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

*Two of the closed sales in March 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 January 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.

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.