Rob's Report
SUMMERLIN, LAS VEGAS, & HENDERSON
99 REZZONICO DRIVE
Gated | Henderson | Lake Las Vegas
$1,850,000 | 4,438 SF | 4 Bedrooms | 5 Bathrooms
Discover unobstructed lake, mountain, and golf course views at this two-story home in Tremezzo—a hillside, gated oasis located in the master-planned community of Lake Las Vegas. Built on an elevated lot overlooking Reflection Bay Golf Club, this former model home was designed to take full advantage of the landscape and features a large backyard with a zero-edge pool, outdoor kitchen, and plenty of space to entertain—whether you’re gathering for a pool party or watching the Lake Las Vegas fireworks.
FEBRUARY 2023
As we navigate the luxury real estate market together, we always enjoy sharing the numbers with you. It's fun to see what sells and at what price per square foot. In addition to this information, we will continue to refine our data and visuals to help you better understand the market and where it's headed. For example, we will now be comparing absorption rates month over month. This will tell you if a particular price segment is becoming more of a seller's market, a buyer's market, or is remaining flat.
In January, 43 of the closed sales required at least one price reduction (up to as many as nine price reductions) before proper pricing started to generate offers. Once the homes were priced correctly, which in some cases meant the original list price, 78% sold within 60 days and 93% sold within 90 days. These homes had an average of 121 Days on Market, but this just means it took a while for each home to be positioned correctly within the market. As for the negotiation process, 53% sold within 5% of their last asking price, and seven even sold for full price!
There were 368 homes for sale at the end of December; 55 of these listings expired in January, meaning that 15% of the inventory just vanished. Some of these homes may get relisted, some might go up as rentals, and others will simply remain off the market. In any case, it’s worth remembering that listings do expire. When looking at the list of closed sales, you might think that everything eventually sells, but that’s not the case.
As we’ve always said, there are three primary drivers that cause a home to sell: Marketing, Condition, and Price. The market trends we’ve provided today explore the nuance of price. If you’re considering selling, we’d love to chat with you about marketing — whether it’s in person or on the phone — and we always offer a free staging consultation to help you get the best price possible.
Sincerely,
How's the Market?
Absorption rate* is a measure of supply and demand, expressed as the number of months it might take to sell the inventory in a specific market. Generally speaking, anything around a six-month supply indicates a steady market where prices are likely to remain flat. The further the absorption rate dips below six months, the more favorable the market is for sellers. As the absorption rate rises higher and higher above six months, the market becomes more of a buyer’s market. Looking at the absorption rate for a particular price segment month over month, you can determine whether the market is trending in favor of buyers, sellers, or neither. For example, the $750K-$999K price range had an absorption rate of 5.4 months in December and 7.8 months in January, indicating a shift from a seller’s market to more of a buyer’s market—which means you might see prices soften within this market segment. If you have any questions about the data below, we’re always here to help!
Rob Jensen Broker / Owner
702.605.7480
rob@robjensen.com
B.143770
Director of Sales
702.605.7480 monica@robjensen.com
S.179807
Proud to partner with
PRICE RANGE ACTIVE LISTINGS UNDER CONTRACT CLOSED SALES EXPIRED ABS* RATE (JAN '23) ABS* RATE (DEC '22) $500K-$749K 32 9 15 2 3.2 5.4 $750K-$999K 53 13 8 14 7.8 5.4 $1M-$1.49M 68 12 11 9 7.6 8.3 $1.5M-$1.99M 50 11 11 10 9.4 20.0 $2M-$2.49M 39 10 4 4 14 22.0 $2.5M-$2.99M 20 4 3 4 8 10.4 $3M-$3.99M 27 6 5 3 7.3 5.3 $4M+ 73 6 5 9 19.8 20.8 JAN '23 362 71 62 55 MoM % Change -1.6% -1.4% +37.8% +103.7% YoY % Change +122.1% -50% -28.7% +111.5% DEC '22 368 72 45 27 JAN '22 163 142 87 26
Source:
Service (MLS), 1/31/23.
as sales or
even fall out of escrow. JANUARY 2023 Monica Nalbantoglu
*ABS(orption) rate is the length of time (in months) that it takes to sell current inventory. This is calculated by adding homes FOR SALE and homes UNDER CONTRACT and dividing the total by the average number of monthly sales for the last 2 months.
