During the second half of 2012 and the first half of 2013 the prices of luxury homes in Las Vegas and Henderson have risen nicely. These were welcome gains in a market that most likely overshot on the downside. Following these gains, many new sellers have placed their luxury homes on the market for sale. The inventory of homes available for sale in the total market went from approximately 4,000 in April to about 6,800 today. Interest rates spiked from their generation low. The Federal Reserve began their “Taper Talk.” Although I still see a steady pace of luxury home buyers, I do see that they have more choices and are taking their time educating themselves prior to deciding upon the luxury home for them. Is this a market plateau? A pause before another rise next year? A mini-bubble? There are so many factors that will affect the real answer to this question that only time will tell. I believe it is certainly safe to say that we will not see the extreme low prices that we saw in 2010 and 2011.
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