The real estate market may be trying to regain its composure but it still sees varied responses from time to time as prices and sales seesaw up and down from month to month. Even luxury homes, which cater to the more affluent people of the country, home sales and prices are hardly stabilized. One real estate firm in Las Vegas proves so.

In the 2010 third quarter market report released by Luxury Homes of Las Vegas, results are varied. Luxury homes with a tag price of one million dollars or above saw a decrease of 14% as compared to last year’s figures. But luxury homes that are tagged three million dollars or above saw a 7% increase from 2009’s results.

Luxury Homes of Las Vegas owner and broker Kenneth Lowman admitted that given the current conditions of the market, September has indeed prove to be a “fairly solid month”. If last year, the same month only closed 17 sales this year yielded 19. He also notes that the housing market is still challenging but sales are slowly starting to pick up.

For this year, the highest luxury home sale was in late January. The house – The Ridges – came with a $7,000,000 price tag. And as for the fastest home sale of the year, it only took four days to close and it was for a house pegged at $3,000,000.

A total of 101 luxury homes over $1 million have been sold through the second quarter of 2010. In September alone, an estimate of 10 percent of the luxury homes priced $1 million sold were bank owned. Though this may seem to be a high percentage, it reflects a lower statistic versus the general market.

Lowman explains the mixed results, “The luxury market has some positive signs and some negative signs. The positives are that the current reduced price levels are attracting buyers. The negatives are bank foreclosures have entered into the luxury market and it will take time to clear some of this inventory, which could keep prices at these reduced levels for the near term.”