Happy New Year! Despite the pandemic, the Las Vegas valley’s luxury real estate market was on fire throughout the last half of 2020. For homes priced between $1 million and $2 million, there were 597 sales in 2020 compared to 450 in 2019. This is an increase of 32.7%. However, the impressive numbers don’t stop there. Sales were up 60.5% year over year for homes priced between $2 million and $3 million. Homes priced over $4 million saw over twice as many sales as there were in 2019!
Compared to high-rise, mid-rise, and townhome sales in 2020, single-family homes had the biggest surge, particularly in the $4 million+ range. This makes sense considering that buyers relocating from California and other states with rising income tax had the most to gain by moving here. Now more than ever, people are realizing the importance of home—and the amenities needed to teach their children there, to stay fit while gyms are closed, to work from home, and to unwind without traveling for vacation.
The recent influx of out-of-state buyers has been beneficial to sellers in our market of expertise: guard gated single-family real estate in Summerlin, Las Vegas, and Henderson. Usually, the holidays are much slower, but like much of 2020, December was quite robust. Closed sales in the guard gated market were up 9% over November and 119% year over year. The number of homes under contract as of 12/31 was down 22.6% from November, reflecting a seasonal slowdown, but pending sales were still up 52.5% year over year. Our real estate brokerage sold 10 homes in just the 10 days leading up to Christmas!
As more and more luxury buyers across the country realize the value of moving to Las Vegas, the demand for homes with high-end amenities and world-class views is likely to increase. Paired with the continued decline in inventory (down 17.3% over November), this will make the market even more competitive in 2021. In times like these, sellers often make the mistake of thinking that any agent will do. However, despite 2020’s hot market, many luxury listings either expired or achieved lackluster results. To avoid the same fate, you need a team of real estate professionals with a proven track record. If you’re looking to sell your home—or if you have any friends or family relocating to Las Vegas—give us a call today. We’d be happy to provide our expertise to you.