Multiple Listing
We add pending and contingent sales to the active listings; otherwise, they'd be counted twice
might
Gated | Henderson | Lake Las Vegas
99 REZZONICO DRIVE
*On the sales spreadsheet, we left out details on two of the sales because one was new construction and the other was a resale. They both sold off the MLS. Later, this data was added to the MLS, which means we can't offer a full, in-depth analysis. There was also one property that sold for 82% more than the original list price: a new build at VU in MacDonald Highlands that had significant changes to the home’s specs and finishes by the time it was completed. DOM = Days on Market.
10785 W. Twain Avenue, Suite 110, Las Vegas, NV 89135
702.605.7482 robjensen.com
TM No closed sales for
COMMUNITY ADDRESS SOLD PRICE SF SP/SF % OFF LAST LIST PRICE LAST LIST PRICE DOM SINCE LAST PRICE % OFF ORIGINAL LIST PRICE ORIGINAL LIST PRICE TOTAL DOM PRICE CHANGES
Bellacere 10000 Summit Canyon Drive $3,800,000 9,954 $382 20.8% $4,800,000 40 20.8% $4,800,000 40 0 10332 Summit Canyon Drive $1,800,000 5,303 $339 14.3% $2,100,000 68 32.8% $2,676,888 145 3 Country Club Hills 8936 Brook Bay Court $1,750,000 4,796 $365 2.8% $1,800,000 14 12.5% $2,000,000 54 2 The Palisades 10213 Stone Briar Court $1,425,000 4,223 $337 8.1% $1,550,000 4 35.2% $2,200,000 192 3 Red Rock Country Club 11408 Cedar Log Court $1,600,000 4,063 $394 13.5% $1,850,000 52 20% $1,999,000 160 2 2854 Evening Rock Street $1,200,000 3,676 $326 7.7% $1,299,900 62 14% $1,395,000 124 5 2780 Peaceful Grove Street $1,785,000 3,085 $579 0.0% $1,785,000 14 3.5% $1,850,000 91 1 3289 Saddle Soap Court $925,000 2,291 $404 2.5% $949,000 12 15.9% $1,100,000 114 3 2747 Turtle Head Peak Drive $2,200,000 4,578 $481 4.3% $2,299,000 34 7.4% $2,375,000 43 1 11295 Winter Cottage Place $1,500,000 3,601 $417 14.3% $1,750,000 52 14.3% $1,750,000 52 0 Reverence 11171 Emory Oak Drive $1,225,000 2,852 $430 0.0% $1,225,000 12 0% $1,225,000 12 0 The Ridges 31 Drifting Shadow Way $3,800,000 6,135 $619 5.0% $3,999,000 41 35.6% $5,900,000 236 6 16 Flying Cloud Lane $8,200,000 9,930 $826 11.8% $9,300,000 23 31.7% $12,000,000 205 2 46 Soaring Bird Court $4,500,000 4,995 $901 6.1% $4,793,000 4 17.1% $5,426,000 155 3 16 Wild Ridge Court $5,600,000 5,439 $1,030 6.7% $5,999,000 0 6.7% $5,999,000 0 0 The Summit Club 11665 Summit Club Dr., #304 $10,500,000 2,862 $3,669 22.2% $13,500,000 451 22.2% $13,500,000 451 0 Trilogy at Summerlin 4269 Solace Street $795,000 2,715 $293 0.6% $799,999 57 15.4% $939,808 171 7 Willow Creek 10719 Grey Havens Court $922,000 2,693 $342 5.2% $972,999 60 5.2% $972,999 60 0 2827 Middle Earth Street $1,150,000 3,458 $333 4.2% $1,199,999 34 8% $1,250,000 126 2 COMMUNITY ADDRESS SOLD PRICE SF SP/SF % OFF LAST LIST PRICE LAST LIST PRICE DOM SINCE LAST PRICE % OFF ORIGINAL