May brought a total of 48 luxury homes sales in Las Vegas. Luxury Home sales in Las Vegas are those homes selling at or more than $1 million. This is the best luxury home closing month we have seen since 2007 when the luxury home market peaked. A typical month has 20-25 luxury home sales, so this is phenomenal.
The highest sale of the month was located in guard gated The Ridges and closed for $4,650,000. I personally brokered the 2nd highest sale for $3,580,000 and represented both the Buyer and the Seller in this Las Vegas luxury home sale also occurring in The Ridges Las Vegas. The well qualified and able buyers are recognizing value and still seeking out luxury estates in the best locations throughout Las Vegas. All 48 of these sales were exceptional luxury homes and will no doubt become great values as the market continues to firm.
Eleven of the 48 sales surpassed $2,000,000. Sales like these will build buyer confidence and help us achieve more of the same. The luxury home market has built a solid base for the past several years and is now poised for advancement. There are several events on the horizon to aid such advancement including a strong pipeline of major Las Vegas Strip construction projects, low unemployment, low interest rates, two major professional sports franchises making Las Vegas their home, and a steady stream of new buyers moving to Las Vegas.
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