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, meaning you would expect to see prices decline. 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 $2.5M-$2.99M price range had an absorption rate of 8 months in April and 4.7 months in May, indicating a shift from a buyer’s market to more of a seller's market. If you have any questions about the data below, we’re always here to help!
SHADOW WAY
We hope you enjoyed watching as much as we did when the Vegas Golden Knights took home the Stanley Cup! Emerging as an expansion team in 2017, the Knights were truly Vegas Born. By introducing ice hockey to the desert, they gave us a shared passion to rally behind. It has been a thrilling journey. Now, let's get back to business.
Sales momentum is picking up, with closed sales in May soaring 57% over April. Meanwhile, inventory was down 8% month over month, creating a favorable environment for sellers but posing challenges for buyers. Spring is usually the time of year when inventory increases, but many homeowners are finding it hard to give up those sweetheart interest rates, which were locked in at around 3%—a rate that has since doubled
If you reference our absorption rate chart, you’ll see that guard-gated homes priced from $500K-$1.5M are enjoying a bit of a seller’s market—while the $1.5M-$2.5M range is relatively stable and homes priced over $2.5M are trending toward a buyer’s market. There is never a one-size-fits-all statement to summarize the market; it always depends on the price point and product.
69% of the homes sold in May sold within 30 days of being priced “correctly.” Some homes had the right price out of the gate, while others required several price reductions to get the job done. Furthermore, 55% of properties sold within 5% of their list price—and cash transactions accounted for 57% of the deals, reflecting an increase from 41% in May.
If you’d like to take advantage of these favorable market conditions, let’s talk. We look forward to hearing from you.
Sincerely,
702.605.7482 monica@robjensen.com
S.179807
PRICE RANGE ACTIVE LISTINGS UNDER CONTRACT CLOSED SALES EXPIRED ABS* RATE (MAY '23) ABS* RATE (APR '23) $500K-$749K 18 14 16 3 2.6 3.8 $750K-$999K 41 14 15 2 4.4 5.4 $1M-$1.49M 50 17 19 7 3.8 3.8 $1.5M-$1.99M 43 16 11 0 6.2 5.8 $2M-$2.49M 34 8 10 5 5.3 6.3 $2.5M-$2.99M 18 3 7 1 4.7 8 $3M-$3.99M 25 5 7 1 6 16.5 $4M+ 80 13 9 5 12.4 15.8 MAY '23 309 90 94 24 MoM % Change -8% -11% +57% +26% YoY % Change -2% -22% -5% +167% APR '23 335 101 60 19 MAY '22 314 115 99 9
MAY
Proud Partner DOM (From Last List Price) DAYS UNITS SOLD % DISCOUNT (Off Last List Price) % DISCOUNT UNITS SOLD 0-30 69% 0-5% 55% 31-60 14% 5.1-10% 29% 61-90 6% 10.1+% 15% 90+ 11% Monica
of
2023
Nalbantoglu Director
Sales
Rob
Broker / Owner
Jensen
702.605.7482 rob@robjensen.com B.143770
Hello Friends and GO KNIGHTS GO!
22 DRIFTING
Guard-Gated | Summerlin | The Ridges
9141 TESORAS DRIVE, #401
Gated | Summerlin | Mira Villa
$1,150,000 | 2,497 SF | 3 Bedrooms | 3 Bathrooms
An exceptional lifestyle awaits at this fourth-story penthouse in Mira Villa—an upscale mid-rise community in the heart of The Canyons, a Summerlin Village. Enter the inviting foyer from the two-car garage and ascend to the entrance via the stairs or the private elevator, which has direct access to the unit. With open-plan common spaces, hardwood flooring, and three balconies, this property is a dream for entertaining—plus the interior design was featured in Vegas Magazine. Unit 401 is also conveniently located adjacent to Mira Villa’s amenities, including the pool, spa, and fitness center.
10 FIRE ROCK COURT
Guard-Gated | Las Vegas | Southern Highlands
$2,700,000 | 5,252 SF | 4 Bedrooms | 4 Bathrooms
An opulent lifestyle awaits at this custom two-story home in the 24-hour guard-gated community of Southern Highlands Golf Club. Securely located behind a secondary gate within the community, this property boasts a private backyard with a refinished pool and spa, an outdoor fireplace, and a new 13’x13’ palapa over the BBQ area with LED lights and a fan. The incredible interior includes fresh paint, brand-new light fixtures, and wood-framed windows that bathe the entire house in natural light.
