insight VERTICAL VEGAS
Q1 2022
about insight At Las Vegas Sotheby’s International Realty, we take great pride in presenting you with current trends and developments affecting luxury communities of Las Vegas and the surrounding areas. This report represents a consolidation of local real estate knowledge
PRESIDENT & BROKER Randy Char
ART DIRECTION Renee Ladores
and an in-depth analysis of market data to bring you the most useful insights as they emerge in the region. In addition to offering general statistics related to the overall market, the report contains valuable information concerning Las Vegas’ hottest developments and neighborhoods. Particularly noteworthy is the large-scale growth in the city with expansions and new developments, bringing with it many opportunities for clients to capitalize on future investments. One of the many tools available to agents and brokers of Las Vegas Sotheby’s International Realty, we sincerely hope that this report will assist our clients in understanding Las Vegas’ expansive luxury real estate market. As an international luxury brand, represented in 79 countries, with over 25,000 associates across 1,000 offices, we have the capacity to offer our clients a level of talent and marketing expertise unlike any other. Whether you are interested in learning more about current market conditions, or are considering representation in the sale of your home, visit lasvegassir.com for more.
table of contents 4
southern nevada overview
6
globally connected
7
the difference is
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vertical vegas
Las Vegas Sotheby’s International Realty publishes Insight, a market report magazine each quarter. All materials are copyrighted and can not be reprinted or duplicated without permission, including photographs, artwork, designs and text. The publication is distributed without charge to readership throughout Southern Nevada. Additional copies and advertising information can be requested by contacting Las Vegas Sotheby’s International Realty. Address: 10100 W Charleston Blvd., 160, Las Vegas, NV 89135
702.360.1414
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insight@lasvegassir.com
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®,™ and SM are licensed trademarks to Sotheby’s International Realty Affiliates, Inc. An Equal Opportunity Company. Equal Housing Opportunity. Each Office Is Independently Owned And Operated, Except Offices Owned And Operated By NRT Incorporated. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully. * All information from sources deemed to be reliable although not warranted or guaranteed by or Sotheby’s International Realty® All information from MLS and Tax Records representing Single Family Homes only in MLS Areas 101-606
INSIGHT Q1 2022: SUMMERLIN
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2019
2020
2021
735
January
2,353
2,296
3,030
2,839
2,909
2,959
3,765
3,568
3,759
2021
March
December
3,040
3,543
3,683
3,759
2021
613
729
606
Novermber
2,850
4,132 3,910
846 900 1,058 1,132 1,128 1,105 955 748
May June July August September October Novermber December
3,224
2,872 2,484 March 577
2022
3,061
3,484
3,598
5,949 5,760
4,821 4,655
5,013
5,942
4,058
5,837
5,301
4,401
4,810
5,188
4,779
5,042 4,342
5,341 4,964
2,948
6,856 5,963
4,243
4,532
3,972
5,703 4,998
4,183
February 612
January 650
781 799
February
April
809
January
March
1,153 965
December
8,853 8,654
7,197 7,072
7,951
8,892
7,240
6,546
9,024 8,944
9,788
8,116
