Mar 10
31
I’ve been doing a weekly report of the Vegas real estate market for over a year now. This is the first in a new set of informational offerings. The month-end luxury housing report is likely to evolve to meet the needs of you and my clients, so please put your suggestions in the comments!
Entry Level Luxury Available Properties: In the $500,000 to $1,000,000 price range, there were 545 available properties, none in Auction status. Median price was $695,000; median size was 3703 square feet, and median time on market was 181 days. A total of 71 are noted as short sales, 26 are bank-owned, and 444 are non-distressed sales. There were 12 condominiums, 3 manufactured homes (pricing is justified by lot size), 526 single family homes, and 4 townhomes.
Mid-Range Luxury Available Properties: in the $1,000,000 to $5,000,000 price range, there were 458 available properties, none in Auction status. Median price was $1,762,500, median size was 5832 square feet, and median time on market was 240 days. Of these, 24 are short sales, 15 are bank-owned, and 417 are non-distressed sales. There were 1 condominium, 1 manufactured home (on a 3+ acre lot), 456 single family homes, and no townhomes.
High-End Luxury Available Properties: in the $5,000,000 and up price range, there were 43 available properties, none in Auction status. Median price was $8,750,000 (highest price was $18,500,000), median size was 11,255 square feet (highest was 25,924 square feet), and median time on market was 328 days. There were no condominiums, no manufactured homes, 43 single family homes, and no townhomes.
Features of Available Luxury Properties: Of our total 1041 luxury properties currently available, 419 had at least 5 bedrooms. All had at minimum a 3 car garage. 711 featured a private pool. 672 are less than 10 years old, while only 66 are over 30 years old. 728 are in gated or guard gated communities. 50 are in age restricted communities. 363 are on country clubs or golfing communities. 107 are on lots bigger than on acre. 56 are equestrian “horse friendly” properties.
Contingent and Pending Luxury Properties: There are 259 Contingent and Pending properties under contract to be sold. 209 were Contingent (inspections not yet completed, short sale approval not yet obtained, etc), and 50 were Pending. 216 were Entry Level, 43 were Mid-Level, and none were High-End. Median price was 650,000, median size was 4258 square feet, and median time on market (before accepting a contract) was 69.
Closed Luxury Properties: We had 64 closings in the last 30 days and 174 year to date. Of properties closed this month, median list price was $697,000, median sales price was $632,500. Luxury property is one of the few areas of the market where sales price is less than list price at the present time. Median size was 4072 square feet. Median time on market was 53 days, 190 days including the contingent period.
To find out more — or find a special property of your own – call me today at 702-727-7842 or email bmagnus@bridgetmagnus.com. Although this information is available to all GLVAR members through the MLS system, this article was written and copyright by Bridget Magnus, and is her sole property.
