Las Vegas Luxury Market on the Rise

The luxury home market in Las Vegas is on track to have its best year since the onset of the Great Recession.

Whether it’s new home sales or sales of existing homes, there’s a market for properties of $1 million and above as well for those priced between $750,000 and $1 million.

During the first six months of 2017, there was a total of 184 existing homes that sold for more than $1 million, according to SalesTraq, the residential research firm of Applied Analysis. During the same six-month period in 2016, there was a total of 139 homes sold, meaning an increase of 45 units or a 32.4 percent increase in the number of high-end home sales. Assuming the current pace holds, the market could have more than 360 high-end home sales for the year — by far the highest since the economic downturn, according to SalesTraq.

Luxury home resales have fallen between a range of 243 and 281 since a post-recession low of 152 in 2011 and 2012. There were 270 such sales in 2016, SalesTraq reported.

When factoring in existing home sales of $750,000 and above, Home Builders Research said the 363 sales between January and June are 82 percent higher than the 199 closings through the same period in 2016.

The luxury new-home market has seen its share of increased sales as well. Home Builders Research reported 130 sales of $750,000 and above through the first six months of 2017, 33 percent higher than the 98 sales through the same period in 2016. For homes priced $1 million and above, the firm said there were 51 sales during the first six months of this year, a gain of 46 percent over the 35 sales through June 2016, the firm’s president, Dennis Smith.

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