Here is what happened in the Las Vegas Real Estate Market for the week of April 14th to 20th with Brendan from The Brendan King Group @ REAL.
Days on Market in single digits | 7-days at a glance, 9 days on market, 3.2 weeks supply, 603 new inventory, 2,203 active listings, 678 weekly sales, 814 under contract, $543,206 average weekly sales, and the most expensive home sold this week was $5,500,000.
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Text: Market To: 702-553-1955
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 on. It isyour Monday market update for April 14th through the 20th. We decided to do ita little differently this week. We're all filming directly from our phones.Just to give you the update, no matter what we make it happen, just to makesure you guys know what's going on in the market. So again, this is the Mondaymarket update for April 14th through April 20th. Don't mind my eyes as I lookoff to the side at the details, but on average, 102% of list price was receivedthis week, which again, this is ticking upward. It's actually higher than ithas been. It was 101 for quite a while. Went down to 100, now we're back up to102. Average days on market was nine days. So that's gone down from 17 lastweek. So from 17, we went down to nine, which is a pretty big jump downward.
Brendan King (01:06): Weeks of supply again, alsodown, we went from 3.4 weeks to 3.2 weeks. New inventory. We added about 603homes to the inventory this week. Compared to last week it's about the same.Compared to last year it's about the same. Active listings, we're at 2,203homes on the market. That's up a good amount from last week by about 200, it's300 higher than last year. Not sure what that means just yet because the weirdthing is the days on market is lower than last year and the weeks of supply isabout the same. Weekly sales we're at 678 homes. Under contract 814 homes. And theaverage weekly sales price was $543,206 with the most expensive home sold at$5.5 million. What does all this mean? Days on market tick down a good amountit's because inventory's so low and a lot of people are rushing because thelast increase in interest rates was quite significant.
Brendan King (02:15): And I think some people, eventhough a lot of us knew it was coming were pretty surprised. And I think I'llbe curious to see what happens in may when they raise the rates again, willthis do another drop of days on market because inventory's so low and people startrushing even more so, and then it pushes values up even more. My advice wouldbe if you're buying, I would buy now to be honest because I only think valuesare going to come up faster and harder in the next month or so just with theupcoming interest rate changes. I don't think in my opinion, it'll drop values.I think it'll actually increase values faster and probably faster than we'veseen yet for everybody trying to beat the interest rates. Otherwise, if youwould like to of course get this every single week by text, text market to702-553-1955, text market to 702-553-1955.
Brendan King (03:14): And we will send it by textevery single Monday or in this case Wednesday this week. Again, like I said, wemake it happen no matter what to make sure you guys get it every week. And ofcourse, if you're curious about the value of your home, check out our website,kingvegashomes.com put in your address and we're happy to give you a report ofwhere you stand currently. Or we can come by and check it out and based on yourcurrent condition, let you know what the real value is of the home currentlybased on current demand. Buyers are out there, values are up. Honestly on thebuy side, I would do it quickly, but even on the sell side, it's almost thesame story. Definitely reach out. Hope all is well and see you guys next week.Have a good one.