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 $2M-$2.49M price range had an absorption rate of 14 months in January and 7.7 months in February, indicating a shift from a buyer’s market to a more stable market. If you have any questions about the data below, we’re always here to help!
CRESTED CLOUD WAY
Dear Friends,
We’ve had quite a winter! The weather has felt more like Oregon (where Rob is from) than Las Vegas lately, but the spring selling season is almost here — and hopefully the sunshine will stick around. With 353 guard-gated homes available in February, inventory remained roughly unchanged from January, while closed sales were down 23% month over month at 48. However, there’s still hope for the spring sales season; pending sales were up 30% with 92 guard-gated homes under contract at the end of the month. Typically, spring is when sales activity picks up and inventory starts to climb.
96% of the homes that closed in February sold within 90 days of being priced correctly. The total Days on Market ranged from 0-289 days, with 72% of sellers reducing their list price prior to selling. Two sales took longer than 90 days to sell after their last price change. One of them took 93 days, so it basically fits the pattern. 10778 Rivendell shows 115 days in the data, but it actually sold in 62 days and went into contract for 27 days before the sale fell through. It took 53 days for the home to sell the second time.
Pricing a home correctly is important, but it’s just part of getting a home sold. Marketing your home to the highest number of qualified buyers is where the Rob Jensen Company excels. This is how our sellers get the best price in the shortest amount of time possible. If you’re reading this, you probably enjoy it and probably get a lot of other mail as well. However, this mailer is just the tip of the iceberg when it comes to our marketing campaigns. The majority of our marketing is done online, which enables us to not only reach buyers in California but also target buyers nationally and globally. If you’d like to know what we can do for you, please give us a call.
Sincerely,
Owner
702.605.7480 rob@robjensen.com
B.143770
Nalbantoglu
Sales
702.605.7480
Proud to partner with
PRICE RANGE ACTIVE LISTINGS UNDER CONTRACT CLOSED SALES EXPIRED ABS* RATE (FEB '23) ABS* RATE (JAN '23) $500K-$749K 33 11 7 2 4 3.2 $750K-$999K 51 13 11 2 6.7 7.8 $1M-$1.49M 53 19 16 7 5.3 7.6 $1.5M-$1.99M 49 18 2 1 10.3 9.4 $2M-$2.49M 37 9 8 2 7.7 14 $2.5M-$2.99M 23 6 1 1 14.5 8 $3M-$3.99M 27 7 2 3 9.7 7.3 $4M+ 80 9 1 1 29.7 19.8 FEB '23 353 92 48 19 MoM % Change -2% +30% -23% -65% YoY % Change +108% -32% -50% +533% JAN '23 362 71 62 55 FEB '22 170 136 96 3
*ABS(orption)
2/28/23.
as
out of escrow. FEBRUARY 2023 FEB '23 % JAN '23 % CASH 26 57% 33 54% LOAN 20 43% 26 43% OTHER 0 2 3% TOTALS 46 61 CASH VS LOAN Monica
Director of
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. Source: Multiple Listing Service (MLS),
We add pending and contingent sales to the active listings; otherwise, they'd be counted twice
sales or might even fall
monica@robjensen.com S.179807 Rob Jensen Broker /
Guard-Gated | Summerlin | The Ridges
58
*Two of the closed sales in February were sold off the Multiple Listing Service, which means we only have price history and Days on Market data for 46 of the 48 closed sales.
10785 W. Twain Avenue, Suite 110, Las Vegas, NV 89135 702.605.7482 robjensen.com
No closed sales for the month of February in Ascaya, Aventura, Bellacere, Country Club Hills, Country Rose Estates, Eagle Hills, Hillsboro Heights, Mountain Trails, Regency at the Lakes, Seven Hills - Rapallo, Seven Hills - Terracina/Venezia, The Vineyards, Tournament Hills, Tuscan Cliffs, and The Summit Club.
