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According to “Where are the most homes selling in Clark County?”Las Vegas Review-Journal

ZIP code 89135 led the way with most homes sold. This area is located in Summerlin South Las Vegas, Nevada with $45.9 million sold as of early 2024. 

The area encompasses Summerlin South, below state Route 159, and is home to ultra-affluent communities such as The Ridges, a guard-gated community with a current average list price of $7.4M and a max list price of $21,5M, and The Summit Club, with prices starting at $7,9M and up to $30M.

The Las Vegas housing market exhibits resilience and adaptability, and prices have continued to rise in the face of the ever-evolving economic landscapes. Specific segments, particularly single-family homes, have experienced substantial growth in median prices, while the luxury market has remained relatively stable. 

Las Vegas has about a two-month supply of available homes for sale, indicating relatively low inventory. This low inventory can lead to increased competition among buyers and potentially result in higher returns for sellers.

Market stats also show a 12-month change in months of inventory is down 20.7%, which means the market is tightening because the supply of homes for sale has decreased significantly over the past year. This trend suggests that it is a seller’s market. 

This decrease in inventory can further drive up prices and ultimately create a seller’s market as more and more out-of-state buyers from high-priced markets such as CA are still relocating for the generous tax benefits and still reasonable real estate price points. 

The median number of days homes are on the market in Clark County is 18 and 15 days for Las Vegas.  In Summerlin South, 89135, the median days on the market is 15, which has increased 6.7% Month Over Month. 

The Median Sold Price in this area is $740,000, indicating that homes are selling quickly. This quick turnover time can be attributed to the low inventory and high buyer demand.

The list-to-sold price percentage is 99%, showing that homes typically sell very close to their list price. This high percentage indicates strong buyer interest and competition, leading to sellers receiving offers close to their asking price.

The Median Sold Price in Las Vegas is $473k, reflecting a strong demand for homes in the current market. With homes selling quickly and close to the list, sellers can expect a good return on their investment.

This correlation between these real estate metrics paints a picture of a market with limited inventory, high demand, quick sales, and firm prices. 

Buyers should be prepared to act fast and potentially pay close to the asking price. Sellers expect to see strong offers and a quick sale. 

Contact me directly if you are ready to sell or buy real estate. All my information is in the description of this video. As always, thanks for watching. I hope you enjoyed this video, which provides more Las Vegas real estate updates and home tours. Be sure to subscribe to my channel.

Sources:

Las Vegas Review-Journal – By Patrick Blennerhassett Las Vegas Review-Journal February 13, 2024 GLVAR Las Vegas REALTORS, 2024

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Susan Marques,

Showcasing those most captivating architectural homes currently available for purchase, spanning from The Summit Club in Summerlin to Lake Las Vegas. 

Las Vegas has served as an inspiring backdrop for renowned architects worldwide. The diverse landscape features a range of desert modern designs, including expansive contemporary estates and minimalist gems that seamlessly blend indoor and outdoor living.

What is an A.S.H. Homes? 

An A.S.H. Home refers to an Architecturally Significant Home that must meet a specific set of requirements to be categorized as such. These requirements typically involve technical challenges, constraints, or alignment with the system’s purpose.

Read more: ARCHITECTURALLY SIGNIFICANT HOMES ON THE MARKET NOW

The Summit Club Summerlin Las Vegas, NV (23.5M)

 Discover this extraordinary Architecturally Significant Home by Blue Heron Elite custom home division.  A true architectural marvel, located in the exclusive Summit Club. Situated on a premium corner lot over an acre, this $23,500,000 residence offers breathtaking views of mountains, a golf course, and the vibrant cityscape. 

11051 Witchcraft Ct Las Vegas, NV 89135 Listing Presented By: Lillie M. Shines S.0077182 | Coldwell Banker Premier | Source: GLVAR,MLS#: 2507786

Experience the ultimate indoor-outdoor living with expansive pocket sliders. Indulge in the gourmet chef’s kitchen equipped with top-of-the-line appliances and a temperature-controlled wine wall. Unwind in the flex room, stay active in the gym, and enjoy the two spacious secondary bedrooms with ensuite baths. 

The primary bedroom presents a private sitting area with direct access to its own spa-like sanctuary. Delight in the luxurious outdoor oasis of the primary bathroom, featuring dual showers. 

Adjacent to the primary closets, you’ll find your own private office, providing a tranquil workspace. Step into the resort-style backyard and be captivated by the two zero-edge pools with a spa, as well as the outdoor kitchen complete with a pizza oven and bar. Revel in the panoramic views from the roof deck with a fully equipped bar, offering an unparalleled

perspective of the iconic Strip and dazzling city lights. For additional accommodations, the private attached 5-bedroom, 4-bathroom casita provides limitless options to suit your lifestyle.

The Estates at Lone Mountain ($6M)

Indulge in the unrivaled luxury of 4180 North Jensen Street. This contemporary masterpiece boasts 8 bedrooms and 9 bathrooms, nestled on a private 0.97-acre lot within the Estates at Lone Mountain. 

