Rob's Report - May 2022

Rob's Report SUMMERLIN, LAS VEGAS, & HENDERSON

1947 ORCHARD MIST STREET R E D R O C K C O U N T RY C L U B

$1,950,000 | 4,107 SF 4 Bedrooms, 4 Bathrooms Two-Story

Overlooking the first hole of the Arroyo golf course, this two-story home enjoys stunning fairway and mountain views in the 24-hour guard-gated community of Red Rock Country Club. Featuring pocket doors that open to the covered patio, the great room has been designed to maximize the view and provide sublime indoor/ outdoor living. With the peaceful golf course and mountains as your backdrop, you can sunbathe on the deck, lounge in the infinity pool, or relax in the spa.

M AY 2 0 2 2

APRIL 2022

Sold Properties COMMUNITY

ADDRESS

SF

Guard-Gated PRICE

SF

PRICE

P/SF

708 Charbonne Place

3,886

$2,205,000

$567

$550

800 Pont Chartrain Drive

4,414

$1,600,000

$362

9621 Verlaine Court

6,104

$2,700,000

$442

10033 Fox Springs Drive

3,274

$1,025,000

$313

11785 Canons Brook Drive

2,172

$815,000

$375

3843 Glasgow Green Drive

5,924

$1,950,000

$329

58 Grand Masters Drive

4,628

$2,100,000

$454

P/SF

SUMMERLIN Bellacere

$3,250,000

$539

Country Club Hills

2000 Glenview Drive

5,274

$1,640,000

$311

2040 Glenview Drive

3,192

$1,200,000

$376

Eagle Hills

1908 Red Robin Court

4,595

$2,150,000

$468

Eagle Rock

9733 Plateau Heights Place

3,192

$1,100,000

$345

608 Proud Eagle Lane

3,664

$1,342,500

$366

5184 Fading Sunset Drive

4,725

$1,368,136

$290

10794 White Clay Drive

3,601

$1,255,277

$349

3234 Dove Run Creek Drive

4,564

$1,950,000

$427

2904 Dove Run Creek Drive

3,455

$1,900,000

$550

11605 Evergreen Creek Lane

3,823

$1,900,000

$497

11224 Golden Chestnut Place

2,712

$1,400,000

$516

2355 Green Mountain Court

3,455

$1,665,000

$482

2880 Peaceful Grove Street

4,410

$2,000,000

$454

2563 Red Arrow Drive

7,577

$4,200,000

$554

Dear Friends, On a year-over-year basis, pending sales are down 35.4% and closed sales are down 37%. However, this can’t be attributed to low inventory alone because the number of homes for sale is actually up 9.7% over last year. There are three drivers causing home sales to slow down. First, prices are up significantly; the huge appreciation the market has seen has left many buyers on the sidelines. Second, interest rates are on the rise, which will continue to contribute to the slowdown. Last but not least, there are still many overpriced homes on the market that buyers are not taking seriously.

If you look at the Absorption Rate chart, you’ll see that homes priced between $500,000 and $2,500,000 are enjoying a much stronger seller’s market than homes priced over $2,500,000. We expect to see single-digit appreciation this year, and as always, the properties that show the best will continue to sell the fastest for the highest price.

We recommend renovations to many of our sellers these days because we’ve seen the huge returns it has given them.

It’s almost like flipping your own house. However, we understand renovations are not for everyone and are definitely not mandatory. Whether you plan to sell now or later, we’d love to hear your goals and help you get there. Now, if only the wind would stop so everyone can enjoy their swimming pools as the days get hotter!

Sincerely,

Rob Jensen Broker / President 702.605.7480 rob@robjensen.com B.143770

Monica Nalbantoglu Director of Sales 702.605.7480 monica@robjensen.com S. 179807

$3,135,000

6,031

Red Rock Country Club

As of April 30th, 2022, there were 226 guard-gated single-family homes for sale. In order to gain perspective on how much inventory has changed, it’s helpful to look at April 2018, when there were 391 homes for sale. Inventory is 42.2% lower than it was four years ago. This shortage in supply has continued to push prices higher. There were 147 pending sales in April 2018, which is right in between the numbers for March and April of this year. This indicates that demand is about the same as it was in 2018. Finally, there were 82 closed sales in April 2018—26% less than the 111 sales of April 2022.

