Rob's Report

SUMMERLIN, LAS VEGAS, & HENDERSON

1 DOVETAIL CIRCLE

Guard-Gated | Henderson | Quail Ridge Estates

$2,500,000 | 6 ,960 SF | 6 Bedrooms | 6 Bathrooms

Incomparable privacy and outstanding amenities await at this twostory mansion, constructed with real brick masonry on over half an acre in Quail Ridge Estates—a guard-gated Henderson community in Green Valley North. Beyond the expansive horseshoe driveway and gated motor court, discover 6,960 square feet of luxurious living space, a curated collection of smart home technology, a verdant rear yard with a Pebble Tec pool and spa, and more.

MAY 2023

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 $1M-$1.49M price range had an absorption rate of 3.8 months for both March and April, indicating that this segment has remained more of a seller’s market. If you have any questions about the data below, we’re always here to help!

Dear Friends,

The spring season is off to a slow start in the guard-gated real estate market, with April’s closed sales down 25% from March. Meanwhile, inventory remained relatively flat, down just 1% month over month. What does this mean for buyers and sellers looking to make moves this season? That depends on what kind of property you’re buying or selling…

Most buyers are looking for newer or renovated homes, preferably with a view, but there are a limited number of these homes on the market. Higher demand and lower supply in this product class means that the premium properties are still getting premium pricing, which is great news for sellers. However, if you’re looking to buy one of these homes, just be aware that you will have competition.

On the other side of this, the majority of the current inventory is “dated” in the eyes of most buyers. Even if it’s something as simple as changing countertops and paint, buyers are averse to homes that need work. In this product class, we’re seeing the opposite scenario: lower demand and higher supply, which leads to lower prices and more time on the market. This is why it’s a smart financial decision to do all that you can, if you have the time, to have your home look and feel new before you sell.

Despite buyers having a preference for newer properties, homes are still selling when they’re properly priced and strategically marketed. In April, 90% of homes sold within 90 days of their last list price, with 53% of these properties selling within 5% of their last list price. There were six homes that sold for full price and three resales that sold for more than list price. Pending sales were also up 20% month over month, a sign that the spring selling season may be heating up. If you have any questions about today’s real estate market, we’re always here to help.

Sincerely,

Rob Jensen Broker / Owner

702.605.7480

rob@robjensen.com

B.143770

Monica Nalbantoglu Director of Sales

702.605.7480

monica@robjensen.com

S.179807

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), 4/30/23. 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.

Proud Partner

PRICE RANGE ACTIVE LISTINGS UNDER CONTRACT CLOSED SALES EXPIRED ABS* RATE (APR '23) ABS* RATE (MAR '23) $500K-$749K 29 15 9 2 3.8 3.9 $750K-$999K 41 18 10 3 5.4 5.1 $1M-$1.49M 51 18 16 3 3.8 3.8 $1.5M-$1.99M 53 14 8 1 5.8 7.3 $2M-$2.49M 33 8 6 0 6.3 5.5 $2.5M-$2.99M 23 5 2 1 8.0 9.0 $3M-$3.99M 22 11 3 3 16.5 22.0 $4M+ 83 12 6 6 15.8 25.7 APR '23 335 101 60 19 MoM % Change -1% +20% -25% -24% YoY % Change +48% -25% -47% +90% MAR '23 338 84 80 25 APR '22 226 135 114 10

*ABS(orption) rate

APRIL 2023 APR '23 % MAR '23 % CASH 24 41% 38 49% LOAN 32 55% 35 45% OTHER 2 3% 5 6% TOTALS 58 78 CASH VS LOAN

Guard-Gated | Henderson | Quail Ridge Estates DOVETAIL CIRCLE

308 KINGSCLEAR COURT

Guard-Gated | Las Vegas | Queensridge

$998,000 | 3,330 SF | 3 Bedrooms | 3 Bathrooms

A secure and quiet lifestyle awaits at this single-story home in the guard-gated community of Queensridge. Built on a 9,583-squarefoot corner lot, this property showcases a spacious floor plan centered around an expansive great room—plus a private, east-facing backyard providing afternoon shade for the pool and spa. Exceptional shopping, dining, and entertainment can be found minutes away at Tivoli Village, Boca Park, and Downtown Summerlin.

Client Appreciation Party

VINTNER GRILL

April 27 th 2023

Thursday,

GUARD-GATED Sold Properties

LAS VEGAS

APRIL 2023

No closed sales for the month of April in Aventura, Bellacere, Canyon Fairways, Corta Bella, Country Club Hills, Country Rose Estates, Mountain Trails, The Palisades, Tournament Hills, The Vineyards, Willow Creek, Regency at the Lakes, Ascaya, Hillsboro Heights, Legacy Estates, Seven Hills - Rapallo, and Seven Hills-Terracina/ Venezia

*Disclaimer - Three new homes also sold for over their original list price. This is generally due to one of two reasons:

1) The seller lists the property during the construction process (which might be a lot with plans, a framed house, etc.) and the price increases during the process until a buyer comes in.