GUARD-GATED Sold Properties MAY 2023
LAS VEGAS
SUMMERLIN
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
Canyon Gate 8709 Double Eagle Drive $990,000 3,662 $270 -0.5% $985,000 5 -0.5% $985,000 5 0 2205 Glenbrook Way $2,200,000 6,764 $325 3.9% $2,290,000 23 15.4% $2,599,999 165 4 2321 Timberline Way $921,600 3,146 $293 7.8% $999,999 21 7.8% $999,999 21 0 2300 Timberline Way $665,000 1,788 $372 1.5% $674,900 11 5.0% $700,000 39 1 Foothills 9534 Camino Capistrano Lane $710,000 3,671 $193 4.1% $740,000 15 4.1% $740,000 15 0 9545 Marina Valley Avenue $745,000 2,335 $319 0.0% $745,000 4 0.0% $745,000 4 0 9726 Phoenician Avenue $1,200,000 4,773 $251 4.0% $1,250,000 20 4.0% $1,250,000 20 0 Queensridge 909 Old Woostra Court $585,000 2,023 $289 -3.5% $565,000 5 10.8% $656,000 5 1 312 Onyx Crest Street $1,000,000 3,963 $252 9.1% $1,099,999 9 14.9% $1,175,000 59 2 9437 Queen Charlotte Drive $1,005,000 3,798 $265 16.2% $1,199,000 13 16.2% $1,199,000 13 0 908 Sir James Bridge Way $870,000 2,737 $318 3.3% $900,000 6 3.3% $900,000 6 0 720 Sir James Bridge Way $780,000 2,737 $285 4.9% $819,900 19 4.9% $819,900 19 0 Southern Highlands 3547 Alpine Lily Drive $2,690,000 5,098 $528 3.9% $2,800,000 26 3.9% $2,800,000 26 0 10949 Fintry Hills Street $540,000 2,459 $220 1.6% $549,000 3 3.4% $559,000 33 1 12057 Oakland Hills Drive $2,615,000 4,113 $636 9.8% $2,899,900 25 12.8% $2,999,900 54 1 11192 Pentland Downs Street $1,075,000 5,266 $204 4.4% $1,125,000 30 25.9% $1,450,000 233 6 10908 Royal Highlands Street $600,000 2,162 $278 4.0% $625,000 4 4.0% $625,000 4 0 5557 San Florentine Avenue $880,000 4,309 $204 12.0% $999,999 71 23.5% $1,150,000 295 2 11058 Scotscraig Court $875,000 5,266 $166 7.9% $950,000 56 19.7% $1,090,000 173 5 3423 Spanish Winds Court $2,350,000 5,326 $441 -6.8% $2,200,000 92 -6.8% $2,200,000 395 2 5226 Villa Dante Avenue $800,000 4,043 $198 5.8% $849,000 11 5.8% $849,000 11 0 11821 Weybrook Park Drive $693,000 2,189 $317 1.0% $700,000 151 1.0% $700,000 151 0 Spanish Trail 7772 Boca Raton Drive $600,000 2,871 $209 11.8% $680,000 117 11.8% $680,000 117 0 57 Gulf Stream Court $1,470,000 5,169 $284 13.3% $1,695,000 29 16.0% $1,750,000 121 1 7976 Harbour Towne Avenue $515,000 1,668 $309 1.9% $525,000 158 17.6% $625,000 522 6 93 Princeville Lane $1,670,000 6,102 $274 5.6% $1,770,000 17 27.8% $2,312,000 297 4 16 Princeville Lane $1,450,000 4,292 $338 -3.6% $1,400,000 8 6.5% $1,550,000 180 2 5063 Southern Hills Lane $729,000 2,871 $254 0.0% $729,000 6 0.0% $729,000 6 0 7546 Spanish Bay Drive $675,000 3,473 $194 24.9% $899,000 69 38.6% $1,100,000 382 2 Ten Oaks 7424 Doe Avenue $1,250,000 4,372 $286 3.5% $1,295,000 132 21.8% $1,599,000 202 3 HENDERSON Anthem Country Club 11 Anthem Creek Circle $1,175,000 3,085 $381 4.1% $1,225,000 29 5.9% $1,249,000 155 1 52 Brandermill Drive $1,300,000 3,420 $380 7.1% $1,399,000 18 13.3% $1,499,000 131 1 5 Contra Costa Place $1,325,000 3,374 $393 1.9% $1,349,999 2 1.9% $1,349,999 2 0 9 Greely Club Trail $3,100,000 6,451 $481 6.1% $3,300,000 112 11.4% $3,500,000 293 1 21 