The data from last month shows notable shifts in the Las Vegas guard-gated real estate market.

Overall Trends

The spring selling season is off to an early start, with an uptick in both buyers and sellers. Closed sales rose to 66 in February, a 25% increase from January, while inventory climbed 5% month-over-month.

The year-over-year data gives us a different perspective of the market. There were only 6 fewer sales in February 2025 (66 sales) than February 2024 (72 sales), but inventory rose from 279 properties to 406—an increase of 127. This shift in supply and demand is softening the market. There’s more competition, which is having an effect on pricing.

Supply & Demand

Supply levels increased in most price segments. Not that long ago, most price segments had about 3 or 4 months of supply, which favored sellers. Now we’re seeing more segments in the 6 to 8 month range, a relatively balanced market, but one that is beginning to favor buyers.

Sales Above List Price

In February, 60.7% of sales closed within a 5% margin of their last list price, with 12.1% requiring negotiated discounts of 10% or more. While pricing pressure is evident, three properties managed to close above their last list price. The homes were built in 1990, 2005, and 2019, highlighting that homes of all ages and finishes can still attract strong offers when priced competitively.

Days on Market & Discount

Below are the homes that took 90+ days to sell from their last list price. These sales represent the longest times on the market once pricing was corrected.

• 2024 Orchard Mist Street – After 95 days on market, this property sold with an 8% discount for $2,300,000.
• 5427 Mesa Edge Court – After 106 days on market, this property sold with an 8.1% discount for $3,125,000.
• 10 Cottonwood Canyon Court – After 111 days on market, this property sold with a 12.7% discount for $5,500,000.
• 8701 Canyon View Drive – After 123 days on market, this property sold with a 15% discount for $1,700,000.
• 8110 Planting Fields Place – After 124 days on market, this property sold with a 5.6% discount for $1,440,000.
• 633 Saint Croix Street – After 89 days on market, this property went under contract the first time. It fell out of contract and was back on the market for 35 more days before selling with a 7.1% discount for $6,500,000.
• 8801 Robinson Ridge Drive – After 62 days on market, this property went under contract the first time. It fell out of contract and was back on the market for 67 more days before selling with a 4.5% discount for $1,050,000.
• 37 Hawkeye Lane – After 138 days on market, this property sold with a 10.4% discount for $3,450,000.
• 11280 Granite Ridge Drive, #1058 – After 142 days on market, this property sold with a 7.1% discount for $1,300,000.
• 2289 Candlestick Avenue – After 145 days on market, this property sold with an 8.9% discount for $2,050,000.

Cash vs. Financing

Our market analysis reveals that 61% of buyers paid cash in February, up from 51% in January.

February 2025 Sales

Here is a list of February’s guard-gated sales in Las Vegas, Henderson, and Summerlin. Scroll to the bottom to download a spreadsheet.

February 2025 Sales Data Download

You can download a detailed spreadsheet of the February sales data—including final sold prices, original list prices, price reductions, previous sales dates, percent appreciations, and more—by clicking here.

Please reference the following info to help you understand the spreadsheet:

When you encounter a negative number for the % Discount Off the Last List Price, this means the sales price was higher than the last list price.

DOM = Days on Market

REO = Real Estate Owned/Bank Foreclosure

Finally, three properties are missing data for the % Increase, Last Sold Price, and Last Sold Date because they had no prior sales as completed properties.

Any Questions?

If you have any particular questions or additional data that you’re curious about, we’re happy to help. Just give us a call at 702.605.7482 or leave a comment!