Yes, luxury homes are selling in Las Vegas. Are foreclosures selling in Las Vegas. You bet your butt they are. They account for over 40% of our total closings at the moment. Are $600,000 houses selling. Yes. There were over 1700 homes sold in the month of May this year. I thought the public would like to know that houses are still selling in our market. Activity has increased dramatically since January, and our inventory of homes has decreased. We still have a way to go to get out of this housing bubble, but the signs of life are still there.
Since March 1, 2008 there have been over 50 homes that have sold over $1 Million. There are currently 990 homes on the market over $1 Million, and 52 pending or contingent properties. There is a lot more supply then demand which normally drives prices down. However this market has been able to hold it’s value better than anything under $900,000. I wrote a post about a luxury foreclosure that was purchased in 2005 for $900,000 and is currently on the market for $619,000. That’s a 31% drop in value. Luckily the luxury market has experienced quite a drop. Take a look:
Click on the picture below to see the luxury homes that have sold in the last three months. It provides Original List Price, Sales Price, Days on Market, and a picture.
If you’d like more information regarding the luxury home market in Las Vegas, please contact Felipe Crook at Felipe@felipecrook.com
Felipe Crook
Prudential Americana Group Realtors
702-683-2169