Hassayampa Trail $3,250,000 7,291 $446 6.1% $3,460,800 30 6.1% $3,460,800 30 0 26 Highland Creek Drive $2,890,000 7,633 $379 3.7% $2,999,999 45 3.7% $2,999,999 45 0 5 Holly Tree Court $1,250,000 3,592 $348 9.1% $1,375,000 26 9.1% $1,375,000 26 0 11 Holston Hills Road $865,000 2,678 $323 5.5% $915,000 26 8.9% $949,000 79 1 12 Kennesaw Road $639,000 1,720 $372 5.3% $675,000 35 11.9% $725,000 176 2 11 Knob Oak Drive $1,600,000 3,085 $519 3.0% $1,650,000 7 3.0% $1,650,000 7 0 30 Moraine Drive $975,000 2,678 $364 1.0% $985,000 60 1.0% $985,000 60 0 Ascaya 3 Heavens Edge Court $14,250,000 9,589 $1,486 5.0% $14,999,000 3 -5.6% $13,500,000 738 2 The Fountains 2260 Buckingham Court $1,000,000 3,251 $308 8.7% $1,095,000 7 19.7% $1,245,000 177 3 Legacy 96 Arthur Hills Court $685,000 2,810 $244 2.1% $699,900 7 8.7% $749,900 32 1 69 Incline Village Court $822,000 3,258 $252 0.4% $824,900 2 0.4% $824,900 2 0 1842 Indian Bend Drive $565,000 2,216 $255 2.4% $579,000 34 2.4% $579,000 34 0 186 Ultra Drive $700,000 3,331 $210 3.4% $725,000 38 9.7% $775,000 178 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 MacDonald Highlands 639 Cityview Ridge Drive $6,700,000 6,730 $996 4.3% $6,999,000 0 0.7% $6,750,000 36 0 467 Cityview Ridge Drive $4,300,000 4,865 $884 -27.0% $3,385,000 30 -44.4% $2,978,000 63 0 643 Cityview Ridge Drive $3,800,000 5,957 $638 4.9% $3,995,000 5 1.9% $3,875,000 592 0 1402 Foothills Village Drive $1,525,000 4,107 $371 7.6% $1,650,000 97 23.7% $1,999,000 266 5 1640 Liege Drive $2,300,000 5,952 $386 13.9% $2,670,000 34 14.2% $2,680,000 104 1 427 Serenity Point Drive $2,555,000 3,028 $844 7.1% $2,750,000 69 7.1% $2,750,000 69 0 Madiera Canyon 2925 Josephine Drive $1,075,000 2,587 $416 6.5% $1,149,900 11 14.0% $1,250,000 74 2 2860 Saint Dizier Drive $1,116,000 3,288 $339 5.0% $1,174,900 28 6.6% $1,195,000 64 1 2817 Sisteron Court $965,000 2,826 $341 2.5% $990,000 19 3.5% $1,000,000 130 1 NEO Vegas 318 Net Zero Drive $4,782,730 6,635 $721 0.0% $4,782,730 0 -127.4% $2,103,000 96 0 1212 Powerwall Place $3,019,400 3,731 $809 -119.6% $1,375,000 79 -119.6% $1,375,000 79 0 Roma Hills 769 Latina Court $1,750,000 5,375 $326 11.4% $1,975,000 48 18.6% $2,150,000 107 2 Seven HillsTerracina/Venezia 2656 Mirabella Street $3,995,000 6,557 $609 0.0% $3,995,000 62 10.2% $4,450,000 195 1 1376 Opal Valley Street $3,750,000 7,395 $507 8.5% $4,100,000 13 11.8% $4,250,000 97 1 1370 Opal Valley Street $2,665,000 4,359 $611 1.3% $2,699,000 25 19.1% $3,295,000 203 5 1373 Ruby Sky Court $2,600,000 5,368 $484 13.3% $3,000,000 55 18.8% $3,200,000 225 2 1533 Teramo Street $1,700,000 4,187 $406 15.0% $1,999,999 25 32.0% $2,500,000 252 1
