 dens, and a 9 car garage. It offered City, Mountain, and Strip views.

11429 Summit Club Dr in The Summit Club at Summerlin - Listed for $6M it sold for $6M with 11 days on the market. Built in 2019, this was the first sale of the home. The single-story home offers 3266 sf on .83 acres. It includes 3 bedrooms, 4 baths and parking for 3 cars. It offers golf views. It sold for $1837/sf. It appears The Summit Club will rival the Waldorf Astoria high rise for the highest price per square foot in the valley.

Las Vegas Housing Market Update - October 2020

Las Vegas home buyers are finding fewer homes to choose from. Today we have 4455 single-family homes for sale. Condos and townhomes offer 2150 options. Total homes for sale in Greater Las Vegas/Henderson today is 6605. That’s down 6.2% from September and a 37.7% decline from this time last year.

We sold 3108 single-family homes in October. Another 763 condos and townhomes changed hands. The total number of homes sold was 3871. That was 1.4% fewer than in September but an 11.2% increase over October 2019.

Supply of Homes For Sale - We’ve sold an average of 3167 homes per month over the last twelve months. At that rate, today’s inventory of homes for sale would be absorbed by the market in only 2.08 months if no new homes came on the market.

The median home price continues to edge higher. This month it was up to $340,200. That was a small, .9% increase over September. It’s up 10.8% over October 2019.

Distress Sales - This number continues to stay low. We have 49 homes listed as short sales in the MLS today. We have 31 listed as foreclosures. That’s such a minuscule share of the market that it is hardly worth discussing except we’re in the midst of a pandemic where many expected high unemployment would lead to a market crash. So far that has not happened and we aren’t seeing signs that it will.

Las Vegas and Henderson Luxury Homes

We have 443 traditional homes listed for $1 Million or more. There are 116 condos and townhomes listed for over $1 Mil.

We sold 87 single family homes for $1 Million or more. We sold 2 condos for more than $1 Million. Total luxury homes sold in October was 89. Slightly less than the 96 in September but higher than 72 in August and a 61 in July.

If we look at the breakdown of luxury homes sold, thirteen were in the $2-$3M range. Three were in the $3-$4M range. Three were in the $4-$5M range. Details on the top three follow.

Top Three Luxury Homes SOLD:

731 Dragon Ridge in Henderson’s MacDonald Highlands. Listed for $7.99M it sold for $&M after 308 days on the market with this listing. Built by Sun West in 2015, it was in a triple gated enclave of MacDonald Highlands. It offered 6 bedrooms, 9 baths and parking for 5 cars. It was 11,375 sf of living space on 1.14 acres. It had views of the entire valley with an infinity-edge pool that featured a wall of rain from the ceiling.

48 Painted Feather Way in The Ridges of Summerlin. Listed for $7.5M it sold for 6.725M with zero days on the market. The 9160 sf contemporary home was situated on .71 acres. It included 4 bedrooms, 6 baths with a 4 car garage. Views were of the golf course, mountains, and city.

23 Night Song Way in The Ridges of Summerlin. Listed for $6.499M it sold for $6.1M after 127 days on the market. This three-story contemporary home offered 12,494 sf of living space plus a 534 sf guesthouse. The main structure offered 8 bedrooms, 11 baths, and a 19 car garage. It was built in 2016 and is situated on .89 acres. It offered city, mountain, and Strip views.

Las Vegas Housing Market Update - September 2020

Las Vegas Housing Market Update - August 2020

Moving to Las Vegas? The housing supply is still limited. As of today, we have 4918 Single Family Homes available. Condos and Townhomes offer 2304 options. The total homes available in the Greater Las Vegas Metro are 7222. That’s only a slight increase from the 7184 listed last month. Of course, that includes condos and townhomes. If we only considered Single Family Homes, we have 3.5% less than July and 40.3% less than this time last year.

