Brendan from The Brendan King Group discusses the Market in Las Vegas for the week of July 22 - July 28th.The Brendan King Group
Real Estate Seller's Market is starting to show it is cooling.
Las Vegas Real Estate Market Update for the week of July 22 - 28th - 7-days at a glance, 14 average days on market, 4.1 weeks supply, 670 new inventory, 3,013 active listings, $501,862 average weekly sales price, and most expensive home sold this week was $4,600,000.
Brendan King (00:10): Hey, what's going on? It's Brendan King from the Brendan King Group at Simply Vegas. This is your Monday market update. Of course, every Monday we come to you with the most recent stats. This is for July 22nd to July 28th, let's check it out. So, this week, honestly, the prices have pretty much stayed the same. On average, 101% of homes are selling for list price, equally the same with the days on market, we're still hovering around 14 days on the market, which is still ridiculously pretty low. But the one number that is starting to increase is that weeks of supply. So, we're at 4.1 weeks of supply. What does that mean? Well, honestly, this is the first time in about six to eight months that we've actually crossed into the one month mark. So, for the past six to eight, we were hovering around two weeks, three weeks, and now, finally, we're into the four week mark.
Brendan King (01:06):Does that mean the mark is changing? Not necessarily, at least not right now, but it could show a trend in that direction. So, we are slowly adding a little more inventory every single week, which you know what? Gives buyers a couple more choices as they're looking for different homes, which is a good thing. Other than that, as far as new inventory, we had 670 homes, which is actually 130 less than last week. Active listings, 3,013, a little more than last week. What does that mean? Well actually, weekly sales went down, so it went from 779 to 738. And under contract, 942, which is a little down from last week. Again, everything's hovering right around where it was just adding a little more homes every single week. So, it's just a trend that we're seeing right now. Overall, buyers are having a little more choices is what we're seeing.
Brendan King (02:07):We noticed with sellers, they're not getting 15 offers. They may be getting four offers, five offers, depends on the price of the house. Under 400, you're still getting those 12, 15 offers. But above that around 400, 500, 600 and above, we are starting to see that buyers aren't as anxious to just jump on a home. They may have a few choices, other than just the one home like they did for so many months. Other than that, so the average price or weekly sales price I should say was $501,862. A little down from last week. And that one lucky person that had the most expensive home sold of the week, sold it for, I should say they bought it for $4.6 million.
Brendan King (02:52):Again, little changes here and there. I don't see anything major changing at the moment. If you have any questions, feel free to reach out to us. Give us a call, 702-625-3457. Feel free to check out our website, www.kingvegashomes.com. You can always go to our website every week and find these market updates, or you can check it out on Instagram, Facebook, YouTube, TikTok. We'll be posting on all the different sites, King Vegas Homes. Again, check out our website or give us a call. As always, thank you to Chicago Title for providing this data. We really appreciate it. And I'll see you guys next week. Thanks, have a good one.