TM
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 Fairways 712 Canyon Greens Drive $2,380,000 5,807 $410 4.8% $2,499,888 7 18.6% $2,925,000 146 4 Corta Bella 8829 Montagna Drive $1,150,000 4,148 $277 8.0% $1,250,000 12 11.5% $1,299,000 129 23 Eagle Rock 508 Pinnacle Heights Lane $1,489,000 3,982 $374 10.3% $1,659,999 67 12.4% $1,699,999 83 1 448 Pinnacle Heights Lane $999,499 2,976 $336 0.0% $999,499 11 16.6% $1,199,000 111 10 Mesa Ridge 10831 White Clay Drive $2,100,000 3,451 $609 6.5% $2,245,000 69 12.3% $2,395,000 167 2 The Palisades 10204 Orkiney Drive $1,250,000 3,722 $336 16.7% $1,500,000 67 16.7% $1,500,000 67 0 Red Rock Country Club 1950 Country Cove Court $1,475,000 4,107 $359 1.7% $1,499,999 42 26.2% $1,999,000 289 8 Reverence 11190 Emory Oak Drive $1,410,000 3,658 $385 9.0% $1,549,900 40 21.7% $1,799,990 143 6 The Ridges 11280 Granite Ridge Dr, #1021 $845,000 2,037 $415 0.5% $849,400 6 15.3% $998,000 213 5 19 Moonfire Drive $2,400,000 3,562 $674 4.0% $2,499,000 78 13.5% $2,775,000 127 1 11448 Opal Springs Way $3,350,000 4,340 $772 6.9% $3,599,000 27 14.1% $3,900,000 208 2 Trilogy at Summerlin 4310 Helios Street $829,000 2,262 $366 7.4% $895,000 12 7.4% $895,000 12 0 4269 Solace Street $795,000 2,715 $293 0.6% $799,999 57 15.4% $939,808 171 7 Willow Creek 10778 Rivendell Avenue $1,339,000 3,458 $387 4.3% $1,399,000 115 23.4% $1,749,000 256 3 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
Breckenridge at Mountain Pass 9827 River Trader Street $525,000 2,262 $232 4.5% $550,000 4 4.5% $550,000 4 0 Canyon Gate 8637 Robinson Ridge Drive $844,000 2,680 $315 11.2% $950,000 68 11.2% $950,000 68 0 Granada Hills 8864 La Manga Avenue $950,000 4,396 $216 2.1% $969,900 39 2.1% $969,900 39 0 8789 Las Olivas Avenue $765,000 3,401 $225 0.0% $765,000 6 4.4% $799,999 68 2 Queensridge 304 Kingsclear Court $1,250,000 3,798 $329 9.7% $1,385,000 22 24.2% $1,650,000 164 3 805 Petit Chalet Court $1,750,000 4,777 $366 1.4% $1,775,000 8 7.8% $1,899,000 57 1 Southern Highlands 10907 Dornoch Castle Street $507,500 2,459 $206 1.5% $515,000 8 1.5% $515,000 8 0 10879 Fintry Hills Street $540,000 2,350 $230 -0.9% $535,000 56 11.5% $609,888 176 3 11857 Oakland Hills Drive $2,200,000 5,099 $431 17.0% $2,650,000 60 21.4% $2,800,000 94 1 10884 Pentland Downs St. $540,000 2,350 $230 0.0% $540,000 13 6.9% $580,000 97 3 10592 San Sicily Street $1,065,000 4,364 $244 3.1% $1,099,000 93 3.1% $1,099,000 93 0 10641 San Sicily Street $835,000 4,043 $207 8.1% $909,000 23 14.8% $980,000 243 2 8 Vintage Canyon Street $2,200,000 6,443 $341 10.2% $2,450,000 68 20.0% $2,750,000 87 1 Spanish Hills 4963 Mesa Capella Drive $1,250,000 4,286 $292 7.3% $1,349,000 15 10.7% $1,399,999 42 1 5020 Spanish Heights Drive $3,450,000 10,855 $318 9.2% $3,799,888 8 9.2% $3,799,888 8 0 Spanish Trail 7889 Bermuda Dunes Avenue $1,249,000 4,134 $302 0.0% $1,249,000 4 21.9% $1,599,000 208 13 8080 Castle Pines Avenue $1,200,000 3,507 $342 4.0% $1,250,000 29 14.3% $1,399,999 154 5 7967 Harbour Towne Avenue $580,000 1,668 $348 3.2% $599,000 0 3.2% $599,000 0 0 8235 Round Hills Circle $665,000 2,162 $308 3.3% $687,888 4 8.3% $725,000 125 3 12 Sawgrass Court $2,400,000 5,946 $404 0.0% $2,399,999 2 31.4% $3,499,000 114 3 5163 Southern Hills Lane $715,000 2,871 $249 4.7% $749,999 9 10.6% $799,999 61 2 HENDERSON Anthem Country Club 15 Clear Crossing