The Real Estate Agents use a numeric for how fast houses sell. It is called Days on the Market (DOM) This is the time between signing a listing agreement and the signing of a contract to sell the home, The DOM in Summerlin is between 45 and 60 days.
The caution though is that these are the homes that have sold...not that were offered for sale. Effectively this standard removes most of the bad news. The houses that don't sell don't make the statistic worse.
A way to avoid this and get a little more accurate view is to use a thing called adsorption analysis. This looks at the number of homes which are for sale in a given price range versus the number which have sold in the immediate past. Basically how many months of inventory are present in each market segment.
In Las Vegas at the moment...
| List Price of Homes | ||
|---|---|---|
Minimum |
Maximum |
Months of Supply |
$255,000 |
2.1 |
|
$256,000 |
$295,000 |
4.6 |
$296,000 |
$344,000 |
6.2 |
$345,000 |
$440,000 |
8.0 |
$441,000 |
11.0 |
|
So we have just two months of inventory at the low end of the market and almost a year at the top.
So it will take almost a year to sell your $500,000 home? Well not really. This is a statistical analysis. It does not understand pricing or value. There is a strong tendency at the high end of the market to price too high. But, if you price reasonably to the market you will sell much more quickly. If you try for the maximum possible price you may well go past a year...and then end up having to cut price to sell.
The real message is that less than 10% of the expensive homes will sell in any given month. If you want your home in that select number you need to consider how it shows and how it is priced versus the competition. Don't get confused but what you have invested. It is the comparison to the other homes available that determines what sells.