Here is what happened in the Las Vegas Real Estate Market for the week of August 12th-18th, 2021. Las Vegas home prices exceed $400K for the first time.
Monday Market Update for the week of August 12th - 18th with Brendan from The Brendan King Group
Las Vegas house prices exceed $400K for first time - 7-days at a glance, 14 days on market, 3.9 weeks supply, 436 new inventory, 2,924 active listings, $511.288 average weekly sales price, and the most expensive home sold this week $12,250,000.
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The Brendan King Group
Simply Vegas Real Estate
3042 S Durango
Las Vegas, NV 89117
New Home Site: https://www.showingnew.com/kingvegashomes
This is transcribed (accuracy not guaranteed)
Brendan King (00:09): 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 12th through August 18th. Let's check out the data. So this week, once again, on average homes sold for 101% of list price, which is equal to last week. Average days on market was 14, which is also equal to last week. However, weeks of supply is 3.9 weeks, which is down from 5.2 from last week.
Brendan King (00:40): I kind of mentioned this last week that I felt like the increase in supply was a little bit due to people on vacation and finishing up their summer and trying to double down on the trips they didn't take from the year or two years before that. So it's nothing to write home about. Like I said, it's all about the long-term average over time, but right now we're staying strong in a seller's market at 3.9 weeks.
Brendan King (01:06): Let's check out the rest of the data. So in addition, 436 homes came on the market compared to 766 last week. Active listing sat at 2,924 compared to 3,217 last week. So this is why the week's supply has gone down, because the actual number of homes has gone down. Weekly sales, 748 and under contract 969. Average weekly sales price is $511,288.
Brendan King (01:40): So obviously that's the weekly price, but we just heard in an article today, and obviously from data that we also received, that the average Las Vegas price of a home for resales, not new homes, actually is at $400,000 for the first time. So in Las Vegas, on average for resale homes, not including new homes, the average price for the first time has ticked over $400,000. It is a big number. I know there's some worries from some people about affordability, that incomes possibly aren't keeping up with the home prices overall.
Brendan King (02:16): I think there's a lot of inflation going on in a lot of places, whether it's gas, food, housing. Overall, we're seeing inflation. But overall the market still is a seller's market in Las Vegas. As always just a reminder. If you do want to receive this every week by text, please text Market to 702-553-1955. So if you text Market to 702-553-1955, then every Monday we'll send you a text. You'll be the first to know before we even announce it by video, of what the current stats are and what's going on.
Brendan King (02:53): And as always, if you have any questions or you're thinking about selling, give us a call 702-625-3457 or check out our website, www.kingvegashomes.com. I'll see you guys next week. Have a good one.