Page 11 - The Highlander Fall 2024

Four Seasons Residences Las Vegas Renderings.
“Las Vegas is also starting to see growth in the biotech industry, further diversifying our economic base...”
LUXURY REAL ESTATE REPORT
Inventory Surge: More Competition for Sellers, More Choices for Buyers.
Inventory levels in the luxury home market have surged across all price points, providing buyers with more options.
This Fall, we now see a 20% increase in inventory for homes over $1M, reflecting a more competitive environ- ment for sellers.
• Homes in the $1-3M range saw an 18% increase in listings.
• The $3-5M segment grew by 11%.
• Homes priced $5-10M saw a 24% rise in available inventory.
• In the ultra-luxury market of $10M+ properties, inventory skyrocketed by 61%.
This inventory surge suggests a shift in the market dynamics. Sellers are still looking to capitalize on the previously strong market by listing their properties, while buyers are now in a more favorable position to explore
an expanded selection of high-end homes.
On the luxury Sales Front
$1-3M Market: The $1-3M market enjoyed a 2% increase
in sales, indicating balanced demand.
$3-5M Market: The $3-5M range experienced a 22% uptick in sales, making it the standout performer in the luxury segment.
$5-10M Market: The higher-end luxury market is telling a different tale. Sales in the $5-10M range dopped by 71%, reflecting a sharp decline in demand.
Sales: $10M+ Market: This market remained stagnant, with no change in sales from the previous year. It appears the ultra-luxury properties may face stiffer headwinds, with buyers hesitating to make significant investments at the top end of our market.
THE HIGHLANDER MAGAZINE | 11 | FALL 2024