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Luxury Real Estate is Defined in the Las Vegas Market

If you describe Real Estate as Luxury enough times, it starts to lose its meaning.  Luxury is entirely overused in the Real Estate market to describe properties that do not meet the general definition of a Luxury Real Estate Property.  In fact, the term Luxury has been used to describe Ultra Luxury Real Estate; homes of the world’s wealthiest 1% to a small kitchen re-model.

The Institute for Luxury Home Marketing, which specializes in training real estate professionals in high-end home sales, defines luxury as the top 10% of the Real Estate Market in any metropolitan market.   You may be surprised to know that 90% of the resale homes that sell in our market are under $630,000.

In addition, there is no official checklist for labeling a property as luxury.  Noteworthy, there are some general features that are common in upscale properties:

  • Gated communities or buildings with a high level of security
  • Prime Location
  • Professional Quality Kitchen Appliances
  • High End Interior Finishes
  • Customized Closets
  • Hotel like facilities if the property is located in a luxury building

In the Las Vegas Market in the preceding six months:
The top 10% of the market that sold was $630,000 or above that price point.  There were 593 homes that sold with an average days on market of 89 days.
The top 5% of the market that sold was $925,000 or above.  222 homes sold and were on the market an average of 105 days.
The top 1% of the market that sold was $3,000,000 and over.  25 properties sold with an average days on market of 164 days.

Finally, if you are questioning whether your home would be considered in the top 10% of the market, talk with your Windermere Prestige Properties Agent.  To preview our Luxury listings go to:  www.finevegashomes.com

Posted on March 7, 2018 at 10:38 pm
Robyn Yates | Category: Information for clients, Luxury Real Estate, Market Reviews, Uncategorized | Tagged , , , , , , , ,

2017 Las Vegas Real Estate Market Summary

 The 2017 Las Vegas Real Estate Market Summery. 2017 turned out to be a positive year in the Real Estate market for our clients. 

36% Average Sales price has increased in the past five years.  Our 2017 Las Vegas Real Estate Market Summary determined in December of 2013, the Average sales price for a Residential Single Family home was $231,725; while in December,  2017 the average sales price was $316,359.  That is an increase over five years of $84,634 or 36%.

The total number of resale closings totaled 43,023 in 2017, an increase of 7.5% over 2016 and an increase since 2014 of 24%.  New construction closings are predicted to be over 9,000 for 2017 a year to year increase of 15%.  The average price of new construction is now over $350,000, an increase of 8% over prior year.

What does the future hold for our Real Estate Market and what does this mean for our clients buying and selling?

*. There are no immediate signs that would signal prices will start dropping, in fact we believe pricing will continue to climb.
*. Consumer demand is still strong.
*. There is no sign of over-building in new construction.
*. California residents average price for a home is $500,000.  This along with the Congressional proposed legislation to cap state and local taxes which could impact resident’s ability to itemize some deductions could be the catalyst to prompt our neighbors to move North to Nevada.
*. 43,000 homes or 10% of all mortgages are still underwater in Clark County.  A year ago 19% of the homes In Clark County were underwater.  Though the market is not completely healed, this is a step In the right direction.
*. There is a less than two month supply of housing.  
*. Interest Rates continue to be stable.

2018 should continue to move in the right direction for housing, with the number of closings both resale and new construction continuing to rise.  The economic forecasts continue to predict a population growth in Clark County of a minimum 2% a year.

For those considering purchasing In 2018, if your price point is under $400,000, properties in good condition, priced at or slightly above market are getting multiple offers and often sell over list.  Take this into consideration when your write your offer.

Those considering selling; 1). Make sure your home is in the best possible condition to that you get the best price, 2). Price your home at market or slightly above, and 3). Make sure your home is easy to show. Always,  utilize the skills of a professional Realtor with a proven track record.

Posted on January 9, 2018 at 1:40 am
Robyn Yates | Category: Market Reviews | Tagged , , ,