Luxury Market Report

NOVEMBER Home of the CLHMS

TM

LAS VEGAS NEVAD A www.LuxuryHomeMarketing.com

2023

LAS VEGAS

SINGLE - FAMILY HOMES

LUXURY INVENTORY VS. SALES | OCTOBER 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

29

1

$2,500,000 - $2,899,999

$1,500,000 - $1,699,999 $1,300,000 - $1,499,999 $1,200,000 - $1,299,999

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

Total Sales Ratio2: 14%

25

1

39

4

31

2

30

4

54

8

75

5 51

11

71

10 54

12

78

12

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

1

Buyer's Market

21

1

$2,100,000 - $2,499,999 $1,700,000 - $2,099,999

Total Sales: 91

22

0

$3,500,000 - $4,299,999 $2,900,000 - $3,499,999

Total Inventory: 628

6

0

42

20

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

7

0%

2,000 - 3,499

$1,200,000

4

3

32

148

22%

3,500 - 4,999

$1,242,500

4

4

40

240

17%

5,000 - 6,499

$1,777,000

5

4

13

118

11%

6,500 - 7,999

$3,600,000

6

6

3

64

5%

8,000+

$5,225,000

5

4

3

51

6%

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

$1,537,906 $1,347,500

751

724

$1,512,500

623

$1,525,000

620

Inventory

$1,350,000

$1,378,000

$1,350,000

622

613

641

$1,485,000

Solds

$1,495,000

$1,365,000

$1,379,905

604

610

611

566

91

62

60

68

70

117

107

122

110

Oct-22

Nov-22

Dec-22

Jan-23

Feb-23

Mar-23

Apr-23

May-23

Jun-23

121

Jul-23

$1,460,000

$1,300,000

628

611

138

96

91

Aug-23

Sep-23

Oct-23

MEDIAN DATA REVIEW | OCTOBER TOTAL INVENTORY Oct. 2022

Oct. 2023

724

628 VARIANCE: -13 %

SALE PRICE PER SQFT. Oct. 2022

Oct. 2023

402

362 VARIANCE: -10 %

$

$

TOTAL SOLDS Oct. 2022

Oct. 2023

91

91 VARIANCE: 0 %

SALE TO LIST PRICE RATIO Oct. 2022

Oct. 2023

94.92% 96.15% VARIANCE: 1 %

SALES PRICE Oct. 2022

Oct. 2023

1.54m

$

$

1.30m VARIANCE: -15 %

DAYS ON MARKET Oct. 2022

Oct. 2023

36

27 VARIANCE: -25 %

LAS VEGAS MARKET SUMMARY | OCTOBER 2023 • The Las Vegas single-family luxury market is a Buyer's Market with a 14% Sales Ratio.

• Homes sold for a median of 96.15% of list price in October 2023.

• The most active price band is $1,000,000-$1,099,999, where the sales ratio is 48%.

• The median luxury sales price for single-family homes is $1,300,000.

• The median days on market for October 2023 was 27 days, down from 36 in October 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