Las Vegas Guard-Gated Real Estate Market Trends - September 2024

The guard-gated real estate market is definitely starting to see a shift.

Overall Trends

In August, closed sales decreased by 30% month over month while inventory rose by 8%, signaling a softening market. Year-over-year data, which eliminates seasonal trends, tells the same story. Several price points still have less than a six-month supply of homes, favoring sellers, but they are trending toward the six-month mark, where prices tend to be more stable. For the price points with more than a six-month supply, we may see some price declines.

Days on Market

In August, 91.8% of the closed sales went under contract within 60 days of their last list price.

Only three homes took longer than 90 days to sell, which each went under contract twice and were not just sitting on the market:

1. 10970 Warbler Ave. - sold in 82 days, fell out of escrow 28 days later, then sold again in 11 days
2. 4127 Lemonsage St. - sold in 51 days, fell out of escrow 20 days later, then sold again in 49 days
3. 10 Anthem Pointe Ct. - sold in 108 days, fell out of escrow 8 days later, then sold again in 54 days

Cash vs. Financing

Our market analysis reveals that 61% of buyers paid cash in August, up from 47% in July.

August 2024 Sales Data

There's a lot more data to dive into. You can download a detailed spreadsheet of the August 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

10313 Orkiney Drive was sold without being listed on the Multiple Listing Service (MLS).

Finally, 6 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!