Happy New Year! 2021 was a tremendous year for luxury real estate, and 2022 is off to a great start. For guard-gated homes priced $500,000 and over, there were 1,390 closed sales in 2021—compared to 1,051 in 2020 and 784 in 2019, an increase of 32% and 77% respectively. Looking at gross sales volume, the numbers are even more impressive—with 2021 ( $2,219,505,365) more than doubling 2019 ($958,077,925).
Although there were fewer closed sales in December 2021 than December 2020, sales were up 27% and inventory was down 20.6% month over month, reflecting an unusually active holiday season.
All signs point to the market remaining hot, particularly in the single-family home segment. As of January 2nd, there were 366 single-family homes priced over $1,000,000 available on the market, just one less than the 367 that sold during the fourth quarter of 2021. This shows that there is a ballpark three-month supply of inventory in this segment. In other words, it’s a seller’s market.
2022 is shaping up to be a very competitive year for buyers. This recent surge in home purchasing has left Las Vegas and Henderson with inventory levels lower than their low in 2013. The numbers quoted above do not include new home sales, which have been at an all time high. Even the availability of custom home lots has declined sharply.
Whether you need help purchasing a home or you want to make the most of these favorable selling conditions, preparation is key. The sooner we begin, the better. Give us a call when you’re ready to get started.