A tale of two markets is emerging in Las Vegas, where houses priced under $600,000 sell much faster than those over that benchmark.
"Once the price hits $600k, the supply more than doubles, then it just goes up from there," reports luxury realty agent Rob Jenson of RE/MAX Central. "This shows stability in the lowest prices range(s), a bit of softness mid-range, and a luxury market that is very soft."
Over the last six months, nearly 22,000 houses and apartments priced under $600,000 have been sold in the Las Vegas metro area, according to Jenson's figures. There are still some 13,490 units listed for sale at under $600,000. But at the current absorption rate, that's less than a four months' supply.
Far fewer places in the $600,000 to $1 million range – just 142 – have changed hands over the last six months. That leaves 330 still on the listing rolls, which is anywhere from a 10 to 30 months supply, depending upon what segment of that price range the asking price falls.
Ninety-four houses have sold in the last six months in the over $1 million segment of the Vegas market, leaving 352 still up for grabs. But at the current absorption rate, it could take years for them to sell. Based on current absorption rates, for example, it will take 46.8 months to sell all 39 houses listed in the $3-$4 million sector, according to Jenson's analysis. And in the $5-$10 million bracket, it will take 62 months to sell the 31 houses currently for sale.