Canyon Fairways 9509 Balatta Canyon Court $2,660,000 5,155 $516 5.0% $2,799,000 28 5.0% $2,799,000 28 0 9517 Tournament Canyon Drive $2,000,000 3,646 $549 0.0% $2,000,000 5 0.0% $2,000,000 5 0 Country Club Hills 8925 Brook Bay Court $1,999,900 4,743 $422 -2.8% $1,945,000 27 -2.8% $1,945,000 27 0 1808 Wincanton Drive $1,485,000 4,979 $298 Eagle Rock 716 Proud Eagle Lane $1,125,000 3,268 $344 6.2% $1,199,000 15 6.2% $1,199,000 15 0 Mesa Ridge 10917 Earth Hues Court $2,299,995 4,969 $463 0.0% $2,299,995 14 0.0% $2,299,995 14 0 5225 Fading Sunset Drive $2,328,000 4,414 $527 6.9% $2,500,000 14 6.9% $2,500,000 14 0 10926 White Clay Drive $2,499,995 3,451 $724 0.0% $2,499,995 8 -4.2% $2,399,995 24 0 The Palisades 129 South Royal Ascot Drive $1,695,000 5,255 $323 5.8% $1,799,900 34 21.1% $2,149,000 138 2 Red Rock Country Club 1990 Country Cove Court $1,300,000 3,739 $348 13.3% $1,500,000 21 13.3% $1,500,000 21 0 2002 Orchard Mist Street $1,600,000 5,037 $318 5.9% $1,700,000 79 36.0% $2,500,000 541 7 2647 Red Arrow Drive $2,250,000 3,823 $589 -25.0% $1,799,999 1 -25.0% $1,799,999 1 0 2817 Turtle Head Peak Drive $2,098,000 4,683 $448 0.0% $2,098,000 2 7.8% $2,275,000 75 1 Reverence 10910 Calm Desert Court $960,000 2,214 $434 4.0% $999,999 29 23.2% $1,250,000 242 2 The Ridges 15 Bright Hollow Court $5,900,000 9,771 $604 6.3% $6,299,999 23 9.2% $6,500,000 101 1 42 Crested Cloud Way $11,000,000 10,181 $1,080 8.3% $11,999,000 168 8.3% $11,999,000 168 0 26 Meadowhawk Lane $4,999,000 7,238 $691 0.0% $4,999,000 29 9.1% $5,499,000 172 2 14 Moonfire Drive $2,100,000 4,172 $503 8.7% $2,299,000 17 8.7% $2,299,000 17 0 11492 Opal Springs Way $4,025,000 4,619 $871 10.6% $4,500,000 19 10.6% $4,500,000 19 0 20 Skybird Court $5,000,000 6,431 $777 9.1% $5,500,000 96 9.1% $5,500,000 96 0 Traccia 2284 Aragon Canyon Street $750,000 2,901 $259 0.0% $750,000 15 14.3% $874,900 237 5 2390 Malaga Peak Street $565,000 1,653 $342 0.7% $569,000 4 0.7% $569,000 4 0 Trilogy in Summerlin 4223 Solace Street $815,000 2,403 $339 4.1% $849,900 40 4.1% $849,900 40 0 4254 Swift Street $840,000 2,096 $401 1.1% $849,000 5 1.1% $849,000 5 0 The Vineyards 1216 Muscato Court $1,337,500 4,172 $321 10.8% $1,499,000 121 22.5% $1,725,000 352 4 1401 Saintsbury Drive $1,550,000 3,430 $452 1.6% $1,575,000 6 1.6% $1,575,000 6 0 1628 Saintsbury Drive $1,500,000 3,397 $442 3.3% $1,550,588 34 3.3% $1,550,588 34 0 Willow Creek 10781 Capesthorne Way $1,340,000 4,541 $295 10.7% $1,499,999 25 10.7% $1,499,999 25 0 3020 Hammerwood Drive $2,075,000 4,646 $447 2.4% $2,125,000 54 2.4% $2,125,000 54 0 10964 Willow Heights Drive $1,800,000 4,309 $418 2.7% $1,850,000 5 18.1% $2,199,000 173 4 *Disclaimer
No
- There are 93 MLS sales for the month of May and 1 NonMLS. Total 94. 467 Cityview Ridge Drive which sold -27.0% discount off the last list price and 1212 Powerwall Place -119.6% are under construction and to be built respectively
closed sales for the month of May in Aventura, Bellacere, Corta Bella, Country Rose Estates, Eagle Hills, Mountain Trails, The Summit, Tournament Hills, Regency at the Lakes, Tuscan Cliffs, Spanish Hills, Hillsboro Heights, Legacy Estates and Seven Hills - Rapallo
JUST SOLD | $1,580,000
JUST SOLD | $2,098,000
JUST SOLD | $2,100,000
W.
Avenue,
89135
10785
Twain
Suite 110, Las Vegas, NV
702.605.7482 | robjensen.com
2817 TURTLE HEAD PEAK DRIVE Red Rock Country Club
99 REZZONICO DRIVE Lake Las Vegas
14 MOONFIRE DRIVE The Ridges TM