We sold 2785 single-family homes in August plus 700 condos and townhomes. That was a 12.5% drop from single-family homes that sold in July and an 8.1% drop from August of last year.

Supply of Homes For Sale - We’ve sold an average of 3081 homes of all types over the past year. At that rate, today’s 7222 homes for sale would be absorbed in 2.3 months if no new homes came onto the market. Less than a six month supply is considered a seller’s market.

The Median Home Price continues to rise. In August it reached a new record high of $335,000. That’s a $10,000 or 1.5% jump over July’s $325K. It’s 9.8% higher than the median price from August 2019 when the median was $303K.

Distress Sales - As of today, we have 34 Foreclosures in the MLS. There are 47 short sales listed. Total distress properties is 81, down from last month’s 101. There is widespread speculation that home values can’t continue to go up. If we’re going to start seeing a decline in the market, it will most likely start with growing inventory and more distress sales.

Las Vegas and Henderson Luxury Homes

We now have 487 single-family homes listed for $1M plus. Luxury High Rise condos provide 102 high-end options for today’s buyers.

We sold 69 homes priced at $1M+. We sold 3 High Rise Condos priced at $1M+. Total luxury homes sold was 72, up from 61 in July and 39 in June.

Top 3 Luxury Homes SOLD in August

770 Dragon Ridge Dr in Henderson’s MacDonald Highlands. Listed for $13.5M it sold for $11.25M after 566 days on the market. Built in 2010, this home offered 17,562 sf of living space on 2 acres. The modern home featured incredible Strip and City views. It boasted 5 bedrooms, 10 baths, and parking for 5 cars.

605 St. Croix St. in Henderson’s MacDonald Highlands. Listed for $5.75M it sold for $5.35M after 117 days on the market. The contemporary home featured 7 beds, 9 baths, and 4 car garage. Total living space was 14,485 sf on .65 acres. Built in 2006, it offered City, Golf, and Strip views.

5 Boulderback Dr in Henderson’s Ascaya. Listed for $5.5M it sold for $5M after 424 days on the market. This contemporary masterpiece was completed in 2017. It offered 4 bedrooms, 5 baths in 7555 sf on .45 acres with a 3 car garage. Views are City, Mountain, and Strip.

Las Vegas Housing Market Update - July 2020

Ready to Buy a Home in Las Vegas? We currently have 4895 Single-Family Homes for sale. Condos and Townhomes offer 2289 more options. We have a total of 7184 homes for sale. Only. A slight drop from 7205 last month. It’s a huge 38.4% fewer than buyers had at this time last year.

We sold 3194 single-family homes in July. Condos and townhomes added 735 closings. The total homes sold in July was 3929 in the greater Las Vegas and Henderson area. That was a 35% increase over June and 5.3% higher than July 2019.

Supply of Homes For Sale - We have sold an average of 3077 homes of all types every month for the past year. At that rate, today’s 7184 homes for sale would be absorbed in only 2.33 months if no new homes came on the market. That’s still a low supply of homes. Less than a six month supply is considered a seller’s market.

The Median Home Price continued to rise. It is now at $330K. That’s 1.5% higher than in June and 8.9% higher than in July 2019.

Distress Sales - We currently have 48 foreclosures in the MLS and 53 short sales. The total number of distressed sales is 101. That’s not even 1% of the current listings. Our housing market is strong despite the high unemployment.

Las Vegas and Henderson Luxury Homes

The Luxury Home Market is contributing to the increase in our median home price. We currently have 489 Estate Homes priced at $1 Million plus. Condos and townhomes add 106 luxury options.

We SOLD 61 homes priced at more than $1 Million in July. We sold 5 high rise condos to luxury buyers.  That's up from 39 in June and 33 for each of the prior two months.

Top 3 Luxury Homes SOLD in July

46 Olympia Hills in The Estates at Southern Highlands - This estate was listed at $6.75M and sold for $6.35M. The home was built in 2006 but had been updated with more contemporary flooring and counters. The 10,726 sf home was situated on .64 acres with golf course frontage. It had been listed since 6/28/19.

