Rob's Report

SUMMERLIN, LAS VEGAS, & HENDERSON

45 SUN GLOW LANE

Guard-Gated | Summerlin | The Ridges

$4,500,000 | 5,040 SF | 6 Bedrooms | 8 Bathrooms

This custom two-story home presents a magnificent, modern lifestyle in Azure—one of fourteen distinct gated neighborhoods within The Ridges. Built by Sun West, an award-winning design and construction company, this property boasts a modern design with 12’ ceilings on the main level, pocket doors for indoor/outdoor living, large format tile, and more. Highlights include a private backyard with a pool and spa, a spacious great room with a 96-bottle glass wine display, and a luxurious owner’s suite that opens to the pool deck.

APRIL 2023

Dear Friends,

As the spring selling season kicks off, we’re happy to report that closed sales in March increased 67% month over month. We usually see inventory rise in the spring as well, but the number of active listings remained relatively flat. Having less competition is good news for sellers, but buyers might need to think outside the box (or even the guardgate).

Buyers: Even though there are still homes available, inventory could remain tight for the foreseeable future. As our population boomed over recent years, cash buyers from California gobbled up real estate in the valley’s limited number of guard-gated communities. Custom home lots are getting harder to come by, and new construction hasn’t kept up with demand. More luxury communities are slated for Summerlin, but it will be a couple of years before they are ready. If you want to move soon, you might need to be more flexible with your search—and remember that there will be more competition (and higher prices) for anything that is new, remodeled, or has a view.

Sellers: Although property values are lower than the highs of 2021 and early 2022, we are bullish on Las Vegas and believe that prices will climb again at some point. However, if your goal is to sell this year, be aware that the market is competitive and that strategy matters. Not every home sells; there were 25 listings that expired last month. These properties failed to sell either because the sellers had unrealistic pricing expectations or because their agents didn’t provide sufficient marketing (such as 3D Matterport tours and highly targeted online ad campaigns).

At the Rob Jensen Company, we keep our fingers on the pulse of the market. We know what homes are worth, and we have the marketing expertise to get them sold. If you’re thinking of selling, contact us for a free home valuation. If you’re looking to buy, put our expertise and market knowledge to work for you.

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, 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.

Due to last month’s increase in closed sales and inventory remaining relatively flat, the absorption rate decreased in all but one price range: the $3M-$3.99M range had an absorption rate of 9.7 months in February and 22 months in March, indicating a shift to more of a buyer’s market.

Rob Jensen Broker / Owner

702.605.7480

rob@robjensen.com

B.143770

702.605.7480

monica@robjensen.com

S.179807

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), 3/31/23. We add pending and contingent sales to the active listings; otherwise, they'd be counted twice as sales or might even fall out of escrow.

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PRICE RANGE ACTIVE LISTINGS UNDER CONTRACT CLOSED SALES EXPIRED ABS* RATE (MAR '23) ABS* RATE (FEB '23) $500K-$749K 31 10 14 1 3.9 4 $750K-$999K 45 14 12 4 5.1 6.7 $1M-$1.49M 52 17 20 4 3.8 5.3 $1.5M-$1.99M 49 13 15 4 7.3 10.3 $2M-$2.49M 32 9 7 3 5.5 7.7 $2.5M-$2.99M 24 3 5 2 9 14.5 $3M-$3.99M 24 9 1 2 22 9.7 $4M+ 81 9 6 5 25.7 29.7 MAR '23 338 84 80 25 MoM % Change -4% -9% +67% +32% YoY % Change +89% -44% -23% +150% FEB '23 353 92 48 19 MAR '22 179 151 104 10

*ABS(orption)

MARCH 2023 MAR '23 % FEB '23 % CASH 38 49% 26 57% LOAN 35 45% 20 43% OTHER 5 6% 0 0% TOTALS 78 46 CASH VS LOAN Monica

Nalbantoglu Director of Sales

Guard-Gated | Summerlin | The Ridges SUN GLOW LANE

14 MOONFIRE DRIVE

Guard-Gated | Summerlin | The Ridges

$2,299,000 | 4,172 SF | 4 Bedrooms | 5 Bathrooms

Incredible indoor/outdoor living awaits at this modern two-story home in Sterling Ridge, one of fourteen distinct gated neighborhoods within The Ridges—an ultra-chic guard-gated community that houses the city’s elite. Beyond the courtyard entry, discover a spacious floor plan that opens to the covered patio from multiple sides, so you and your loved ones can easily enjoy the 40’ pool, zero-edge spa, and impressive fire and water features.

