Here is what happened in the Las Vegas Real Estate Market for the week of Feb 17th to Feb 23rd with Brendan from The Brendan King Group @ REAL.
Inventory up and Wow, $12,500,000 highest selling home!!! | 7-days at a glance, 23 days on market, 3.3 weeks supply, 506 new inventory, 1,835 active listings, 549 weekly sales, 813 under contract, $537,296 average weekly sales, and the most expensive home sold this week was $12,500,000.
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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 (00:06): Hey, what's going on? So we didhave a little increase in inventory here. What does it mean? What does itchange? Not much. Let's check it out. So Monday Market Update for February 17ththrough February 23rd. So 100% on average of list price was received. Averagedays on market, exactly the same as last week at 23 days. The weeks of supplyjust ticked up a little bit from 2.7 to 3.3 weeks. Not anything to really writehome about. Literally each week, it's been a tick-tock, back and forth. 2.7,3.3, 2.3, 4.5. 4.5, we haven't seen yet actually. I lied on that one. So thisweek, we're at 3.3 weeks of supply. Let's check out the rest of the numbers. Sonew inventory is 506 homes. Active listings, this is the biggest numberincrease, went from 724 homes to 1,835 properties.
Brendan King (01:05): Weekly sales went down to 549last week. Under contract, 813 homes with the average weekly sales price being$537,296. The most expensive home sold this week was a whopping $12,500,000.That's a big one. I think we've been averaging three to five the past coupleweeks. This week, it was 12,500,000. So yeah, a little bit more of the same. Isit a seller's market? Yes, it's definitely still a seller's market. As wealways remind you, a neutral market's somewhere between 11,000 and 13,000 homeson the market. And we currently have 1,835 homes. So we're lacking about 10,000or 11,000 homes on the market in order for it to be a neutral territory market.So as always, don't forget, text "Market" to (702) 553-1955 if you'dlike to receive this by text on every Monday. And otherwise, hey, it's still aseller's market. See you next week.