7,341
9,674
8,028
7,445
9,472
7,856
2021
February
719
October
2,952
731
693
September
3,003
756
August
3,286
3,119
846
3,760
2020
791
3,038
4,315 4,223
2020
July
722
May
3,440
3,438
3,674
1,405
1,652
August
Novermber
1,603
July
1,656
1,579
June
1,582
1,672
May
October
1,646
April
September
1,616
March
8,259
6,908
10,448
11,127
11,412
11,717
11,715
11,896
11,687
11,222
2020
June
875
785
3,181
2,901
# SOLD - HENDERSON
April
2,869
# SOLD - LAS VEGAS
March
2,565
2,267
3,376
JANUARY 2019 - MARCH 2022
616
805
December
2,663
3,557 3,535
properties sold
February
713
Novermber
3,136
3,524
1,351
February
9,019 8,474
7,103
7,552
8,747
9,290
9,525
9,829
9,597
9,279
JANUARY 2019 - MARCH 2022
634
736
October
2,578
1,467 1,371
January
1,701
Novermber December
1,887
August
1,837
1,961
July
October
9,756
2,067 2,043
June
September
2,090
May
all available inventory
January
2,829
2,799
728
September
2,498
638
2,800
3,100
2019
August
2,019
2,084
1,802
2,495
2,910
2,773
2,535
2,644
2019
724
559
June
1,402
1,686
2,216
2,051
2,333
2,109
3,206
3,073
3,471
9,672
1,943
April
2019
July
400
May
605
398
March
April
557
535
Novermber
February
609
October
577
2,597
602
September
484
2,471
629
August
3,432
4,500
3,188
5,000
2,549
SOUTHERN NEVADA |
January
2,842
646
July
4,000 3,603
SOUTHERN NEVADA |
December
2,786
639
June
3,500 3,256
10,948
13,000
2,932
2,936
3,000
9,114
1,834
-0 March
2,000
1,810
3,000
1,799
5,000
January
4,000
February 10,637
8,000 10,609
9,000
8,827
10,000
8,810
7,000
2,602
2,265
2,064
671
00
654
500
May
1,000
April
2,366
2,000
570
1,500
1,841
2,500
March
1,626
1,000
438
6,000
424
11,000
January
12,000
February
southern nevada by the numbers
At Las Vegas Sotheby’s International Realty, we take great pride in presenting you with up-to-date statistics concerning Las Vegas and the
surrounding areas. This in-depth analysis of past and current data trends helps our agents stay on top of what's going on in the Southern
Nevada housing market and pass these insights on to you.
This metric gives us a glance of the total amount of properties for sale in Southern Nevada by month, from 2019 to present.
DEFINING ALL AVAILABLE INVENTORY
2022
# FOR SALE - LAS VEGAS
# FOR SALE - HENDERSON
2022
DEFINING PROPERTIES SOLD
This metric calculates the number of properties sold, by month, broken down by Las Vegas and Henderson.
2022
$0 $0 240.0M 240.0M 232.1M 232.1M 242.2M 242.2M 207.9M 207.9M 224.1M 224.1M
August August
2019 2019 September September October October Novermber Novermber December December
241.0M 241.0M
March March
2020 2020 2021 2021
393.4M 393.4M 359.9M 359.9M
Novermber Novermber December December January January
March March
441.6M 441.6M
337.1M 337.1M
372.5M 372.5M
October October
1.1B 1.1B
1.1B 1.1B
1.3B 1.3B
1.4B 1.4B
1.2B 1.2B
1.3B 1.3B
1.3B 1.3B
1.4B 1.4B
1.5B 1.5B
1.4B 1.4B
1.4B 1.4B
1.4B 1.4B
2.0B 2.0B
1.9B 1.9B
1.8B 1.8B
1.8B 1.8B
1.7B 1.7B 1.7B 1.7B
1.6B 1.6B
1.7B 1.7B
1.7B 1.7B
1.7B 1.7B
1.8B 1.8B
2021
February February
379.8M 379.8M 364.3M 364.3M
September September
379.3M 379.3M
August August
438.7M 438.7M
1.3B 1.3B
1.5B 1.5B
TOTAL VOLUME - HENDERSON
JulJul yy
1.3B 1.3B
1.4B 1.4B
1.4B 1.4B
1.1B 1.1B
1.3B 1.3B
1.4B 1.4B
1.4B 1.4B
1.3B 1.3B
$2.0B $2.0B
487.9M 487.9M
383.8M 383.8M
May May
1.1B 1.1B
1.2B 1.2B
2020
June June
432.0M 432.0M 416.0M 416.0M
1.0B 1.0B
840.1M 840.1M
1.0B 1.0B
924.2M 924.2M
TOTAL VOLUME - LAS VEGAS
Apri Apri ll
299.5M 299.5M
February February
1.0B 1.0B 1.0B 1.0B
899.9M 899.9M
998.9M 998.9M
JANUARY 2019 - MARCH 2022