2) New home builders generally do not use the Multiple Listing Service (MLS), but if they do, they might advertise the house at the base price, then the final sales price increases when the buyer selects upgrades.

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 8937 Diamond Falls Drive $625,000 2,180 $287 3.8% $649,900 1 7.4% $674,900 25 1 8620 Lakeridge Circle $1,450,000 4,884 $297 9.1% $1,595,000 25 14.5% $1,695,000 65 1 2113 Lookout Point Circle $915,000 1,788 $512 6.2% $975,000 35 12.9% $1,050,000 207 2 Foothills 3895 Rancho Niguel Parkway $500,000 1,942 $257 -3.1% $485,000 6 -3.1% $485,000 6 0 Mountains Edge 7853 Base Camp Avenue $600,000 2,397 $250 0.0% $600,000 3 0.0% $600,000 19 1 Queensridge 9732 Verlaine Court $1,500,000 5,184 $289 9.1% $1,650,000 132 24.2% $1,978,000 213 2 Southern Highlands 11165 Campsie Fells Court $725,000 3,651 $199 3.2% $749,000 13 9.3% $799,000 79 3 11814 Canons Brook Drive $1,500,000 3,220 $466 9.1% $1,650,000 29 9.1% $1,650,000 29 0 4338 Grey Spencer Drive $1,015,000 5,440 $187 3.3% $1,050,000 3 8.6% $1,110,000 204 3 10654 Lago Sandia Street $1,265,000 4,899 $258 0.8% $1,275,000 88 0.8% $1,275,000 88 0 4453 Melrose Abbey Place $965,000 5,120 $188 0.0% $965,000 15 1.5% $980,000 25 1 22 Olympia Outlook Drive $3,425,000 6,250 $548 13.3% $3,950,000 68 23.9% $4,500,000 204 1 5369 San Kristia Avenue $975,000 3,073 $317 2.0% $995,000 2 18.7% $1,199,000 177 9 9 Vintage Ridge Drive $4,000,000 6,064 $660 4.7% $4,199,000 124 4.7% $4,199,000 124 0 10 Vintage Ridge Drive $2,250,000 5,039 $447 9.8% $2,495,000 272 9.8% $2,495,000 272 0 Spanish Hills 5086 Scenic Ridge Drive $6,250,000 7,567 $826 10.7% $6,999,000 187 -5.9% $5,900,000 388 0 Spanish Trail 5120 Breakers Lane $600,000 2,871 $209 11.1% $674,900 38 11.1% $674,900 38 0 40 Gulf Stream Court $2,300,000 6,979 $330 14.4% $2,688,000 56 34.1% $3,488,000 311 4 8019 Pinnacle Peak Avenue $915,000 3,508 $261 8.4% $999,000 105 12.9% $1,050,000 130 1 18 Sawgrass Court $1,180,000 3,040 $388 5.6% $1,250,000 9 15.7% $1,400,000 25 1 7556 Spanish Bay Drive $1,000,000 3,473 $288 9.1% $1,100,000 0 20.0% $1,250,000 207 7 4911 Tierra Del Sol Drive $650,000 1,812 $359 2.3% $665,000 2 3.7% $675,000 101 1 19 Vintage Court $1,000,000 7,592 $132 0.0% $999,999 46 0.0% $999,999 46 0 Ten Oaks 7404 Oak Grove Avenue $1,375,000 4,724 $291 7.7% $1,490,000 33 45.0% $2,500,000 262 6 Tuscan Cliffs 11358 San Arezzo Place $1,450,000 3,643 $398 0.0% $1,450,000 10 0.0% $1,450,000 10 0 HENDERSON Anthem Country Club 18 Anthem Creek Circle $1,475,000 4,511 $327 6.3% $1,575,000 15 14.5% $1,725,000 180 3 6 Anthem Creek Circle $1,250,000 3,942 $317 7.4% $1,349,990 27 32.4% $1,850,000 292 14 11 Braelinn Drive $678,000 1,942 $349 2.4% $695,000 16 1.0% $685,000 16 0 96 Emerald Dunes Circle $620,000 1,942 $319 5.8% $658,000 53 5.8% $658,000 53 0 14 Holston Hills Road $1,200,000 3,253 $369 7.7% $1,300,000 14 7.7% $1,300,000 14 0 40 Stonemark Drive $935,000 2,614 $358 4.1% $975,000 42 4.1% $975,000 42 0 The Fountains 2277 Buckingham Court $1,100,000 4,571 $241 14.7% $1,290,000 36 35.3% $1,699,000 196 4 2241 Versailles Court $1,000,000 4,091 $244 11.1% $1,125,000 52 28.6% $1,400,000 279 3 Legacy 2502 Hacker Drive $850,000 3,331 $255 -0.6% $845,000 17 4.4% $888,888 179 9 2453 Ping Drive $959,000 4,636 $207 0.0% $959,000 4 0.0% $959,000 4 0 MacDonald Highlands 700 Dragon Peak Drive* $5,155,000 5,970 $863 2.4% $5,280,000 0 -66.3% $3,100,000 420 1 1372 Enchanted River Drive $1,950,000 5,224 $373 2.5% $1,999,000 31 13.3% $2,250,000 155 2 1447 Foothills Village Drive $1,146,000 2,526 $454 4.4% $1,199,000 0 4.4% $1,199,000 0 0 378 Solitude Peak Lane* $2,031,649 3,243 $626 -20.0% $1,692,571 16 -26.5% $1,606,455 149 0 1240 Starview Peak Court* $2,864,242 3,027 $946 -43.2% $2,000,000 15 -43.2% $2,000,000 15 0 Madiera Canyon 2809 Proust Court $949,999 2,587 $367 0.0% $949,999 29 17.4% $1,149,999 138 8 Roma Hills 776 Bolle Way $2,700,000 6,918 $390 0.0% $2,700,000 7 5.3% $2,850,000 165 1