53 Painted Feather Wy in The Ridges of Summerlin - Listed at $5.275M it sold for $4.95M. This contemporary home was built in 2009. It offered 11,361 sf of spacious living situated on a .65 acre lot perched above the golf course. It had been on and off the market since January 2019.

Waldorf Astoria Residence has 2705 - Listed for $3.5M it sold for $3.5M after 60 days on the market. The 2998 sf home offered 2 bedrooms, 2.5 baths in one of our most luxurious buildings. It featured incredible Strip views and the finest contemporary finishes.

Las Vegas Housing Market Update - June 2020

Las Vegas Housing Market Update  - May 2020 

Las Vegas Housing Market Update - April 2020

Las Vegas Housing Market Update - March 2020

Las Vegas and Henderson home buyers have 5749 single family homes available today.  Up from 4276 when I updated my market report last month.  Condos and town homes add 2217 options for today’s buyers.  Total homes available in the MLS at the moment are 7966. 

We sold 2763 single family homes plus 775 condos and town homes in March.  Total homes sold was 3538.  That’s 5.2% higher than a year ago and considerably higher than the 3055 homes of all types that sold in February.

The median home price also soared to $319,000 up from 

$316K in February.  That’s higher than it was at the peak of the market in 2006. 

Supply of homes for sale - we have averaged 3392 homes sold per month over the past twelve months.  If we continued selling at that rate, today’s inventory of homes available would be sold absorbed in 2.3 months.  The tight inventory still favors sellers.

Unfortunately, the coronavirus shutdown is impacting real estate.  One of my marketing reps told me she thinks new escrows are down probably 40%.  I watch how many homes are going into contract on a daily basis and there has definitely been a drop.  The first few days of the shutdown (it was announced on 3/17) didn’t show a big drop.  However, by the first weekend we saw a drop.  We went from over 100 contracts per day to only 150 contracts from 3/21-3/23.  If this slowdown continues and inventory begins to build up, it is likely to bring prices down.  This is becoming a great time to buy if you are in the position to do so.

Las Vegas and Henderson Luxury Homes

Luxury Home buyers have 459 single family homes plus 89 condos and town homes to choose from today.

We sold 52 luxury homes priced above $1 Million in March.  We sold six luxury high rise condos for $1M plus.  Total luxury homes sold was 58, up from 46 in February.  

Top 3 Luxury Homes Sold in March

9021 Grove Crest Ln in Summerlin’s Tournament Hills  was most expensive home sold.  Listed at $13M, it closed for $5.6M on 3/4/20.  It was originally listed at $17M in 2015.  Sellers paid $5M in 2009. The home was sold via an online auction.  The traditional home featured 6 bedrooms, 11 baths in 15,479 sf.  It was situated on the TPC Summerlin golf course with beautiful golf and mountain views on .73 acres.  It was built in 2000. 

2909 Coast Line Ct in The Lakes was listed for $4,299,000 and sold for $4M after 100 days on the market.  This contemporary beauty featured 80 feet of private beach with two boats and docks.  The 7876 sf home was situated on half an acre.  Built in 2008 it featured 5 bedrooms, 7 baths with pooll/spa.

64 Promontory Ridge in the Ridges of Summerlin - It was listed for $6,799,000 and sold for $3,992,336 after 72 days on the market.   This three story contemporary was also sold at auction.  It was originally listed at $8.99M in 2015.  It was on and off the market over the last several years.  Situated on .65 acres with golf, mountain and strip views.  The home offered 6 bedrooms, 10 baths in 10,591 sf of living space.  It had a disappearing edge pool and spa with a 4 car garage.

