Here is what happened in the Las Vegas Real Estate Market for the week of April 28th to May 4th with Brendan from The Brendan King Group @ REAL.
Active Listing at highest point this year | 7-days at a glance, 17 days on market, 3.2 weeks supply, 752 new inventory, 2,580 active listings, 800 weekly sales, 824 under contract, $596,027 average weekly sales, and the most expensive home sold this week was $5,300,000.
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The Brendan King Group
Real Broker, LLC
7997 W. Sahara Ave.
Las Vegas, NV 89117
Summerlin Home Search https://bit.ly/3dr5Ian
New Home Site: https://www.showingnew.com/kingvegashomes
This is transcribed (accuracy not guaranteed)
Brendan King (00:10):Hey, what's going? It's BrendanKing from the BN King Group at Real and this is your Monday market update forApril 28th to May 4th. Of course, let's check out the data as always.
Brendan King (00:22):So on average, a 102% of listprice was received. Average days on market was 17 days with the weeks of supplyat 3.2 weeks of supply. So what does all this mean? Days on market went up alittle bit, weeks of supply went down a little bit. So homes are still selling,we do have some more inventory overall on the market, which we'll discuss, butdefinitely we're still continuing with the seller's market and there stillcontinues to be multiple offers on each property. However, we have seen achange in how aggressive these buyers are getting.
Brendan King (01:03):Let's check out the rest of thedata. So new inventory, 752 homes came on the market compared to 613 last week.Active listings 2,580, that's up a little bit from 2,328 last week. So we'vegone up by about 250 listings, which is interesting. We need to watch that.Last year we were at 2,100 listings, so definitely a little more inventory onthe market. Weekly sales, 800 homes sold on the market, under contract 824homes. Last year, the same week 959 homes were under contract the same week. Sodefinitely seeing a difference from this year to last year, for sure. Averageweekly sales priced $596,027, with the most expensive home sold at $5.3million.
Brendan King (02:04):It's definitely still a seller'smarket. Buyers may have a little more opportunity right now, not to have to beas competitive. There may be less aggressive buyers out there right now withwhat's going on, but that's not the same for every house or every price point.If you're under 400,000, it's still a pretty aggressive market out there andyou have hedge funds, still buying a majority of the homes sold, over 50% ofthe homes sold have been sold to hedge funds. Don't forget if you'd like we cantext it to you every week. Text market to 702-553-1955. Text market to702-553-1955 and we will send a text to you every single week with the data andwhat's going on in the market. See you next week. Have a good one.