If you haven’t heard the latest news, the Luxury Home Market in Las Vegas decided to make a V-shaped recover! We are experiencing some of the best sales months ever for Las Vegas luxury homes. While the market was eerily slow in March, April & May, around June buyers started peeking their heads back into the market. By August it was in full gear and I was receiving multiple offers on luxury homes even in the $6 million price range. While I did not sell any luxury homes over their listed price, several were sold at list price.
The timing was incredible for one of the best markets I have ever witnessed. We were caught with low levels of inventory. Buyers face the pleasing experience of the lowest mortgage rates in history. California keeps driving their wealthy away with higher state income taxes and nature disasters. Work from home business people can choose to live any place they want. Buyers at all levels began rethinking what they wanted in their home. City dwellers decided to head for lower density environments. 3D technology enabled many buyers to screen homes from their desktop computer or mobile phone. All this added up to make for one red hot real estate market.
How long will it continue? That is the crystal ball question. Capitalism generally means that when supply is tight and prices rise, more sellers put their homes on the market. This in turn leads to more inventory and a cooling off of demand. Time will tell, but I could see this market running for a good 6-12 months until the inventory builds again. So, stay tuned, and remember to ask me again in six months, “How Is The Luxury Home Market in Las Vegas?”