The word of the year for 2012 Las Vegas luxury real estate was appreciation! Home prices actually appreciated again. The median Las Vegas home price appreciated 24% according to the Greater Las Vegas Association of Realtors. The Las Vegas luxury home market generally lags what happens in the lower and middle portions of the market and we are just now seeing reduced inventory and rising prices in the luxury market. Homes that sell for over $500,000 make up just 2% of the total number of homes sold in Las Vegas, so the median home price appreciation is not a very accurate indication for luxury home values. The good news is that the luxury market is gaining steam just like the rest of the market. We anticipate a very good 2013 with strong buyer demand, fewer properties competing for the luxury home buyer, and a continued rise in prices!
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