LIST PRICE ORIGINAL LIST PRICE TOTAL DOM PRICE CHANGES LAS VEGAS Canyon Gate 8725 Double Eagle Drive $960,000 3,146 $305 1.5% $975,000 4 23.8% $1,259,900 175 8 Foothills 9636 Phoenician Avenue $700,000 2,973 $235 6.7% $749,900 1 6.7% $749,900 1 0 Links at Spanish Trail 8039 Pinnacle Peak Avenue $875,000 2,964 $295 2.8% $899,900 55 7.9% $950,000 72 1 Mountain Edge 8218 Nelson Ridge Lane $634,999 3,921 $162 0.0% $634,999 17 9.2% $699,000 110 3 Queensridge 9720 Camden Hills Avenue $823,000 3,061 $269 4.9% $865,000 126 13.4% $950,000 187 2 9732 Royal Lamb Drive $650,000 2,400 $271 7.1% $699,900 5 18.7% $799,900 87 3 Regency at The Lakes 9912 Cozy Glen Circle $1,498,000 5,031 $298 0.0% $1,498,000 35 24.7% $1,990,000 126 7 Southern Highlands 11756 Alness Lane $2,200,000 4,692 $469 7.8% $2,385,000 46 12% $2,500,000 127 1 3427 Alpine Lily Drive $1,800,000 3,888 $463 0.0% $1,800,000 4 0% $1,800,000 4 0 10929 Calcedonian Street $649,000 2,350 $276 0.0% $649,000 10 0% $649,000 10 0 10906 Fishers Island Street $520,000 2,350 $221 1.9% $529,995 16 1.9% $529,995 16 0 10954 Holyrood Court $1,200,000 5,382 $223 4.0% $1,250,000 25 19.7% $1,495,000 227 8 4383 Melrose Abbey Place $1,250,000 5,266 $237 2.0% $1,275,000 6 3.5% $1,295,000 27 1 11827 Oakland Hills Drive $3,475,000 5,782 $601 6.0% $3,695,000 63 15.2% $4,100,000 196 3 4 Olympia Chase Drive $2,875,000 6,103 $471 14.8% $3,375,000 44 14.8% $3,375,000 44 0 10854 Royal Highlands Street $535,000 2,350 $228 0.4% $537,000 64 14.4% $625,000 233 5 11015 Royal Highlands Street $520,000 2,535 $205 5.4% $549,900 40 20% $649,900 152 4 5455 San Florentine Avenue $1,095,000 4,167 $263 2.2% $1,120,000 47 2.2% $1,120,000 47 0 5686 San Florentine Avenue $725,000 3,073 $236 3.3% $750,000 5 16.6% $869,000 119 8 Spanish Hills 5068 Spanish Heights Drive $2,400,000 7,194 $334 10.8% $2,690,000 12 10.8% $2,690,000 12 0 Spanish Trail 7068 Big Springs Court $512,550 1,724 $297 2.4% $524,999 35 7.6% $555,000 122 3 5082 Crooked Stick Way $540,000 1,937 $279 6.9% $579,900 89 10% $599,990 130 1 6923 Emerald Springs Lane $515,000 1,752 $294 0.0% $514,900 13 23.7% $675,000 155 5 15 Princeville Lane $3,200,000 5,933 $539 5.7% $3,395,000 195 12.3% $3,650,000 36 2 7555 Spanish Bay Drive $517,500 2,466 $210 5.2% $546,000 14 32.8% $770,000 285 9 Tuscan Cliffs 4094 San Franchesca Court $1,900,000 4,786 $397 5.0% $1,999,000 62 20.7% $2,395,000 185 5 HENDERSON Anthem Country Club 6 Caprington Road $700,000 2,076 $337 5.3% $739,000 35 12.4% $799,000 127 3 11 Caprington Road $673,000 2,076 $324 0.3% $675,000 52 0.3% $675,000 52 0 29 Isleworth Drive $1,850,000 5,624 $329 11.5% $2,090,000 56 19.2% $2,290,000 233 3 The Fountains 2258 Buckingham Court $1,800,000 4,660 $386 4.6% $1,885,899 11 10% $2,000,000 99 5 2239 Versailles Court $1,399,950 5,174 $271 5.1% $1,475,000 25 