March March
303.5M 303.5M
January January
405.8M 405.8M
320.3M 320.3M
Novermber Novermber
696.5M 696.5M
1.1B 1.1B
$1.6B $1.6B
December December
339.3M 339.3M 331.4M 331.4M
October October
292.8M 292.8M
August August September September
292.5M 292.5M
227.7M 227.7M
635.4M 635.4M
706.1M 706.1M
834.4M 834.4M
959.8M 959.8M
1.0B 1.0B
1.1B 1.1B
1.2B 1.2B
1.2B 1.2B
$1.4B $1.4B
JulJul yy
476.1M 476.1M
554.6M 554.6M
730.4M 730.4M
841.3M 841.3M
919.0M 919.0M
1.0B 1.0B
1.1B 1.1B
1.2B 1.2B
2019
June June
May 159.3M May 159.3M
Apri Apri l l 151.5M 151.5M
229.4M 229.4M
February February
654.1M 654.1M
794.8M 794.8M
711.1M 711.1M
841.5M 841.5M
776.6M 776.6M
923.6M 923.6M
919.0M 919.0M
809.6M 809.6M
1.1B 1.1B
SOUTHERN NEVADA |
January 187.2M January 187.2M
240.5M 240.5M 235.0M 235.0M
931.4M 931.4M
961.4M 961.4M
$1.2B $1.2B
JulJul yy
277.3M 277.3M
May May
811.7M 811.7M
743.6M 743.6M
$1.8B $1.8B
June June
239.5M 239.5M
$200M $200M
217.8M 217.8M
$600M $600M
Apri Apri ll
732.9M 732.9M
675.0M 675.0M
$1.0B $1.0B
March March
573.4M 573.4M
509.3M 509.3M
$400M $400M
January January 165.7M 165.7M
$800M $800M
February 159.5M February 159.5M
total volume sold DEFINING TOTAL SOLD VOLUME
This metric defines the total dollar volume of real estate sales in Las Vegas and Henderson.
2022
2022 2022
At Las Vegas Sotheby’s International Realty, our responsibility
goes beyond assisting our clients in the purchasing and selling
of real estate. We’re ambassadors of our community. We look at
each moment as an opportunity to bring irreplaceable value to
our clients, and in the process, redefine the real estate industry.
Luxury isn’t tangible. It isn’t price tag. Luxury is an experience
and a commitment going beyond the status quo.
INSIGHT Q1 2022: SUMMERLIN
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LOCAL EXPERTS
globally connected
When a home is represented by the Sotheby’s International Realty brand, it is presented to a highly–qualified global clientele through exclusive channels and relationships. Our proprietary network of residential brokerage companies is located in countries all across the world, making Sotheby’s International Realty a truly global real estate brand.
25,000 1,000 79 46M $204B
S A L E S A S S O C I AT E S
OFFICES WORLDWIDE
COUNTRIES & TERRITORIES
V I S I T S T O S O T H E B Y S R E A LT Y C O M
T O TA L W O R L D W I D E S A L E S V O L U M E
Y O U T U B E S I LV E R C R E AT O R A W A R D 350,000+ SUBSCRIBERS
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| LASVEGASSIR.COM
2021
–
2021
THE DIFFERENCE IS
sotheby's international realty
SothebysRealty.com Sotheby’s International Realty’s website, sothebysrealty.com, is the #1 most trafficked website in the world for luxury properties.
Property Syndication Sotheby’s International Realty’s proprietary listing distribution program ensures that properties in all areas are seen by more affluent buyers online than any other real estate brand. This program places properties up front and center on over 10,000+ websites, a feat that cannot be imitated or duplicated by other real estate brands.
The Network Sotheby’s International Realty’s network of top producing agents across 1,000 offices in 79 countries produced over 204 billion in total sales volume in 2021. This network of agents consistently work together to refer clients to one another, meaning that properties listed with Sotheby’s International Realty benefit from the entire network working together to drive awareness and buyers.
