Don’t Believe The Rumors — Utah and Nevada Real Estate Market Is On Fire

Let's see, home prices are up, interest rates are up and some places may be overbuilt.

That's the recipe for an ice cold real estate market.

And if you'll buy that, I have some oceanfront property in Arizona for ya.

Contrary to what the market "should" be doing, home sales remain strong in Southern Utah and Nevada.

Last month, 435 houses sold in Washington County and it was just announced the most expensive home sale in the history of Las Vegas happened this week, with an unnamed buyer spending $35 million on an 11,427-square foot house in Summerlin's exclusive Summit Club area.

The newer house is the brainchild of Patrick and Andrea Ramsey, who acquired the lot in 2016 for $2.5 million and built a custom home in 2017, according to public records.

The Summit Club (not related to the Summit Athletic Club) is a gated community that includes 276 homesites and has a 30,000 sq/ft clubhouse, 18-hole Tom Fazio designed golf course, tennis and pickleball courts and the unrivaled Gino’s restaurant.

The price of that home does not include the Summit Club membership fees, which are $250,000 with annual fees of $110,000. Homeowners association fees are $30,000 a year.

Basically, if you have to ask about the price, you can't afford it.

The home is also right next to Celine Dion's former residence, which sold earlier this year for $30M.

In Washington County, we don't have anything close to that as far as price, although there are a handful of homes that top the $5M range, including this one on Entrada Golf Course that goes for $8.5M.

For the record, homes are selling for the median price of $525,000 in Washington County.

The facts are this: yes, prices are up, yes, interest rates are still high, but yes, homes are still selling at a rapid pace.

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