August Luxury Report

AUGUST Home of the CLHMS

TM

LAS VEGAS NEVAD A www.LuxuryHomeMarketing.com

2023

LAS VEGAS

SINGLE - FAMILY HOMES

LUXURY INVENTORY VS. SALES | JULY 2023 Inventory

Sales

Luxury Benchmark Price 1: $1,000,000 $9,300,000+ $7,600,000 - $9,299,999 $6,100,000 - $7,599,999

$5,100,000 - $6,099,999 $4,300,000 - $5,099,999 $3,500,000 - $4,299,999

20

2

$2,100,000 - $2,499,999

Total Sales Ratio2: 20%

27

2

37

3

23

4

34

3

50

10

72

14 46

10

$1,300,000 - $1,499,999

64

14

$1,200,000 - $1,299,999

59

15

$1,100,000 - $1,199,999

72

20

$1,000,000 - $1,099,999

1

Balanced Market

17

1

$1,700,000 - $2,099,999 $1,500,000 - $1,699,999

Total Sales: 121

18

0

$2,900,000 - $3,499,999 $2,500,000 - $2,899,999

Total Inventory: 604

6

2

59

21

Square Feet3

Price

Beds

Baths

Sold

Inventory

Sales Ratio

-Range-

-Median Sold-

-Median Sold-

-Median Sold-

-Total-

-Total-

-Sold/Inventory-

0 - 1,999

NA

NA

NA

0

4

0%

2,000 - 3,499

$1,185,000

4

3

32

145

22%

3,500 - 4,999

$1,357,500

4

4

64

243

26%

5,000 - 6,499

$2,050,000

5

5

14

104

13%

6,500 - 7,999

$2,883,750

5

7

5

54

9%

8,000+

$8,375,000

6

6

6

54

11%

The luxury threshold price is set by The Institute for Luxury Home Marketing. 2Sales Ratio defines market speed and market type: Buyer's < 14.5%; Balanced >= 14.5 to < 20.5%; Seller's >= 20.5% plus. If >100% MLS® data reported previous month’s sales exceeded current inventory.

LAS VEGAS

SINGLE - FAMILY HOMES

13 - MONTH LUXURY MARKET TREND 4 Median Sales Price

$1,300,000

821

$1,399,950

$1,537,906

807

790

$1,347,500

$1,288,692

751

724

Inventory

$1,512,500

$1,525,000

623

620

Solds

$1,350,000

$1,378,000

$1,350,000

622

613

641

$1,485,000

$1,495,000

566

611

$1,365,000

604

97

108

86

91

62

60

68

70

117

107

122

110

Jul-22

Aug-22

Sep-22

Oct-22

Nov-22

Dec-22

Jan-23

Feb-23

Mar-23

Apr-23

May-23

Jun-23

121 Jul-23

MEDIAN DATA REVIEW | JULY TOTAL INVENTORY Jul. 2022

Jul. 2023

821

TOTAL SOLDS Jul. 2022

Jul. 2023

604 VARIANCE: -26 %

121 VARIANCE: 25 %

SALE PRICE PER SQFT.

SALE TO LIST PRICE RATIO

Jul. 2022

Jul. 2023

359

$

370 VARIANCE: 3 % $

97

Jul. 2022

SALES PRICE

Jul. 2023

96.96% 95.70% VARIANCE: -1 %

Jul. 2022

Jul. 2023

1.30m

$

$

1.37m VARIANCE: 5 %

DAYS ON MARKET Jul. 2022

Jul. 2023

21

25 VARIANCE: 19 %

LAS VEGAS MARKET SUMMARY | JULY 2023 • The Las Vegas single-family luxury market is a Balanced Market with a 20% Sales Ratio.

• Homes sold for a median of 95.70% of list price in July 2023.

• The most active price band is $1,000,000-$1,099,999, where the sales ratio is 36%.

• The median luxury sales price for single-family homes is $1,365,000.

• The median days on market for July 2023 was 25 days, up from 21 in July 2022.

Square foot table does not account for listings and solds where square foot data is not disclosed.

4 Data reported includes Active and Sold properties and does not include Pending properties.

3