Marketing Sotheby’s International Realty’s hand-selected global marketing plan provides clients the most comprehensive, targeted marketing in real estate touching connected TV, earned press, print, digital, social and experiential marketing.
Innovation Sotheby’s International Realty’s digital innovations consistently attract buyer loyalty. Buyers interact with first-to-market innovations such as virtual reality property tours, embedded video showings and area lifestyle immersion. The result? Sotheby’s International Realty has more video and VR interaction than Zillow, Coldwell Banker, Compass, Berkshire Hathaway, Engel and Volkers and Realtor.com combined.
Noteworthy Clientele A clientele base including: 71 of Forbes 100 Wealthiest People, 253 of Forbes 400 Wealthiest Americans, 60 of Worth Magazine’s Benefactor 100 List, and 78 of Forbes 100 Wealthiest Americans.
Proven Track Record 278 Year Brand Heritage, 204 Billion Annual Sales Volume in 2021, 79% Increase in Annual Referrals, 46 Million Website Views Annually, 90M+ Property Video Views, 47,600 Press Placements
Media Domination Sotheby’s International Realty receives more press mentions and media collaborations than any other real estate brand. Due to the quality and consistency of Sotheby’s International Realty’s inspirational properties, brands such as Apple, Vogue, The New York Times, Wall Street Journal, Dwell, Financial Times, Dow Jones and beyond drive their viewers, readers and brand loyalists to Sotheby’s International Realty properties daily.
Brand Recognition The powerful Sotheby’s International Realty blue sign and classic branding immediately differentiate every Sotheby’s International Realty property. Sotheby’s International Realty’s brand is aspirational, placing it in a league with brands like Tiffany and Co., Porsche and Gucci. This brand power attracts the attention of qualified buyers worldwide.
INSIGHT Q1 2022: SUMMERLIN
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newport lofts Newport Lofts opened in 2006 located in the Arts District of Downtown Las Vegas. The units feature open floor plan loft style living, spectacular views, high ceilings, modern finishes a rooftop pool/gym which also includes a running track around the top of the building and social room with TV’s and a pool table.
total properties sold
average sales price
17% YEAR OVER YEAR
6% YEAR OVER YEAR
5
average days on market
10
64% YEAR OVER YEAR
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| LASVEGASSIR.COM
$402,350 average price per square foot
$327 27% YEAR OVER YEAR
sky las vegas Take in the famous sights of the Las Vegas Strip from your expansive/ panoramic windows; lounge at our resort-style pool in a private cabana; sink into the luxurious living room you’ve always dreamed of. We believe our residents deserve the best; and that’s why we deliver the utmost luxury in every detail of our Las Vegas condos.
2700 LASVEGAS BLVD #3403 — LISTED BY RANDY CHAR | S.0015245
total properties sold
average sales price
40% YEAR OVER YEAR
17% YEAR OVER YEAR
6
average days on market
42
24% YEAR OVER YEAR
$595,333 average price per square foot
$365 14% YEAR OVER YEAR
INSIGHT Q1 2022: SUMMERLIN
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soho lofts Soho Lofts – located in the heart of the Arts District in Downtown Las Vegas. These beautiful Lofts tower 225 feet above the Las Vegas Boulevard. Soho Lofts is 6 story building with elegant and modern art deco finishes. The building features rooftop amenities: a fitness center and a pool that overlook the Las Vegas Strip.
total properties sold
average sales price
17% YEAR OVER YEAR
18% YEAR OVER YEAR
5
average days on market
29
55% YEAR OVER YEAR
10
| LASVEGASSIR.COM
$442,000 average price per square foot
$297 18% YEAR OVER YEAR
allure Located on Sahara Avenue, Allure is perfectly situated between The Arts District, Downtown Las Vegas and the Strip. From your distinct unit inside this 41-story luxury high-rise you are just minutes from all that Las Vegas has to offer. Allure has been offering its residents choice amenities since 2008. Featuring floor-to-ceiling windows every unit enjoys stunning views.
