Here is what happened in the Las Vegas Real Estate Market for the week of Dec. 16th to Dec. 22nd with Brendan King with The Brendan King Group @ REAL.
Holidays bring low inventory | 7-days at a glance, 23 days on market, 3.0 weeks supply, 379 new inventory, 2,419 active listings, 794 weekly sales, 774 under contract, $530,189 average weekly sales, and the most expensive home sold this week was $4,800,000.
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The Brendan King Group
Real Broker, LLC
7997 W. Sahara Ave.
Las Vegas, NV 89117
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This is transcribed (accuracy not guaranteed)
Brendan King (00:07): Hey, what's up, my buddy? It'sBrendan King from the Brendan King Group @ REAL. And this is your Monday MarketUpdate for December 16th through December 22nd. And just wanted to say HappyHolidays. It's just after Christmas. And you know what? In the market, in thereal estate market, nothing's changed. It's a little more of the same data thatwe're seeing pretty much every week this year. Let's check out the information.So on average, a 100% of list price was received, pretty much any home thatwent on the market went for at least a little above or a little below listprice. On the average, 100% of list price received. 23 average days on market,which is actually down from last week, from 25 days. And weeks of supply, we'reat three weeks of supply, which is down from 3.7 last week.
Brendan King (00:55): What does all this mean? It'sstill more of the same. It's a seller's market out there. It's definitely avery strong seller's market. As we always mention, a normal, neutral market isabout five months of inventory. We're at about three weeks of supply, which meansevery three weeks, all the homes turn over on average, and we have a whole newset of inventory. Let's check out the rest of the data. On average, 300 and, Ishould say not on average, actually 379 homes were added to the new inventory.Active listings, 2,419, which is down from last week of 2,598. Weekly sales,794 homes sold last week, and 774 homes went under contract. Average weeklysales price is $530,189, which is one of the highest weekly sales prices of theyear. And the most expensive home sold this week was $4.8 million.
Brendan King (01:53): What does all this mean? It's aseller's market, like I said. If you're interested in finding out how thismarket has affected the equity in your property, feel free to reach out. We'dbe happy to tell you the value of your current home and how much equity youhave in the property. So feel free to message us, or text us, or reach out tous on social media, however you'd like. But we could definitely get you thecurrent value or equity in your property. And if you want this information bytext, text Market to 702-553-1955, text Market to 702-553-1955. And we'll textthis to you every single Monday, so you have the most recent data. As always,we look forward to seeing you every week. And we'll see you next Monday, have agood one.