Prepare to be enchanted by the grandeur of this home, featuring 8926 square feet of living space with soaring 20+ foot ceilings. Enthusiasts will appreciate the 6-car garage and RV hookup, while outdoor amenities such as a saltwater pool, spa, shower, and casita create an oasis of relaxation.

4180 N Jensen St Northwest Las Vegas, 89129 | Listing Presented By Ivan G. Sher | BS.0046822 | IS Luxury

 Enjoy the convenience of home automation, security cameras, and water filtration, as well as a flourishing fruit orchard and close proximity to Lone Mountain and parks. Delight in the seamless blend of indoor-outdoor living as you soak in the breathtaking sunset over the tranquil landscape. This listing is not simply a property; it’s a rare opportunity to embrace innovation, elegance, and allure.

Caliza Show By Blue Heron Nexus ($3.9M)

Situated on the North Shore of Lake Las Vegas, the Caliza Show Home by Blue Heron offers an exceptional lakefront lifestyle.

5 Falling Ridge Lane, Henderson, Nevada 89011 | Listing Prsented By Darin Marques | B.0145227 | Virtue Real Estate Group

With 6,114 square feet of desert modern design, this two-story home showcases dynamic elevated lake views. It features voluminous ceilings, a striking linear gas fireplace, seamless indoor/outdoor living, 4 bedrooms, 4 baths, a 4-car garage, and an upper-level loft/game room with a bar. The sophisticated kitchen boasts a central waterfall island, custom cabinetry, a walk-in pantry, and a temperature-controlled wine cellar. The main-level primary bedroom showcases a stunning bath with double sinks, a walk-in shower, and a bath, as well as private access to the exterior. The property includes intimate conversation areas, an elevated infinity-edge heated pool, a spa, and breathtaking views of the lake and surrounding landscape. Close to incredible hiking and biking trails, championship golf, and outdoor dining, this gated property offers a private sanctuary.

Susan Marques,

In today’s housing market, there are two main challenges impacting buyers: increased mortgage rates, and rising home prices caused by low inventory. With new construction homes making up a historically large percentage of the total available inventory home search for many of our clients includes new construction homes! 

“What I’m finding in this market right now especially with the shortage of inventory is it’s taking your clients 9 to 12 months to find a home anyway. You can put them in new construction today and by the they would have found a home they could have a completed new home.”CEO / Broker Darin Marques at Virtue Real Estate Group. 

According to Marques, the majority of inventory that is in the MLS now is new construction. We are up around 3,000 homes on the market about 25% of that are new construction and the other 50-60% are homes built prior to 2005 and they are all dated. So the real challenge in this market is finding something that is more modern and contemporary style homes that are currently in style. 

I’ve also found former buyers of resale who make renovations to update their home end up wishing they just purchased new construction due to the high cost and inconvenience of remodeling. I always recall an open house at Prado, A BH Nexus community. A neighbor who stopped in told me he wished he knew about the community beforehand as he had moved from California, bought a resale and spent $1,000,000 in renovations. According to Marques.

People Are Spending Less on Newly Built Homes

The graph below uses the latest information from the Census to show, in June, more of the newly built home sales in this country were in lower price ranges than in 2022:

:

Last year, only 58% of newly built home sales were less than $500,000. This June, that number was up to 65%. This means more people are buying less expensive newly built homes right now while affordability remains a challenge in the resale market. 

Builders Are Offering Encouraging Incentives 

Builders have picked up on this trend and are reacting accordingly. George Ratiu, Chief Economist at Keeping Current Mattersexplains:

“Builders are also responding to this shift by bringing slightly smaller homes to market in an effort to meet lower price points . . .”

New data from the Census further confirms this pattern – it shows the median sales price of newly built homes has dipped down in recent months (see graph below):

And as Mikaela Arroyo, Director of the New Home Trends Institute at John Burns Real Estate Consultingsays, the builders who are most responsive to this trend are forming pathways to homeownership:

 “. . . it is creating opportunities for people to be able to afford an entry-level home in an area. . . . if you get that size down, that automatically will make it a more affordable home. The [builders] that are decreasing [size] the most are probably the ones that try to build more of an affordable product.”

How I Can Help

Builders producing more affordable newly built homes give you more options at a time when that’s really needed. If you’re hoping to buy a home soon, connect with me to find out what’s available in your area. As your new home advisor I can help you search the newest up and coming communities, shop incentives and help you review the incentives and options allowing you to get the best deal. 

Bottom Line

If you’re having a hard time finding a home you like then it may be the right time to consider new construction. As a real estate professional who knows all about the latest inventory in the area, including homes still under construction, just built and coming soon.  This way you have an expert on your side who can provide information on builder reputations, builder contracts and negotiations, and more to help you with the homebuying process.

Connect with me to learn more! 

Email: [email protected]

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