The Luxury Real Estate Market is Back…for Now

June 11, 2020

The spring selling season’s bloom came late, but it has arrived. In May, closed sales of guard-gated real estate in Las Vegas checked in at 48 properties, which is a 50% increase over April. While the closed sales figure is a lagging indicator, since the escrow process is 30-45 days, when we look at another of May’s month-end numbers, the ramp-up of buyer optimism shines through.

As of May 31, 111 guard-gated properties were reported under contract. That’s up from May 2019’s number of 97. So, while May’s year-over-year comparison of “closed sales” shows 2020 is down 54%, the rise of the under-contract figure means that good things are ahead in Las Vegas’ guard-gated market.

Watching Las Vegas turn the lights back on and May’s uptick of sales activity makes for a positive mood. Add to that the LA Times recently reported that our neighbor Los Angeles’ luxury market is booming. The economy is supercharged with stimulus money, the C.A.R.E.S Act, and business have PPP money to spend. However, it is important we remain cautiously optimistic, and closely monitor Nevada’s numbers of COVID cases in the weeks ahead.

In the past few weeks, my team and I have paid close attention to the frank and long overdue discussions about race. We believe every industry has a responsibility to do its part to cultivate change. We are working to educate ourselves while having meaningful internal discussions about our role in creating a more diverse workplace and amplifying Black voices in our industry and community so we can be a part of the change. I will be sharing more information in the weeks ahead.

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