High-end home sales on the rise

High-end home sales are on the rise this year in Southern Nevada.

For proof, consider these recent statistics from the Greater Las Vegas Association of Realtors, which reported that 295 existing local properties have sold for $1 million or more from Jan. 1 through Sept. 1, 2017.

That’s up nearly 36 percent from the same time in 2016, when 217 total properties sold for $1 million or more.

These statistics include single-family homes, condos, townhomes and high-rise condos sold in Southern Nevada through GLVAR’s Multiple Listing Service.

GLVAR President David J. Tina said “some of this increase is to be expected, since we’ve been seeing a steady increase in all types of home sales this year. But million-dollar home sales have been growing much faster than the overall market.”

So far this year, Tina said overall sales have been running about 10 percent ahead of last year’s pace.

Tina, a longtime local Realtor, cited several reasons for the increasingly hot market for high-end home sales.

“A lot of it comes down to the economy continuing to improve and people — including wealthier people who can afford luxury homes — having more confidence in the local housing market,” he explained.

Tina suggested “the Raiders effect” and the Vegas Golden Knights starting their first hockey season here this year may also be factors. Besides reports that some professional sports players and executives are already starting to buy high-end homes here, he sees a psychological benefit to Las Vegas becoming a “major-league city” and having National Hockey League and National Football League teams.

Of course, he added that developments like the new headquarters and practice facility the Vegas Golden Knights recently opened in Summerlin and the $1.9 billion stadium being built near the Las Vegas Strip for the Raiders, UNLV and high-profile events also help the local economy and the housing market.

“Our housing market would still be doing well without the Golden Knights and without the Raiders coming here,” Tina said. “Having pro sports teams in Las Vegas is really like the cherry on top for us.”

GLVAR was founded in 1947 and provides its more than 14,000 local members with education, training and political representation. The local representative of the National Association of Realtors, GLVAR is the largest professional organization in Southern Nevada. Each GLVAR member receives the highest level of professional training and must abide by a strict code of ethics. For more information, visit www.LasVegasRealtor.com. E-mail your real estate questions to ask@glvar.org.