Las Vegas Guard-Gated Real Estate Market Trends - October 2024
Rob Jensen Real Estate Company - Las Vegas
A Las Vegas team of real estate experts specializing in guard-gated, luxury communities. B.143770
As we approach the holiday season, the guard-gated real estate market continues to shift.
Overall Trends
In September, closed sales and inventory remained essentially flat month-over-month, with modest increases of 2% and 4%, respectively. However, when looking at year-over-year data, which eliminates seasonal trends, the market's softening becomes more apparent. Closed sales decreased by 3% year-over-year, while inventory surged by 27%.
Examining absorption rates shows that most price points are experiencing an increase in months of supply. While properties priced below $2M remain relatively stable, those priced above $2M may experience price declines as the market continues to soften.
Full Price Sales
Despite the cooling trend, a significant number of homes still managed to fetch top dollar in September. Approximately 6.7% of properties sold at their full original list price, and 8.3% sold above the original list price. Each of these properties was either fully remodeled, extensively renovated, featured high-end finishes, or offered desirable views.
Days on Market & Discounts
In September, 91.7% of the closed sales went under contract within 60 days of their last list price.
Cash vs. Financing
Our market analysis reveals that 46% of buyers paid cash in September, down from 61% in August.
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September 2024 Sales Data
There's a lot more data to dive into. You can download a detailed spreadsheet of the September 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
Three properties were sold without being listed on the Multiple Listing Service (MLS).
Finally, 9 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!