Here is what happened in the Las Vegas Real Estate Market for the week of Feb. 24th to Mar. 2nd with Brendan from The Brendan King Group @ REAL. What, only 2 weeks of supply | 7-days at a glance, 21 days on market, 2.1 weeks supply, 538 new inventory, 1,877 active listings, 879 weekly sales, 856 under contract, $544,752 average weekly sales, and the most expensive home sold this week was $6,000,000.
To receive the Market Updates weekly
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 (00:06): Hey, what's going on? It'sBrendan King from the Brendan King Group @ Real. And this is Monday's marketupdate for February 24th through March 2nd. We've got some insane news today,to be honest. So on average, 100% of the list price was received. It's been forquite a while. 21 average days on market. The weeks of supply was 2.1 weeks.This actually is equivalent to exactly one year ago. The exact same week wasthe last time we had 2.1 weeks of supply. So just so you know, if this is thefirst time you're watching, this is super, super low. The average neutral marketis about six months of inventory. I'll explain that a little more as we getmore into the details. So new inventory, 538 homes, active listings, 1,877.Weekly sales, 879 homes. And under contract, 856 homes. The average weeklysales price of 544,752, which is steadily ticking upwards every single week itseems like.
Brendan King (01:16): And the most expensive homesold this week was $6,000,000. So yeah, inventory literally is exactly the samepoint it was one year ago. So when you're friends and the news say things likethe market's changing or there's shifting, honestly, we don't see it. The datashows that we're at the exact same number of weeks of supply as exactly a yearago. And average days on market is a little bit higher than 21 average days,but active listings is 1,877 homes when last year it was 2007. So we're at alower point with actually higher demand. We've had more sales this week than wedid a year ago. A little bit lower. So maybe I'm stretching that a little bit.But no 2.1 weeks of supply is crazy low. It is a seller's market. If you are abuyer, don't get downtrodden by the fact that there are multiple offers onevery single home.
Brendan King (02:14): It's a matter of just puttingin an aggressive offer and making sure you ask what the seller needs, and weknow how to word that and how to make sure that we get your offers to the top.By guaranteeing that we give some of these things to the buyer while stilllooking after your best interests when it comes to comps and recent sales. Ifyou want this every single week by text, text market to 702-553-1955, and wewill text this to you every single week. Again, 2.1 weeks of supply, that iscrazy. We'll see you guys next week, have a good one.