16.4% $1,675,000 209 6 Legacy Highlands 1839 Indian Bend Drive $555,000 2,216 $250 10.5% $619,900 46 10.5% $620,000 121 2 MacDonald Highlands 682 Blackrock Rim Drive $2,896,581 3,609 $803 -32.3% $2,190,000 12 -81.6% $1,595,000 256 0 615 Scenic Rim Drive $5,950,000 6,100 $975 0.8% $6,000,000 19 0.8% $6,000,000 19 0 491 Serenity Point Drive $3,425,000 4,175 $820 2.1% $3,499,000 30 9.7% $3,795,000 30 1 390 Solitude Peak Lane $1,690,000 3,029 $558 3.4% $1,750,000 6 10.9% $1,895,900 154 2 Provence Country Club 2772 Liberation Drive $790,000 2,826 $280 1.2% $799,900 34 4.2% $825,000 72 1 Roma Hills 1762 Harpsichord Way $1,655,000 5,425 $305 5.4% $1,749,900 85 12.8% $1,899,000 172 2 1796 Mezza Court $2,550,000 8,645 $295 5.2% $2,690,000 105 5.2% $2,690,000 105 0 Seven HillsTerracina/Venezia 2948 Cimini Court $1,200,000 4,045 $297 7.7% $1,299,999 65 27.2% $1,648,000 146 6 Seven Hills - Renaissance 1279 Panini Drive $830,000 2,801 $296 2.4% $850,000 81 3.5% $860,000 128 1 GUARD-GATED
the month of January in Aventura, Canyon Fairways, Corta Bella, Country Rose Estates, Eagle Hills, Eagle Rock, Mesa Ridge, Mountain Trails, Tournament Hills, The Vineyards, One Queensridge Place, Ten Oaks, Ascaya, Hillsboro Heights, and Seven Hills - Rapallo.
SUMMERLIN
JANUARY 2023 DAYS UNITS SOLD 0-30 45% 31-60 33% 61-90 15% 90+ 7% % DISCOUNT UNITS SOLD 0-5% 53% 5.1-10% 30% 10.1+% 17%
on Market From Last List Price % Discount Off Last List Price
Sold Properties
Days
22 DRIFTING SHADOW WAY
Guard-Gated | Summerlin | The Ridges
$4,500,000 | 4,734 SF | 4 Bedrooms | 6 Bathrooms
Modern living meets traditional design at this custom two-story home, securely located behind a secondary gate in Azure, one of fourteen distinct gated neighborhoods within The Ridges—an ultra-chic guard-gated community that houses the city’s elite. Pinnacle Architectural Studio spared no cost creating the warm and inviting interior, which boasts distressed ceramic tile, cove mood lighting, and a plethora of natural stone and wood finishes. Thoughtfully placed pocket doors throughout the home provide a sublime indoor/outdoor flow to the generous travertine patio, outdoor kitchen, PebbleTec pool, and zero-edge spa.
11354 VILLA BELLAGIO DRIVE
Guard-Gated | Las Vegas | Tuscan Cliffs at Southern Highlands
$2,750,000 | 5,002 SF | 4 Bedrooms | 5 Bathrooms
Timeless, classic, and elegant, this two-story home presents a rare lifestyle in Tuscan Cliffs, an exclusive guard-gated community located in Southern Highlands. Formerly a model home, this property has been upgraded to the highest of standards with designer finishes—including high-end countertops, state-of-the-art appliances, and custom millwork, wainscoting, and mosaic. Built on an elevated 1/3-acre lot, this property also showcases panoramic views of the city and the Las Vegas Strip.