Las Vegas Housing Market Update - February 2020

Las Vegas Housing Market Update - January 2020

Las Vegas Housing Market Update - December 2019

2019

Las Vegas Housing Market Update - November 2019

Las Vegas Housing Market Update - October 2019

Las Vegas Housing Market Update - September 2019

Las Vegas Housing Market Update - August 2019

We currently have 7677 Single Family Homes for sale in the Greater Las Vegas MLS.Condos, high rise and town homes add 2483 options for today’s buyers.Total inventory of homes for sale in our MLS is 10,160 today.That’s a tiny drop from the 10,296 we had last month and the 10,432 the month before.It’s a huge increase compared to the 5822 listings we had in August 2018. 

We sold 3046 single family homes in August, slightly below the 3064 we sold in July.It’s up from 2991 homes sold in August 2018.Another 819 condos and town homes were sold in August.Total homes sold was 3865, up from 3821 in July.It’s almost the same number as the 3887 homes that sold in August 2018.Although if you only look at single family homes, we sold 3.1% more than we did in August 2018.Higher prices seem to be pushing more buyers into condos and town homes. 

The median home price crept up to $305K in August.That’s a slight improvement over July’s $303K.It’s 3.4% higher than August 2018.Last year we had 13.5% appreciation in the median home price.At 3.4% we still lead the nation but it’s not growing as fast as it has the past couple of years.

Over the past year, we’ve sold an average of 3208 homes per month.At that rate, today’s 10,160 homes would be sold in 3.2 months if no new homes came on the market.Less than 6 months supply of inventory favors sellers.  Our market continues to favor sellers. 

Las Vegas and Henderson Luxury Homes

Today we have 508 estate homes listed for more than $1 Million.Condos, town homes and high rise options add 86 additional luxury listings.Total luxury homes for sale in Las Vegas is 594 this month.Down from 638 in July.

We sold 43 homes for more than $1 Million plus 9 high rise condos for more than $1 Million.Total luxury home sold in August was 52.Fifteen of them closed for more than $2 Million with 5 closing for more than $3 Million.

Top 3 Luxury Homes SOLD in August

15 Flying Cloud Ln in the Ridges of Summerlin.Listed for $8.999M, it sold for $6,350,750 after 145 days on the market.The 12,025 sf contemporary featured 5 bedrooms, 10 baths, 4 car garage.Built in 2018 it was situated on .79 acres.The home featured beautiful mountain views.

Waldorf Astoria #4606.This penthouse was listed for $5.995M and sold for $5.75M after 80 days on the market.The 3922 sf home featured 3 bedrooms and 4 baths with incredible views.

Waldorf Astoria #3605.This residence was listed for $4.48M and sold for $3.91M after 47 days on the market.The 2998 sf home offered 2 bedrooms and 3 baths.

Las Vegas Housing Market Update - July 2019 

As of today, we have 7827 single family homes listed for sale in Las Vegas and Henderson.Condos, town homes and high rise properties add 2469 options for buyers.Total number of homes for sale is 10,296.That’s a slight drop from the 10,432 we had available on the day we did last month’s report.It’s 63% more inventory of homes for sale than in our July 2018 update.

We sold 3064 single family homes in July, up slightly from 2904 in June.Buyers picked up 757 condos and town homes in July.Total homes sold was 3821.That was a nice increase from the 3671 we sold in June.It’s a 5.5% drop from how many we sold in July 2018.

The median home price dipped slightly to $303K, a .3% decrease from June’s median.It’s 4.5% higher than the median price this time last year.

Over the past year, we’ve averaged 3200 closings per month.At that rate, today’s inventory is still only a 3.2 month supply of homes.Less than a 6 month supply still favors sellers.

Las Vegas and Henderson Luxury Homes

We have 564 traditional homes for sale priced more than $1 Million.There are 74 high rise condos priced at $1 Million plus.Total luxury homes for sale is currently 638.Down slightly from the 654available last month, most of the decrease is in the high rise market. 

We sold 46 homes priced at $1 Million or more in July.The high rise market sold 3 homes priced above $1 Million.Fourteen of the homes closed for $2 Million or more.

