Why does a beautiful luxury home priced at $3,500,000 sit on the market for 13 months and then suddenly receive two offers within days of each other?
The price was no different and the home was no different. Timing can be a funny thing and of course this is why sometimes it takes 13 months to sell a Las Vegas luxury home in the $3,500,000 price range. Today there are 78 Las Vegas and Henderson luxury homes for sale in the $3 – $5 million price range. In the last 12 months we sold 48 of them. This gives us about a 19 month supply of product. So the average marketing time for a luxury home in Las Vegas in this price range can easily be 6-18 months. In fact, data from a pricey zip code (89135) shows the top quartile of homes with an average price of $3,499,500 take on average 9 months to sell. So, why two offers at the same time? I chalk that up to great marketing!
But, remember Ken Lowman’s three most important rules of real estate: TIMING, TIMING, LOCATION.