12 RUE DU VILLE WAY

Guard-Gated | Henderson | SouthShore Country Club at Lake Las Vegas

$3,999,000 | 7,002 SF | 4 Bedrooms | 6 Bathrooms

This custom two-story estate presents a rare opportunity in SouthShore Country Club—an exclusive guard-gated oasis located in the master-planned community of Lake Las Vegas. Built on a private and elevated cul-de-sac lot overlooking the seventh green, this property showcases stunning views of the golf course, lake, and mountains—plus an infinity edge pool with six waterfalls, a waterslide, and a grotto spa. Beyond the expansive gated driveway, discover an incredible interior with travertine and hardwood flooring, custom pewter and Visual Comfort light fixtures, and an abundance of stone and wood finishes.

Sold Properties

LAS VEGAS

GUARD-GATED

MARCH 2023

*Out of the 80 guard-gated sales that closed last month, 74 were sold on the Multiple Listing Service. For the 6 properties that were sold offmarket, Pricing History and Days on Market (DOM) data are unavailable.

For the sake of our reporting, DOM reset to zero after 60 days off the market. DOM are only counted when a property is actively on the market. For example, if a property is on the market for 5 months, in escrow for 1 month before the deal falls apart, then sells 2 months later, DOM would be 7 months (not 8).

5 and 7 Talus Court count as a single sale. The home’s most recent price only included the house, but the home sold for over the list price because it included the adjacent vacant lot.