total properties sold
average sales price
50% YEAR OVER YEAR
17% YEAR OVER YEAR
15
average days on market
29
57% YEAR OVER YEAR
$368,130 average price per square foot
$316 36% YEAR OVER YEAR
INSIGHT Q1 2022: SUMMERLIN
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one queensridge place Situated just outside of Summerlin, One Queensridge Place is the only suburban high rise community in Las Vegas. Over 200 units comprise two graceful, elegantly-designed towers. Each home at Queensirdge Place enjoys its own deeded garage and its own private elevator corridor. Thoughtfully built for the ages, One Queensridge Place is arguably the most robust high rise structure anywhere.
9101 ALTA DRIVE #1404 — LISTED BY RANDY CHAR | B.0143566
total properties sold
average sales price
40% YEAR OVER YEAR
1% YEAR OVER YEAR
7
average days on market
70
8% YEAR OVER YEAR17
12
| LASVEGASSIR.COM
$1,702,857 average price per square foot
$554 51% YEAR OVER YEAR
palms place Hip and modern is the theme of Palms Place and it continues to garner attention. It is a hot spot for those who want to own a bit of Las Vegas.
total properties sold
average sales price
92% YEAR OVER YEAR
34% YEAR OVER YEAR
25
average days on market
91
34% YEAR OVER YEAR
$332,756 average price per square foot
$411
15% YEAR OVER YEAR
INSIGHT Q1 2022: SUMMERLIN
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the martin The Martin is located directly behind CityCenter Las Vegas. This property offers a swimming pool with cabanas, indoor and outdoor spas, an outdoor seating area with fire pit, and a fully equipped gym. These exceptional residences, complete with panoramic windows, create an incomparably intimate and exclusive living experience in the heart of Las Vegas.
4471 DEAN MARTIN #4307 — LISTED BY RANDY CHAR | B.0143566
total properties sold
9
40% YEAR OVER YEAR
average days on market
11
81% YEAR OVER YEAR
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| LASVEGASSIR.COM
average sales price
$644,000 40% YEAR OVER YEAR
average price per square foot
$484 28% YEAR OVER YEAR
panorama These two towers overlook the worldclass architecture of CityCenter is seeing more attention with the advent of the professional hockey team expansion in the T-Mobile arena and its surrounding restaurant/retail complex, The Park. All these new venues are within walking distance.
4515 DEAN MARTIN DRIVE #204 — LISTED BY CANDACE LARSON | S.0179442
total properties sold
average sales price
11% YEAR OVER YEAR
4% YEAR OVER YEAR
16
average days on market
34
56% YEAR OVER YEAR
$642,625 average price per square foot
$430 15% YEAR OVER YEAR
INSIGHT Q1 2022: SUMMERLIN
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park towers These two towers continue to serve as one of the most distinctive and exclusive high rise addresses, home to many of the most influential Las Vegas residents. This property doesn’t traditionally have much in the way of turnover.
total properties sold
average sales price
67% YEAR OVER YEAR
11% YEAR OVER YEAR
1
average days on market
104
46% YEAR OVER YEAR
16
| LASVEGASSIR.COM
$950,000 average price per square foot
$447 1% YEAR OVER YEAR
waldorf astoria las vegas As the most prestigious residential address on the Las Vegas Strip, The Residences at the Waldorf Astoria sets the standard for luxury high rise living. It is the residential jewel of City Center. We continue to see a tremendous amount of activity for this premier luxury tower with pricing more than $1,000/sf for the larger units. There are no signs of it slowing down with all the development in the area.
