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LAS VEGAS LUXURY MARKET UPDATE

Posted by Kenneth Lowman on November 7, 2014
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The luxury home market is usually very active until mid-November and then it typically slows down a bit for the holidays and then re-emerges with the New Year around mid-January for its strongest run from March to the end of June.  This year the slowdown has arrived early.  We have witnessed reduced buyer activity since mid-October.  The sales statistics confirm this trend with the number of million dollar or more homes sold plunging by 38% in September and 32% in October from 2013’s healthy pace.  Unfortunately, this has led to fewer showings, longer marketing times and a wave of price adjustments in the marketplace.  Luxury home sales between $500,000 and $999,999 held their own in September but then plunged 13% in October.  We are continuing to work hard and smart to sell your home in these challenging and ever changing market conditions.  There are still buyers out there and we did record 69 luxury homes sold from $500,000 to $999,999 and 19 luxury homes sold over $1,000,000 in the month of October.  Our inventory of homes available stands at 976 for luxury home from $500,000 to $999,9999 and 416 for luxury homes over $1,000,000.

Luxury Home Market Update

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