Las Vegas Property Sales Review for 2013

Las Vegas Real Estate Review for 2013 shows a housing market that has clearly stopped sinking.  This is partially due to a steady decline in foreclosures.  As you can see in the following breakdown, the number of short  sales and foreclosures declined to less than 30% of the market in the final quarter of this year.

Breakdown of homes sold per quarter in 2013

The steady decline in distress sales is clearly visible when we look at the breakdown over each quarter of the year.

For homeowners who have lost their shirts over recent years, this is welcome news. We expect the number of distress sales to continue declining. Many homes have now recovered enough of their value that owners can at least break even. In some cases, we're beginning to see sellers who walk away with a profit.

There is a drop in the number of homes sold over this final quarter.  We expect the number of homes sold to rise slightly as the MLS is updated over the next few days.  We typically see a drop in the number of homes sold over the Winter months.  This is partially to blame for the slowdown over the final quarter.  However, we do feel other factors are beginning to influence the market.  The price appreciation is causing many investors to pull back.  Rising interest rates and stricter lending guidelines are beginning to influence the market.

Currently we have 8831 homes available.  Only 1405 of those are short sales and 721 are foreclosures.  This is still less than a three month supply of homes for sale.  Less than 6 months supply is considered a seller's market.

Luxury Homes Sold in 2013:

We sold 83 homes that were listed at more than $2 Million this past year.  Twenty seven of them were listed at more than $3 Million and 9 were more than $4 Million.  We had seven homes that sold for more than $6 Million

The top five homes sold in the luxury market included:

9021 Greensboro Ln in Tournament Hills in Summerlin was listed for $7.9M when it sold for $6.85M on 12/11/13.  The home featured 12,647 sf of living space on over an acre of land.

28 Painted Feather in the Ridges of Summerlin was listed for $6.95M and sold for $6.5M on 7/18/13.  This home was 9873 sf on a 29,185 sf lot.  The price per square foot for this luxury/contemporary home was $658.36.

18 Olympia Hills in Southern Highlands Estates was listed for $8.999M and sold for $6.5M on 10/8/13.  This home tied 28 Painted Feather for sold price.  The home was larger with 14,315 sf which brought the price per sf down to $454.

9505 Kings Gate in Queensridge was listed for $6.95M and sold for $6.4M on 11/27/13.  This was a 16,213 sf home on 1.5 acres.

9940 Orient Express in Queensridge was listed for $6.6M and sold for $6.3M.  This home was 9303 sf on just under an acre of land.

In looking at the top prices over the past year, it would appear that the West side of town, including Southern Highlands, Summerlin and Queensridge is attracting more of the ultra rich than Henderson.  Two of the top five homes sold were in Queensridge.  If we look at the top 10, three were in Queensridge, three in the Ridges of Summerlin and two in Southern Highlands.

High Rise Condos Sold in 2013:

The high rise market has definitely improved over the past year.  We're seeing fewer foreclosures and short sales in this market as well.  Properties like the Martin, Veer Towers, Mandarin Oriental, ONE Queensridge and Turnberry Towers where buyers can choose from previously unsold condos are selling at a good pace.  We had 82 condos that sold for $1 Million or more with 27 closing for more than $2 Million.  The top 10 ranged from $3.1M to $8 Million.

Top five Luxury High Rise Condos Sold in 2013:

Park Towers penthouse #1904 was listed for $9.8 M and sold for $8M on 7/10/13.  This one offered 10398 sf of living space with 4 bedrooms and 7 baths.

Turnberry Place Tower 1 Penthouse #3702 was listed for $5.25M and sold for $4.6M on 10/18/13.  This one featured 6421 sf of space, 3 beds/5 baths.

ONE Queensridge Place Tower 2 #1604 was listed for $4.995M and sold for $4.5M.  It included 6404 sf of living space with 4 beds/5 baths

Turnberry Place Tower 1 Penthouse #3701 listed for $4.5M, sold for $4.2M on 10/22/13.  Featuring 5951 sf with 5 beds/6 baths

Panorama Towers Bldg 2 #3401 was listed for $3.9M and sold for $3.9M.  This penthouse covered the top floor with 14,176 sf 6 beds/9 baths

Considering that there were 11 luxury high rise condos that sold for more than $3 Million last year, we are confident that this segment of the market is also gaining strength.

The Las Vegas Real Estate Review 2013 is written by Debbie Drummond, a Realtor with over 10 years experience in the Las Vegas Luxury Home and High Rise market.  We hope you have found this review useful.  For more information, call (702)354-6900 or email [email protected]