5,700

Canyon Fairways 821 Canyon Greens Drive

Mesa Ridge

1 9 4 7 O R C H A R D M I S T S T R E E T | R E D R O C K C O U N T RY C L U B

10201 Summit Canyon Drive

3083 Red Arrow Drive

5,122

$3,000,000

$586

2953 Soft Horizon Way

4,443

$2,310,000

$520

2922 Soft Horizon Way

3,455

$1,530,000

$443

Reverence

3080 Mount Oak Court

2,518

$1,200,000

$477

The Ridges

11280 Granite Ridge Dr, #1061

2,985

$925,000

$310

11280 Granite Ridge Dr, #1123

2,037

$1,095,000

$538

49 Hawk Ridge Drive

8,639

$9,000,000 $1,042

15 Painted Feather Way

7,843

$5,500,000

$701

68 Panorama Crest Avenue

3,766

$2,800,000

$743

91 Sun Glow Lane

4,758

$5,350,000 $1,124

43 Sun Glow Lane

5,794

$4,750,000

$820

Tournament Hills 9025 Grove Crest Lane

10,165

$6,125,000

$603

9029 Grove Crest Lane

6,437

$3,600,000

$559

1101 Pine Island Court

7,319

$3,925,000

$536

The Vineyards

1644 Saintsbury Drive

3,397

$1,290,000

$380

Willow Creek

2971 Hammerwood Drive

3,598

$1,425,000

$396

LAS VEGAS Canyon Gate

COMMUNITY Queensridge

8701 Double Eagle Drive

1,788

$630,000

$352

2200 Glenbrook Way

6,903

$2,520,000

$365

8633 Robinson Ridge Drive

3,308

$1,125,000

$340

One Queensridge 9101 Alta Drive, #805 Place 9101 Alta Drive, #11

3,355

$2,245,000

$669

1,990

$755,000

$379

9103 Alta Drive, #605

3,355

$2,275,000

$678

9103 Alta Drive, #306

2,137

$890,000

$416

Regency at The Lakes Southern Highlands

15 Vintage Canyon Street

10,256

$4,575,000

$446

Spanish Hills

5114 Spanish Hills Drive

12,181

$4,999,000

$410

Spanish Trail

24 Congressional Court

4,462

$872,500

$196

54 Innisbrook Avenue

8,245

$4,000,000

$485

42 Innisbrook Avenue

6,871

$2,300,000

$335

Ten Oaks

7429 Doe Avenue

4,526

$2,195,110

$485

Tuscan Cliffs

4120 San Capri Way

4,992

$1,500,000

$300

6 Ayden Drive

4,062

$2,200,000

$542

8 Belfair Court

3,962

$2,070,000

$522

12 Bloomfield Hills Drive

6,150

$3,782,800

$615

HENDERSON Anthem Country Club

The Fountains

24 Brookridge Drive

3,085

$1,900,000

$616

11 Canoa Hills Drive

3,693

$1,220,000

$330

19 Club Vista Drive

3,942

$2,300,000

$583

1 Emerald Dunes Circle

1,833

$745,000

$406

10 Fallows Fire Court

1,393

$750,000

$538

3 Fountainhead Circle

2,043

$825,000

$404

28 Highland Creek Drive

7,094

$2,200,000

$310

20 Holston Hills Road

2,513

$1,425,000

$567

22 Mallard Creek Trail

4,025

$1,737,500

$432

20 Pine Hollow Drive

4,282

$2,270,000

$530

29 Plum Hollow Drive

3,216

$1,850,000

$575

2226 Chatsworth Court

6,941

$2,850,000

$411

2239 Chatsworth Court

6,100

$2,400,000

$393

2337 Prometheus Court

3,846

$1,275,000

$332

Hillsboro Heights 1869 Woodhaven Drive

7,003

$2,200,000

$314

MacDonald Highlands

1336 Enchanted River Drive

5,267

$2,540,000

$482

1463 Foothills Village Drive

4,124

$1,740,000

$422

1426 Foothills Village Drive

3,739

$1,720,000

$460

1210 MacDonald Ranch Dr

8,495

$8,295,000

$976

667 Palisade Rim Drive

4,999

$4,150,000

$830 $358

Roma Hills No closed sales for the month of April in Aventura, Corta Bella, Country Rose Estates, Mountain Trails, The Palisades, The Summit Club, Ascaya, Legacy Estates, and Seven Hills - Rapallo

