Here is what happened in the Las Vegas Real Estate Market for the week of August 26th - Sept. 1st with Brendan from The Brendan King Group
Weeks of Supply drop again | 7-days at a glance, 15 days on market ↓, 2.9 weeks supply ↓, 283 new inventory ↓, 2,538 active listings ↓, 878 weekly sales ↑, 608 under contract ↓, $473,555 average weekly sales ↓ , and the most expensive home sold this week $4,625,000.
Click here https://bit.ly/3nexo8r to our FAQ blog that explains what Weeks of Supply means in the Las Vegas Real Estate Market.
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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 everybody it's Brendan King from the Brendan King Group at Simply Vegas. And this is your Monday market update for August 26 through September 1st. Let's check it out.
Brendan King (00:20): So a hundred percent of list price on average was received. Average days on market went down from last week to 15 days on the market. And the weeks of supply went down to 2.9 weeks of supply from 3.9 weeks last week. Honestly, so back on August 11th inventory was at 5.2 weeks, and then August 18th it was at 3.9 weeks. August 25th is at 3.9weeks, and now this week it's at 2.9. What does that mean for next week? Who knows? It could continue to go down, we'll see. But honestly, a couple of weeks ago we thought maybe there was a pattern of it going upward, but like I said, I think it was definitely what I predicted that end of summer, people going on vacation, start of the school year. All of that. I think a lot of people weren't out shopping and now they're back at it. So yeah, we're back down to2.9 weeks of supply.
Brendan King (01:25): Let's check out the rest of the data. So new inventory, 283 homes. That's down from last week. Active listings,2,538. Also down from last week of 2731. Weekly sales up. So as you can see, listings went down, sales went up, supply and demand, inventory went down. So weekly sales were up quite a bit to 878 homes. Under contract, 608 homes, also down from 719 last week. And then the average weekly sales price, which is atypically very fluctuating price, is 473,000 down from last week of 484. And then the most expensive home, 4.625 million, and like I've been saying, the overall luxury market right now is just on fire, continued interest from around the country of people moving to Vegas, especially in the luxury area, but all around it's still a sellers market, 2.9 weeks of supply is just a ridiculously low amount of supply. And we still have people coming from out of state. I don't think any of this is changing anytime soon, in my opinion, but things can change, but as of now, I don't see it.
Brendan King (02:43): And of course, don't forget text Market to 702-553-1955. Text Market 702-553-1955. That'll give you actually the ability every Monday to receive a text with this information. As soon as we record this, that's the first group of people to get this information. So if you are interested in this info direct to your phone, of course text Market to 702-553-1955. And as always, if you guys have any questions at all, of course, please respond in comments or shoot us a message. Give us a call, 702-625-3457, or check out our website, www.kingvegashomes.com.Thank you so much for checking this out. We'll see you again next week. Have a good one.