Top3 Luxury Homes SOLD in July

5212 Spanish Heights Dr in Spanish Hills was listed for $25 Million and sold for $16 Million.That listing was on the market less than one day.It had previously been listed for six months with a different office.The home belonged to local developer Jim Rhodes and was purchased by a secret buyer.With 19,345 sf of contemporary living space, it offers 10 beds, 10 baths and a 15 car garage.It was built in 2016 and is on 2 acres.

591 Lairmont in Henderson’s MacDonald Highlands was listed for $4.695M and sold for $4.55M.The 10,018 sf home featured 6 bedrooms, 10 baths and parking for 5 cars.It sold after 95 days on the market.The contemporary estate featured a panoramic view with Strip, Golf and Mountain Views.It was situated on .7 acres.

23 Sun Glow in The Ridges of Summerlin was listed for $4.499M and sold for $4.1 M after 131 days on the market.The 7607 sf home featured 5 bedrooms, 7 baths and parking for 4 cars.The contemporary home features mountain and Strip views.

Las Vegas Housing Market Update - June 2019

As of today we have 7877 single family homes listed for sale in the Greater Las Vegas/Henderson area.Condos and town homes offer 2555 additional choices.Total homes for sale today is 10432.That’s only a hundred more than last month.It’s a 45% jump from the 5670 homes for sale in July 2018.   

We sold 2904 single family homes plus 767 condos and town homes.Total homes sold in June was 3671.That’s an 8.1% drop from May and a 12% drop from June 1028.

The median home price was flat for the past three months.It finally edged up slightly in June to $304K.That’s 1.3% higher than the $300K where it hovered for March, April and May.It’s 4.8% higher than June 2018. 

Over the past year we’ve sold an average of 3221 homes of all type each month.At that rate, today’s inventory is still only a 3.2 month supply of homes for sale.Less than six months still favors sellers.

Las Vegas and Henderson Luxury Homes

The number of luxury homes priced above $1 Million increased last month.We have 567 estate homes for sale.We have 87 condos and town homes priced at more than $1 Million.Total of 654 options for luxury home buyers. 

We sold 47 single family homes for more than $1 Million and 4 high rise condos priced above $1 Million in June.Total of 51 luxury homes sold for the month.That’s a drop from the 73 we sold in May but still a healthy number.It’s a drop from the 57 luxury homes we sold in June 2018. 

Top 3 Luxury Homes SOLD in June

2909 Coast Line Ct in the Lakes offered 80 ft of water frontage on Lake Sahara.This contemporary custom was listed at $3.989M when it sold for $3.5M after 43 days on the market.The 7876 sf home included 5 bedrooms, 7 baths and parking for 4 cars.  

62 Meadowhawk in the Ridges of Summerlin was another contemporary beauty.Listed at $3.888M it sold for $3.5M.The custom home included 5 beds, 5 baths, 4 car garage in 6380 sf of living space.Built in 2013 it offered mountain, golf and Strip views. 

3375 E. Maule Ave in Henderson was listed for $3.8 M when it sold for $3.5M.The unique estate was situated on over three acres of lushly landscaped grounds.The 7108 sf home offered 6 bedrooms, 6 baths and parking for 6 cars.

Las Vegas Housing Market Update - May 2019

Las Vegas Housing Market Update - April 2019

The Greater Las Vegas MLS has 7729 Single Family homes for sale in the metropolitan area.Condos and town homes add 2471 additional options.Total homes for sale today is 10,200.That’s the first time we’ve been over ten thousand homes for sale in well over a year.The number of homes for sale is up 4.9% from March and 94.8% over a year ago.

We sold 9.6% more homes in April than in March.A total of 2876 single family homes sold through the MLS.Condos and town homes added another 823 closings.Total homes sold in April was 3699.More than March but -.2% from April 2018. 

The median home price continues to linger at $300K for the second month in a row.That’s the same as last month but 3.8% higher than the $289K median price for April 2018.That’s the lowest price appreciation the Las Vegas market has experienced in 7 years. 