3750 LAS VEGAS BLVD #4607 — LISTED BY ALESE MORROW | S.0167536
total properties sold
10
NO CHANGE YEAR OVER YEAR
average days on market
34
58% YEAR OVER YEAR
average sales price
$2,155,000 1% YEAR OVER YEAR
average price per square foot
$1,126 6% YEAR OVER YEAR
INSIGHT Q1 2022: SUMMERLIN
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trump las vegas residences Trump International Hotel Las Vegas brings style and elegance to the heart of the entertainment capital of the world. Adjacent to some of the city’s best shopping and casinos, the gold tower offers panoramic views of the Strip and a haven of an unsurpassed experience within.
total properties sold
24
9% YEAR OVER YEAR
average days on market
69
35% YEAR OVER YEAR
18
| LASVEGASSIR.COM
average sales price
$360,367 66% YEAR OVER YEAR
average price per square foot
$555 52% YEAR OVER YEAR
signature mgm As an all-suite resort experience like no other, The Signature is your gateway to everything you love about Las Vegas – all just a few steps away from the iconic MGM Grand. This renowned destination is your all-access pass to vibrant nightlife, glittering casino action, decadent dining and so much more. In a city known for extravagance MGM Grand sets the standard.
total properties sold
39
50% YEAR OVER YEAR
average days on market
36
69% YEAR OVER YEAR
average sales price
$386,609 58% YEAR OVER YEAR
average price per square foot
$525 27% YEAR OVER YEAR
INSIGHT Q1 2022: SUMMERLIN
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turnberry place Residents of Turnberry Place enjoy the best of all worlds for someone seeking the most amenity-rich, luxurious and convenient high rise community to call home. Anchored by the all-new Stirling Club, member residents enjoy a curated offering of dining, bar, fitness, tennis, spa, pool and other venues without ever leaving the guard-gated campus of Turnberry Place.
total properties sold
18
31% YEAR OVER YEAR
average days on market
39
64% YEAR OVER YEAR
20
| LASVEGASSIR.COM
average sales price
$1,015,333 26% YEAR OVER YEAR
average price per square foot
$384 26% YEAR OVER YEAR
turnberry towers This high rise development is comprised of two towers, located just off of Paradise Road. The Turnberry Towers were built to an extremely high standard in 2006/07, and they boast an enviable location across the street from Westgate. Set back from the Strip, this Las Vegas condo complex places a high emphasis on privacy and luxury.
total properties sold
average sales price
11% YEAR OVER YEAR
27% YEAR OVER YEAR
17
average days on market
30
60% YEAR OVER YEAR
$556,406 average price per square foot
$440 23% YEAR OVER YEAR
INSIGHT Q1 2022: SUMMERLIN
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vdara With direct access to Aria and the Bellagio resorts, Vdara at CityCenter is poised to be one of the most desired condotels in the Las Vegas Strip corridor. Branded as a non-gaming, non-smoking luxury hotel, it is the first choice for visitors seeking a quiet retreat with direct access to some of the finest restaurants, entertainment, and shopping in all of Las Vegas.
total properties sold
average sales price
100% YEAR OVER YEAR
57% YEAR OVER YEAR
4
average days on market
36
81% YEAR OVER YEAR
22
| LASVEGASSIR.COM
$778,250 average price per square foot
$1,055 35% YEAR OVER YEAR
veer towers The iconic architecture and contemporary design of the Veer towers set these two towers apart on the Las Vegas Strip. As a part of CityCenter, they enjoy all the benefits of their location and MGM’s new development, The Park, along with easy access to T-Mobile Arena.
total properties sold
29
82% YEAR OVER YEAR
average days on market
76
45% YEAR OVER YEAR
average sales price
$814,608 36% YEAR OVER YEAR
average price per square foot
$732 14% YEAR OVER YEAR
INSIGHT Q1 2022: SUMMERLIN
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SUMMERLIN 10100 W Charleston Boulevard, 160 Las Vegas, NV 89135
TIVOLI VILLAGE 410 Rampart #170 Las Vegas, NV 89145
lasvegassir.com | 702.360.1414
LAKE LAS VEGAS 2030 Lake Las Vegas Pkwy Henderson, NV 89011