We have just wrapped up the 3rd quarter of 2021. To put the strength of the luxury market into perspective, I’m going to share with you the 3rd quarter total sales for properties priced over $1,000,000. These numbers are for closed sales in Summerlin, Las Vegas, and Henderson combined and include houses and condos with or without a gate: 146 sales in Q3 2019, 232 sales in Q3 2020, and 411 sales in Q3 2021. At the $1M+ price point, there were 2.8 times more sales in 2021 than in 2019. This has led to substantial increases in home prices and very low inventory levels.
September’s numbers, which you can find in our Guard Gated Market Trends section, show things cooling off with the number of closed units and pending sales down month-over-month and year-over-year. Inventory in September however was up 15% over August. I attribute this to a seasonal trend and expect pricing to remain stable. There will continue to be sales throughout the holiday season, so now is still a good time to sell if you want to take advantage of the current seller’s market.
Unsurprisingly, newer and renovated homes are fetching the highest prices. If your home is 10+ years old, now might be a good time to consider bringing in a designer to refresh things. Even if you don’t plan on selling soon, you’ll get to enjoy the refresh and get a higher price when you’re ready to sell. We work with some great vendors and can recommend the right designers, contractors, etc. to get the job done.
Please reach out with any questions you may have.