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 8916 Canyon Springs Drive $1,378,000 5,300 $260 18.0% $1,680,000 13 22.6% $1,780,000 265 3 1604 Night Wind Drive $725,000 2,912 $249 0.7% $730,000 2 19.4% $900,000 179 12 8764 Rainbow Ridge Drive $1,060,000 3,663 $289 3.6% $1,099,900 4 3.6% $1,099,900 4 0 Foothills 3870 Biltmore Bay Street $745,000 3,738 $199 2.6% $765,000 73 2.6% $765,000 99 2 9552 Camino Capistrano Ln $685,000 2,545 $269 1.4% $695,000 5 3.5% $710,000 101 4 9625 Phoenician Avenue $750,000 4,349 $172 3.2% $775,000 34 21.0% $949,900 113 2 Granada Hills 8970 Lansberry Court $650,000 2,986 $218 23.4% $849,000 25 23.4% $849,000 25 0 8930 Minsk Court $650,000 4,396 $148 7.1% $700,000 11 7.1% $700,000 11 0 Mountains Edge 7865 Base Camp Avenue $565,000 2,397 $236 3.4% $585,000 7 3.4% $585,000 7 0 Queensridge 9833 Miss Peach Avenue $595,000 1,942 $306 2.5% $610,000 71 11.9% $675,000 181 2 9309 Queen Charlotte Drive $1,100,000 4,190 $263 7.9% $1,195,000 23 20.7% $1,387,000 232 2 813 Sir James Bridge Way $1,040,000 2,711 $384 5.4% $1,099,000 26 5.4% $1,099,000 26 0 Southern Highlands 4211 Abernethy Forest Place $1,050,000 5,152 $204 4.5% $1,099,000 35 4.5% $1,099,000 35 0 3326 Alpine Lily Drive* $1,140,000 3,220 $354 X X X X X X X 3458 Alpine Lily Drive* $860,000 2,440 $352 X X X X X X X 23 Bel Air Greens Circle $2,100,000 5,158 $407 16.0% $2,500,000 5 16.0% $2,500,000 5 0 12 Olympia Chase Drive $3,200,000 6,103 $524 5.7% $3,395,000 15 20.0% $3,999,999 233 2 11767 Weybrook Park Drive $1,275,000 3,220 $396 1.8% $1,299,000 4 1.8% $1,299,000 4 0 Spanish Hills 5083 Mountain Foliage Drive $1,550,000 4,245 $365 8.3% $1,690,000 133 18.0% $1,890,000 178 2 8805 Spanish Mountain Drive $1,320,000 4,659 $283 17.4% $1,599,000 40 19.0% $1,629,000 167 1 Spanish Trail 8205 Horseshoe Bend Lane $825,000 2,505 $329 2.8% $849,000 35 8.2% $899,000 142 4 48 Princeville Lane $1,160,000 3,741 $310 7.2% $1,249,990 154 10.4% $1,295,000 199 1 7923 Rio Rico Drive $880,000 2,741 $321 4.9% $925,000 9 4.9% $925,000 9 0 8161 Round Hills Circle $625,000 1,910 $327 3.8% $649,900 32 10.6% $699,000 122 3 8178 Round Hills Circle $600,000 2,164 $277 4.0% $625,000 188 4.0% $625,000 188 0 18 Sawgrass Court $900,000 3,040 $296 -0.6% $895,000 3 -0.6% $895,000 3 0 5123 Southern Hills Lane $670,888 1,814 $370 7.5% $725,000 107 15.6% $795,000 191 1 7575 Spanish Bay Drive $865,000 2,871 $301 6.9% $929,000 45 12.5% $989,000 156 4 7615 Spanish Bay Drive $680,000 1,812 $375 2.2% $695,000 97 2.2% $695,000 97 0 4941 Tierra Del Sol Drive $689,900 2,871 $240 0.0% $689,900 5 27.4% $950,000 208 9 Tuscan Cliffs 4038 Villa Rafael Drive $1,787,000 4,617 $387 2.1% $1,825,000 100 2.1% $1,825,000 100 0 HENDERSON Anthem Country Club 3 Chenal Pass $1,795,000 5,756 $312 5.0% $1,890,000 93 5.0% $1,890,000 93 0 12 Clear Crossing Trail $1,050,000 3,216 $326 8.7% $1,150,000 11 24.7% $1,395,000 110 6 41 Hassayampa Trail $1,250,000 3,819 $327 5.3% $1,320,000 37 12.9% $1,435,000 109 2 10 Penn Cross Court* $1,025,000 3,537 $290 X X X X X X X Ascaya 7 & 5 Talus Court $11,000,000 10,871 $1,012 -10.0% $9,999,000 65 26.4% $14,950,000 439 3 5 Cloud Chaser Boulevard $6,400,000 6,100 $1,049 7.2% $6,900,000 83 23.4% $8,350,000 194 4 Legacy 56 Grossinger Court $799,000 3,365 $237 3.6% $829,000 66 3.6% $829,000 66 0 210 Ultra Drive $809,000 3,331 $243 -1.1% $799,999 7 -1.1% $799,999 7 0 MacDonald Highlands 697 Dragon Peak Drive $4,850,000 6,200 $782 0.0% $4,850,000 336 0.0% $4,850,000 336 0 1600 Liege Drive $1,600,000 6,375 $251 0.0% $1,600,000 21 27.3% $2,200,000 49 1 Madeira Canyon 2908 Ferrand Court $1,011,000 4,708 $215 8.1% $1,100,000 27 19.1% $1,250,000 104 2 2344 French Alps Avenue $850,000 4,153 $205 1.7% $865,000 22 6.6% $910,000 84 1 2765 Liberation Drive $1,050,000 4,048 $259 4.5% $1,100,000 25 19.2% $1,300,000 187 6 Quail Ridge Estates 17 Quail Run Road $1,025,000 4,325 $237 12.8% $1,175,000 23 24.1% $1,350,000 120 4 Seven Hills - Terracina/ Venezia 1382 Opal Valley Street $2,500,000 7,061 $354 7.1% $2,690,000 24 7.1% $2,690,000 24 0