While the inventory of homes for sale is rising, it’s still lower than the demand for homes.Over the past year, we sold 3348 homes per month on average.If we continue selling that many per month, today’s listings would be a 3 month supply.That’s more than we’ve had available recently but still favors sellers.When we get to a six month supply, we’ll have what is considered a balanced market.

Las Vegas and Henderson Luxury Homes

We’re seeing more luxury homes coming on the market as well.There are 535 single family homes listed for more than $1 Million.High Rise condos add 72 luxury listings.Up from 494 and 65 last month. 

We sold 37 single family homes and 9 high rise condos for $1 Million or more.Five single family homes sold for more $2M and 5 high rise condos sold for more than $2M.Ten of the 46 luxury closings were above $2 Million. 

Top 3 Luxury Homes Sold in April

2720 Pinto Lane is in the Alta Historic District.Built in 1954, this home was the New American Remodel for the 2019 National Association of Builder’s Show.It was listed for $4.6M and sold for $4.6M with zero days on the market.It was remodeled with the latest contemporary finishes and energy saving features.The home offered 5 bedrooms, 5 baths in 5979 sf.Situated on 1.3 acres, it included a 1775 sf RV garage/man cave.

Turnberry Place Tower 1 Residence 3703 was listed for $4.499M and closed for $4.15M with 152 days on the market.This 6401 sf penthouse featured 4 beds, 6 baths and a private pool on the over-sized terrace.

Waldorf Astoria #2605 was listed for $3.99M and sold for $3.6M with 83 days on the market.The 2998 sf residence offered 2 beds, 3 baths with incredible views. 

Las Vegas Housing Market Update - March 2019

We have 7369 Single Family Homes listed for sale today.Condos and town homes add 2373 options for buyers.There’s a total of 9742 homes for sale in the Greater Las Vegas and Henderson market.That’s up from 9421 last month and almost double the 4748 we had a year ago.

We sold 2527 single family homes in March.Condos and town homes added 689 closings.Total homes sold in March was 3216.That was a 33.3% increase from February but a 16.8% drop from March 2018.

The median price was back to $300k.Up from $296,200 in February but even with January.That was a 1.3% increase over last month and 7.1% higher than last year.

We’ve averaged 3249 homes sold per month over the past year.At that rate, today’s listings would last 2.9 months if no new listings came on the market.Less than six months supply is still a market that favors sellers. 

Las Vegas and Henderson Luxury Homes

The luxury home market continues to be where buyers are flooded with options.We have 494 traditional homes listed for more than $1 Million.We have 65 high rise condos priced over $1 Million.We did see a higher sales volume in the luxury market last month. We sold 46 traditional homes and 4 high rise condos priced above $1M. 

Top 3 Luxury Home Sold in March

1210 MacDonald Ranch Dr in Henderson’s MacDonald Highlands was the most expensive.Listed at $5,985,000 it closed for $5,450,000.This contemporary, custom home was built by Sun West.It boasted 8495 sf with 5 beds, 6 baths and a 4 car garage.It was on a .65 acre lot with golf, mountain and Strip views.

673 Falcon Cliff was also in Henderson’s MacDonald Highlands.It was listed for $3.995M and sold for $3.675M.It was a new modern custom home built by Jim Ross.It featured 5 bedrooms, 6 baths with 4 car garage in 6450 sf of living space.It was situated on a .37 acre lot with City, Mountain and Strip views.

20 Vintage Valley Dr in the Estates at Southern Highlands was third place.Listed at $3.975M it sold for $3.2M.This Tuscan style home offered 6 bedrooms, 8 baths and a 5 car garage in 8273 sf.It was on .49 acres with Golf and Mountain views.

