November Luxury Market Report

OCTOBER Home of the CLHMS

TM

LAS VEGAS NEVAD A www.LuxuryHomeMarketing.com

2023

LAS VEGAS

SINGLE - FAMILY HOMES

LUXURY INVENTORY VS. SALES | SEPTEMBER 2023 Inventory

Sales

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

0

36

6

31

3 25

2

61

7

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

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

74

14 44

9

76

11 54

12

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

69

16

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

1

Total Sales Ratio2: 16%

26

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

$1,500,000 - $1,699,999

Balanced Market

23

1

$3,500,000 - $4,299,999

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

Total Sales: 96

20

1

$5,100,000 - $6,099,999

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

Total Inventory: 611

4

0

$6,100,000 - $7,599,999

$4,300,000 - $5,099,999

25

1

43

13

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

4

29

152

19%

3,500 - 4,999

$1,507,500

4

4

48

232

21%

5,000 - 6,499

$1,750,000

4

4

13

113

12%

6,500 - 7,999

$2,787,500

6

6

2

53

4%

8,000+

$5,662,500

5

6

4

54

7%

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

$1,288,692

807

751

724

$1,512,500

$1,525,000

623

620

Inventory

$1,350,000

$1,378,000

$1,350,000

622

613

641

Solds

$1,485,000

$1,495,000

566

611

86

91

62

60

68

70

117

107

122

110

Sep-22

Oct-22

Nov-22

Dec-22

Jan-23

Feb-23

Mar-23

Apr-23

May-23

Jun-23

$1,365,000

$1,379,905

604

610

611

138

96

Aug-23

Sep-23

121 Jul-23

$1,460,000

MEDIAN DATA REVIEW | SEPTEMBER TOTAL INVENTORY Sept. 2022

Sept. 2023

807

TOTAL SOLDS Sept. 2022

Sept. 2023

611 VARIANCE: -24 %

96 VARIANCE: 12 %

SALE PRICE PER SQFT.

SALE TO LIST PRICE RATIO

Sept. 2022

Sept. 2023

364

$

378 VARIANCE: 4 % $

86

Sept. 2022

Sept. 2023

95.82% 96.32% VARIANCE: 1 %

SALES PRICE Sept. 2022

Sept. 2023

1.29m

$

$

1.46m VARIANCE: 13 %

DAYS ON MARKET Sept. 2022

Sept. 2023

31

32 VARIANCE: 3 %

LAS VEGAS MARKET SUMMARY | SEPTEMBER 2023 • The Las Vegas single-family luxury market is a Balanced Market with a 16% Sales Ratio.

• Homes sold for a median of 96.32% of list price in September 2023.

• The most active price band is $1,000,000-$1,099,999, where the sales ratio is 30%.

• The median luxury sales price for single-family homes is $1,460,000.

• The median days on market for September 2023 was 32 days, up from 31 in September 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