Brendan from The Brendan King Group discusses the Real Estate Market in Las Vegas for the week of Aug 5 -11, 2021.
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Real Estate Market remains a Seller's market but Buyers have more options.
Las Vegas Real Estate Market Update for the week of Aug 5- Aug 11, 2021- 7 days at a glance, 14 days on market, 5.2 weeks supply, 766 new inventory, 3,217 active listings, $475,865 average weekly sales price, and most expensive home sold this week $7,500,000.
The Brendan King Group
Brendan King | S.0171492
Simply Vegas Real Estate
3042 S DurangoLas Vegas, NV 89117
New Home Site: www.showingnew.com/kingvegashomes
This is transcribed (accuracy not guaranteed)
Brendan King (00:10): Hey, what's going on? It's Brendan King from the Brendan King Group at Simply Vegas. And this is your Monday Market update for August 5th through August 11th. So let's check it out.
Brendan King (00:20): So, you know what? We had some changes this week, believe it or not. Not huge, but definitely some changes. So 101% of list price was received. So on average, most homes that were listed got at least 101% of their listed price. The average days on market went down a little bit to 14 days. However, the other way around the weeks of supply went up to 5.2, which is nearly a whole week of change. It's not huge, honestly, in the scheme of things and over time it's a big jump, but I think it's a lot of the sign of the times. It's that time of year, school's back, people are just finishing up summer vacations, and everyone's getting used to the chaos of running around again.
Brendan King (01:05): If you're not one of those families that's actually in the middle of dealing with that, it may be a good time to get out there and check out some homes. There's a high likelihood that you have more options currently. Other than that, the rest of the numbers don't show a ton of difference. So moving on with the rest of the data, new inventory, 766 homes were added to the inventory up from last week of 729. Active listings up by about 100 from 30 to 119 to 3,217. Weekly sales, this is where the big change came into play. 615 homes were sold last week compared to 792 the week prior. Under contract, 955 homes which is up from the week before of 931. And the average weekly sales price was 475,865 with the most expensive home being sold at $7.5 million. As you can see, that most expensive home of the week is really different week to week. One week it's 3 million, next week it's 17 million.
Brendan King (02:14): So that average weekly sales price can really change based on what that most expensive home is. But back to the number of weeks of inventory, it's not anything to write home about right now. If we see a change over a few weeks, then it could be a shift, but honestly, in my opinion, I think it has a lot to do with the time of year and everyone just finishing up on vacations and getting back to work. So if you have any thoughts in selling, feel free to check out our website, kingvegashomes.com and you can check out your value of your property, or if you want to search properties, check out the website. And if you have any questions, feel free to call us directly (702) 625-3457. Either way, we'll see you again next week. Thanks. Have a great week.