ADDRESS

1388 Quiet River Avenue

5,587

$2,000,000

683 Scenic Rim Drive

5,986

$6,450,000 $1,078

487 Serenity Point Drive

3,001

$2,400,000

$800

475 Toucan Ridge Court

5,967

$2,400,000

$402

1769 Harpsichord Way

5,472

$1,620,000

$296

8,480

$2,800,000

$330

3,673

$2,999,000

$816

1535 Teramo Street Seven Hills Terracina/Venezia 1591 Villa Rica Drive

APRIL 2022

How's The Market?

PRICE RANGE

Guard-Gated Sales Statistics

FOR SALE

UNDER CONTRACT

SOLD

EXPIRED

ABS* RATE (MONTHS)

$500K-$749K

21

16

9

0

3.4

$750K-$999K

22

13

21

0

1.7

$1M-$1.49M

30

27

24

0

2.3

$1.5M-$1.99M

32

19

15

1

4.3

$2M-$2.49M

19

25

17

3

3.0

$2.5M-$2.99M

21

8

7

1

5.3

$3M-$3.99M

19

11

6

2

5.5

$4M+

62

16

12

3

6.5

*ABS(orption) rate is the length of time (in months) that it takes to sell current inventory. This is calculated by adding homes FOR SALE and homes UNDER CONTRACT and dividing the total by the average number of monthly sales for the last 2 months. Source: Multiple Listing Service (MLS), 04/30/22. We add pending and contingent sales to the active listings; otherwise, they'd be counted twice as sales or might even fall out of escrow.

Market Trends APR 2022

Monthly & Yearly

ACTIVE LISTINGS

UNDER CONTRACT

CLOSED SALES

226

135

111

4/30/22

4/30/22

APRIL '22

OVER MAR '22

+26.3%

-10.6%

+11%

OVER APR '21

+9.7%

-35.4%

-37%

MAR 2022

179 3/31/22

151 3/31/22

MARCH '22

APR 2021

206

209

175

4/30/21

4/30/21

100 APRIL '21

1 0 7 7 1 H O B B I T O N AV E N U E WILLOW CREEK $1,575,000 | 3,792 SF 5 Bedrooms, 5 Bathrooms Two-Story

A wonderful life for you and your family awaits at this two-story home in Wood Glen, a subdivision of the 24-hour guard-gated community of Willow Creek—located among some of the best schools, parks, shopping, and golf courses that Summerlin has to offer. This home showcases a beautiful backyard with a lagoon pool and spa, a waterslide, a swim-up palapa bar, a covered patio, and direct access to the neighborhood’s gorgeous green belt, which leads to two tennis courts, a BBQ pavilion, a basketball court, and more.

UNDER CONTRACT

5 6 0 8 B U E N A M A R T I N A WAY SOUTHERN HIGHLANDS $900,000 | 4,086 SF 4 Bedrooms, 5 Bathrooms Single-Story

This single-story home with a generous loft is located in the gated community of Bella Sera in Southern Highlands—a master-planned community in the southern foothills of the Las Vegas Valley.

Beyond the courtyard entry, discover a spacious interior boasting high ceilings, travertine flooring, and a thoughtfully designed floor plan. All of the bedrooms are on the main level, so you can enjoy a single-story lifestyle while also having access to a generous loft and balcony with mountain views. Additional highlights of this home include an incredible outdoor kitchen and an expansive great room with 23’ ceilings.

10785 W. Twain Avenue, Suite 110 Las Vegas, NV 89135 702.605.7480 | robjensen.com

JUST SOLD

11447 MORNING GROVE DRIVE RED ROCK COUNTRY CLUB

$3,3000,000

JUST SOLD

2355 GREEN MOUNTAIN COURT RED ROCK COUNTRY CLUB

robjensenco

robjensenco

$1,665,000