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 SUMMERLIN Aventura 10017 Mirada Drive $990,000 3,372 $294 1.0% $999,999 34 17.4% $1,199,000 265 11 Bellacere 10141 Summit Canyon Drive $2,650,000 4,975 $533 8.5% $2,895,000 20 14.5% $3,100,000 143 3 Canyon Fairways 504 Royalton Drive $2,150,000 4,286 $502 2.1% $2,195,000 13 10.2% $2,395,000 459 6 Country Club Hills 1621 Wincanton Drive $1,550,000 3,192 $486 2.8% $1,595,000 118 8.2% $1,688,000 151 1 Eagle Rock 452 Pinnacle Heights Lane $1,100,000 4,078 $270 7.9% $1,195,000 16 12.0% $1,249,999 205 2 Mesa Ridge 10783 White Clay Drive $1,570,000 3,243 $484 7.1% $1,690,000 36 10.3% $1,750,000 93 1 10837 White Clay Drive $1,450,000 3,451 $420 16.9% $1,745,000 94 23.5% $1,895,000 192 2 Mountain Trails 9809 Glenrock Drive $2,400,000 7,608 $315 5.9% $2,550,000 89 20.0% $2,999,999 376 4 2308 Pearl Crest Street $1,925,000 5,372 $358 16.1% $2,295,000 114 22.5% $2,485,000 203 2 The Palisades 10412 Mansion Hills Avenue $1,900,000 6,189 $307 9.5% $2,099,000 16 22.4% $2,450,000 235 4 112 North Royal Ascot Drive $1,975,000 6,189 $319 0.0% $1,975,000 1 0.0% $1,975,000 1 0 Red Rock Country Club 3298 Dove Run Creek Drive $1,175,000 2,712 $433 2.0% $1,199,000 11 9.5% $1,299,000 102 1 11305 Golden Chestnut Place $2,450,000 4,899 $500 7.5% $2,650,000 76 7.5% $2,650,000 76 0 1947 Orchard Mist Street $1,725,000 4,107 $420 1.4% $1,750,000 14 11.5% $1,950,000 82 2 2822 Soft Horizon Way $891,000 2,160 $413 6.2% $949,900 85 40.6% $1,499,000 276 6 2563 Turtle Head Peak Drive* $2,050,000 4,200 $488 X X X X X X X Reverence 2931 September Summer Lane $1,550,000 4,290 $361 7.5% $1,675,000 38 29.5% $2,200,000 281 8 11230 Torch Cactus Drive $2,150,000 5,109 $421 0.0% $2,150,000 3 0.0% $2,150,000 3 0 The Ridges 27 Cranberry Cove Court $2,725,000 4,618 $590 0.9% $2,750,000 1 0.9% $2,750,000 1 0 30 Cranberry Cove Court $2,550,000 4,618 $552 7.3% $2,750,000 87 15.0% $2,999,000 186 1 20 Garden Rain Drive $1,800,000 3,562 $505 10.0% $1,999,000 77 18.1% $2,199,000 131 1 31 Golden Sunray Lane* $5,325,000 6,968 $764 X X X X X X X 11280 Granite Ridge Drive, #1066 $1,700,000 3,211 $529 2.9% $1,750,000 18 15.0% $1,999,999 239 2 11280 Granite Ridge Drive, #1071 $1,489,000 2,414 $617 0.7% $1,499,000 31 6.8% $1,598,000 115 1 82 Grey Feather Drive $1,665,990 4,172 $399 7.4% $1,799,000 66 16.7% $2,000,000 203 2 36 Hunting Horn Drive $2,695,000 4,618 $584 0.0% $2,695,000 3 0.0% $2,695,000 3 0 94 Pristine Glen Street $2,165,000 4,410 $491 -0.7% $2,150,000 2 -0.7% $2,150,000 2 0 The Summit Club 11429 Summit Club Drive* $10,250,000 3,266 $3,138 X X X X X X X Tournament Hills 8920 Players Club Drive $7,600,000 21,835 $348 3.8% $7,900,000 29 33.2% $11,375,000 826 4 Traccia 11292 Merado Peak Drive $675,000 2,704 $250 3.0% $695,900 13 11.8% $765,000 67 4 Trilogy at Summerlin 4164 Adobe Palms Street $957,000 2,915 $328 0.8% $965,000 15 12.6% $1,095,000 92 1 4307 Sunrise Flats Street $670,000 2,340 $286 0.7% $675,000 10 16.2% $799,999 148 8 Willow Creek 2990 Hammerwood Drive $1,650,000 4,572 $361 1.5% $1,675,000 10 8.2% $1,798,000 127 1 10938 Iris Canyon Lane $1,100,000 3,951 $278 10.2% $1,225,000 10 10.2% $1,225,000 10 0 DOM (From Last List Price) DAYS UNITS SOLD % DISCOUNT (Off Last List Price) % DISCOUNT UNITS SOLD 0-30 55% 0-5% 55% 31-60 15% 5.1-10% 34% 61-90 15% 10.1+% 11% 90+ 15%

JUST SOLD | $3,350,000

JUST SOLD | $1,725,000

JUST SOLD | $1,550,000

10785 W. Twain Avenue, Suite 110, Las Vegas, NV 89135 702.605.7482 | robjensen.com

1947 ORCHARD MIST STREET Red Rock Country Club 11448 OPAL SPRINGS WAY The Ridges

5083 MOUNTAIN FOLIAGE DRIVE Spanish Hills