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

Eagle Hills 2037 Grouse Street $4,800,000 13,342 $360 6.8% $5,150,000 14 20.0% $6,000,000 134 2 Eagle Rock 429 Proud Eagle Lane $900,000 2,976 $302 10.0% $999,900 44 10.0% $999,900 44 0 409 Proud Eagle Lane (SS) $800,000 2,976 $269 5.9% $850,000 62 27.3% $1,100,000 219 4 Mesa Ridge 10680 Patina Hills Court $2,400,000 4,351 $552 5.9% $2,550,000 74 10.9% $2,695,000 163 1 Red Rock Country Club 11417 Cedar Log Court $1,575,000 3,564 $442 -1.6% $1,549,990 7 -1.6% $1,549,990 7 0 11580 Evergreen Creek Lane $1,915,000 3,823 $501 4.3% $2,000,000 21 8.8% $2,100,000 129 1 2546 Grassy Spring Place $2,000,000 4,443 $450 8.9% $2,195,000 10 8.9% $2,195,000 10 0 2989 Red Springs Drive $1,350,000 2,508 $538 2.5% $1,385,000 56 15.6% $1,600,000 181 7 2982 Soft Horizon Way $1,200,000 2,508 $478 4.0% $1,250,000 4 13.4% $1,385,000 134 5 Reverence 2930 Reverence Heights Lane $1,625,000 4,238 $383 9.7% $1,799,000 55 9.7% $1,799,000 55 0 The Ridges 3 Cross Ridge Street $1,627,500 3,766 $432 7.8% $1,764,950 66 27.7% $2,249,950 187 3 33 Hawkeye Lane $3,250,000 4,204 $773 7.0% $3,495,000 132 7.0% $3,495,000 132 0 5 Moonfire Drive $2,245,000 4,172 $538 2.2% $2,295,000 6 2.2% $2,295,000 6 0 44 Olive Ridge Drive $1,900,000 3,562 $533 5.0% $1,999,000 13 9.5% $2,100,000 21 1 11464 Opal Springs Way $3,380,000 4,618 $732 3.4% $3,499,000 10 15.5% $3,999,999 218 3 The Summit Club 10850 Summit Club Drive $30,000,000 30,985 $968 11665 Summit Club Drive, #101 $6,850,000 1,889 $3,626 Trilogy in Summerlin 4273 Sunrise Flats Street $680,000 1,824 $373 2.9% $700,000 2 12.3% $775,000 183 5 DOM (From Last List Price) DAYS UNITS SOLD % DISCOUNT (Off Last List Price) % DISCOUNT UNITS SOLD 0-30 59% 0-5% 49% 31-60 22% 5.1-10% 40% 61-90 9% 10.1+% 11% 90+ 10%

SUMMERLIN

JUST SOLD | $2,700,000

JUST SOLD | $1,500,000

JUST SOLD | $1,250,000

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

9732 VERLAINE COURT Queensridge

776 BOLLE WAY Roma Hills

7424 DOE AVENUE Ten Oaks TM