Trail $1,100,000 3,974 $277 18.5% $1,350,000 28 35.3% $1,699,000 170 7 51 Desert Highlands Drive $1,087,500 3,037 $358 9.4% $1,199,900 71 22.3% $1,399,900 124 1 11 Greely Club Trail $2,065,000 6,003 $344 10.2% $2,300,000 11 41.0% $3,500,000 211 5 The Fountains 2345 Villandry Court $1,125,000 5,056 $223 6.3% $1,200,000 4 29.5% $1,595,000 161 3 Green Valley 100 Bisque Drive $790,000 4,620 $171 3.1% $815,000 2 12.2% $899,900 94 3 Legacy 2508 Hacker Drive $870,000 3,331 $261 4.9% $915,000 14 24.0% $1,145,000 148 4 Legacy Estates 182 Inveraray Court $1,350,000 3,906 $346 6.9% $1,450,000 89 6.9% $1,450,000 89 0 MacDonald Highlands 672 Blackrock Rim Drive $2,500,000 4,025 $621 9.4% $2,759,343 78 9.4% $2,759,343 78 0 446 Serenity Point Drive $1,220,000 3,013 $405 9.6% $1,349,999 24 9.6% $1,349,999 24 0 1232 Starview Peak Court $2,175,000 3,028 $718 5.2% $2,295,000 17 9.2% $2,395,000 48 1 Roma Hills 1795 Valenzano Way $1,850,000 6,248 $296 14.0% $2,150,000 33 26.0% $2,499,000 115 2 Seven Hills 2740 Botticelli Drive $985,000 2,840 $347 6.1% $1,049,000 12 10.5% $1,100,000 113 1 GUARD-GATED
FEBRUARY 2023 DAYS UNITS SOLD 0-30 63% 31-60 13% 61-90 20% 90+ 4% % DISCOUNT UNITS SOLD 0-5% 48% 5.1-10% 35% 10.1+% 17%
ON MARKET FROM
DISCOUNT OFF
LIST PRICE
SUMMERLIN
VEGAS
Sold Properties
DAYS
LAST LIST PRICE %
LAST
2817 TURTLE HEAD PEAK DRIVE
Guard-Gated | Summerlin | Red Rock Country Club
$2,275,000 | 4,683 SF | 5 Bedrooms | 5 Bathrooms
Located in the guard-gated community of Red Rock Country Club, this two-story home boasts day-and-night mountain views, frontage on the 16th hole of the Arroyo golf course, and over $300,000 in upgrades. Wrapped around a central courtyard, with multiple balconies and patios, this beach-inspired home has been optimized for indoor/outdoor living. For example, the former living room with double-height ceilings has been completely remodeled to create two highly functional spaces: a main-level, surround-sound theater with eight reclining chairs and an upper-level bonus room attached to the owner’s suite, designed to take full advantage of the view.
38 RAVENSWOOD AVENUE
Guard-Gated | Las Vegas | Southern Highlands
$5,400,000 | 9,451 SF | 5 Bedrooms | 7 Bathrooms
The epitome of modern living awaits at this new custom home— located in the 24-hour guard-gated community of Southern Highlands Golf Club and securely tucked behind a secondary gate in Vintage Valley. Beyond the immense driveway and oversized pivot door, discover a sublime indoor/outdoor lifestyle and breathtaking views of the nearby mountains provided by multiple balconies and disappearing pocket doors. Highlights of this incredible property include a great room with 25’ ceilings, a 180-bottle glass wine cellar, a home theater, and a resort-style pool and spa.
1500 SAINTSBURY DRIVE
Guard-Gated | Summerlin | The Vineyards
$1,525,000 | 3,434 SF | 4 Bedrooms | 4 Bathrooms
Elevated living awaits at this highly upgraded two-story home in The Vineyards, a guard-gated community in the award-winning, masterplanned community of Summerlin. No expense was spared on the posh renovations, which include new light fixtures, exterior doors by Pella, custom drapes, remodeled bathrooms, and much more. Highlights of this property include a beautiful remodeled kitchen, an opulent owner’s suite, and a relandscaped backyard with a pool and spa.