Las Vegas Housing Market Update - February 2019

There are 7166 single family homes listed for sale in the Greater Las Vegas and Henderson area today.Condos, town homes and high rise condos add 2289 more options for buyers.Total inventory of homes for sale stands at 9455.That’s up just a sliver from the 9421 listings available last month.It’s almost double the 4748 listings available a year ago.

We sold 1973 single family homes in February.Up 7.8% from January but down 7.7% from February 2018.Condos and town homes added another 593 closings.A total of 2566 homes changed hands.

The median price which reached a post-peak high of $300K in January dipped back to $296,200 in February.Still below the peak high of $315K.  That's 1.3% lower than the $300K median price in January.  It's 7.7% higher than February 2018 when the median price was $275K.

We’ve averaged 3382 homes sold of all types over the past twelve months.At that rate, today’s inventory is a 2.8 month supply.Still well below the six month supply that is considered a balanced market.Las Vegas is shifting towards a balanced market but has a way to go.   

Las Vegas and Henderson Luxury Homes

The luxury home market is where we’re seeing the market favor buyers.There are 459 luxury homes for sale.Luxury high rise condos offer 66 more options priced above $1 Million.Total luxury homes for sale is now 525.  

We sold 28 luxury homes and 3 luxury high rise condos in February.A total of 31 luxury homes sold during the month.That’s a drop from the 41 luxury homes sold in February of 2018. 

We sold 40 luxury homes and condos per month over the past year.At that rate, today’s luxury home market offers a 13 month supply.Sellers in the luxury market should price competitively, especially if the home is dated. 

Top 3 Luxury Homes Sold in February

8101 Obannon in Section 10 on the West side was listed for $10.5M.It sold for $6M after 302 days on the market.This unique compound was situated on 6.8 acres.The traditional style estate featured a rooftop deck with 360 degree view.In addition to the 12,362 sf main house, there were two additional homes that offered 2465 sf and 5478 sf.This is truly a unique compound for Las Vegas where homes tend to be on much smaller parcels of land.

1353 Dilevante Dr in Henderson’s Seven Hills was second place.Listed at $5.975M it sold for $5.6M after 24 days on the market.This privately gated custom home was a contemporary style.Situated on almost an acre, it offered panoramic Strip, Golf and Mountain Views.   

65 Meadowhawk Lane in the Ridges of Summerlin was third place.Listed at $4.199M it sold for $4M after 175 days on the market.This contemporary home was three stories with a basement theatre.Built in 2010 it was situated on .32 acres.

Las Vegas Housing Market Update - January 2019

We have 7198 single family homes for sale in the Las Vegas MLS today.Condos, town homes and high rise properties add 2223 more options.Buyers have a total of 9421 homes.That’s an increase from 8713 homes available last month.That’s almost double the 4836 homes we had for sale in January 2018.The number of homes for sale is 9.7% higher than last month and 95.1% higher than January 2018. 

We sold 1757 single family homes in January.We sold an additional 523 condos, town homes and high rise properties for the month.Total homes sold was 2280.That’s down from 2720 in December and 2882 that sold in January 2018.That’s a 14.9% drop from December and a 19.4% drop from January 2018. 

The Median Home Price returned to the September high of $300K.It had been lingering around $295K since September.It’s still lower than the pre-crash peak of $315K. 

We’ve averaged 3316 homes sold per month over the past year.At that rate, today’s inventory of 9421 homes for sale is 2.84 month supply of homes for sale.Still favors sellers but better than when we were under a 2 month supply. 

Las Vegas and Henderson Luxury Homes

We have 459 luxury homes priced at $1M plus for sale.We have 71 luxury high rise condos priced at $1M plus. 

We sold 26 luxury homes priced at more than $1 Million.We sold 4 high rise condos priced above $1 Million.Total luxury homes sold in January was 30, equal to the number sold in December.It’s a slight increase over the 25 we sold in January 2018.

Top 3 Luxury Homes Sold in January

Waldorf Astoria #4707 was the most expensive home sold in January.Listed at $3.99M, it sold for full list price after only 1 days on the market.This was the Presidential Penthouse at the Waldorf.The 2167 sf was on the top floor of the building with 11’ high ceilings.It featured two masters with en suite baths and a third bathroom.It was sold furnished.

1504 View Field Ct. in Henderson’s MacDonald Highlands was listed for $3.299M and sold for $3,333,350.This one had been on the market since August 2015.The home featured incredible Strip views with a traditional decor.The master suite had his and her bathrooms.It included 6 bedrooms, 7 baths in 8504 sf.

9801 Moon Valley Ct in Summerlin’s Mountain Trails community.This 9115 sf home featured 4 bedrooms, 7 baths on a .7 acre lot.It was listed for $3.299M and closed for $3 Million after 127 days on the market.

2018

Las Vegas Housing Market Update - December 2018

Las Vegas Housing Market Update - November 2018

The number of homes for sale continues a steady increase.Today we have 6915 single family homes for sale.Condos and town homes add 2046 options.Home buyers have a total of 8961 homes available today.That’s up slightly from 8831 last month.It’s a huge increase over the 5564 homes for sale this time last year.It’s only .01% over last month’s inventory.It’s a 61% increase over last year.

We sold 2299 Single Family Homes in November.We sold 625 condos and townhomes.Total homes sold was 2927 for the month.That’s 14.6% less than in October.It’s 8.8% less than we sold in November 2017.

The median home price remained stable at $295K in November.Highest for the year was $300K in September.October and November have both been $295K.  

We’ve sold 3501 homes per month on average for the past year.At that rate, today’s inventory of homes for sale is a 2.6 month supply. That’s up from 2.3 months last month and a steady rise from just under 2 months at the peak of the Summer buying season.It still favors sellers but we’re beginning to see some evening out of the market.When it gets back to a six month supply, we’ll be at what is considered a balanced market.

Las Vegas and Henderson Luxury Homes

We have 442 estate homes for sale that are priced above $1 Million.That’s down from 469 last month.We have 68 high rise condos listed above $1 Mil.That’s up slightly from 66 last month.Total luxury homes for sale is 510, down from 535 last month.

We sold 25 homes priced at $1 Million plus in November.That’s a drop from 35 in October.We sold 4 high rise condos priced above $1 Million.Total was 29 luxury homes sold for the month.

Top 3 Luxury Homes SOLD in November

3 Anthem Pointe in Henderson’s Anthem Country Club.This home was listed for $7.5M and sold for $6.4M after 12 days on the market.The 8927 sf custom home featured 6 bedrooms and 10 baths with an 8 car garage.It was situated on an acre with sweeping views of Mountains, Golf Course and the City.Built in 2002, it had theatre/game/billiard room and an NCAA Basketball Court.

16 Wild Ridge Ct in the Ridges of Summerlin.This contemporary home was listed for $4.25M and sold for $4M after 344 days on the market.The 5439 sf home offered 4 bedrooms, 5 baths with parking for 3 cars.Built in 2005, this home was on .44 acres.

657 Ridgestone Rim in Henderson’s MacDonald Highlands.This new, contemporary custom home was listed for $3.995M and sold for $3.7M after 132 days on the market.This home featured 4 bedrooms, 6 baths with 3 car garage in 6774 sf.Situated on .29 acres, it had spectacular views of the entire valley.

Las Vegas Housing Market Update - October 2018

Las Vegas Housing Market Update - September 2018

Las Vegas Housing Market Update - August 2018

Las Vegas Housing Market Update - July 2018

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

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.

2017

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

Las 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

Sales 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.

Where 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

Most 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

Buyers 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.

2016

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

We 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

The 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

Buyers 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

Henderson’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

Most 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

The 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

Temperatures 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

The 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

We’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

The 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?

Spring 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.

Related Links

• Spring Home Buying Tips for 1st Time Buyers
• Home Selling Disclosures
• Buying a Pool Home - Pros and Cons