Here is what happened in the Las Vegas Real Estate Market for the week of Feb. 3rd to Feb. 9th with Brendan from The Brendan King Group @ REAL.
Crazy low inventory | 7-days at a glance, 26 days on market, 4.0 weeks supply, 455 new inventory, 1,800 active listings, 452 weekly sales, 879 under contract, $528,542 average weekly sales, and the most expensive home sold this week was $3,600,000.
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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
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This is transcribed (accuracy not guaranteed)
Brendan King (00:06): Hey, what's going, everybody.It's Brendan King from the Brendan King Group at Rio. This is your MondayMarket Update for February 3rd through February 9th. Let's check it out. Somecrazy things happened this week that are actually first evers that I'll get to,but as normal, it's been 100% of list price on average received. Average dayson market is 26 days. Weeks of supply is up to four weeks. Last week, it was attwo and a half. All this is just where it's been. It hasn't really shifted toomuch. Weeks of supply changes all the time just based on activity, but this iswhere it gets interesting. Let's check out the data.
Brendan King (00:52): New inventory, 455 homes cameon the market, which is the lowest number we have seen since we started keepingtrack on the spreadsheet since the pandemic. So 455 homes coming on the marketis the lowest we've seen yet. Active listings, 1,800. That is officially thelowest we've seen since we started a spreadsheet on all this a few months intothe pandemic. So again, another ultimate low of 1,800 homes on the market.Weekly sales were down to 452 homes sold, which is the ultimate low number ofsales in a week since we started tracking this. Under contract, 879 homes wentunder contract. And then the average weekly sales price was $528,542, with themost expensive home sold this week at $3.6 million.
Brendan King (01:51): So, holy cow. So we've seen iton our own listings. We put on about four or five listings in the past week,and all of our listings had 10 to 20 offers. We had to calculate and organize53 offers this weekend. We had over 50 or 60 showings on all of our listings onthe seller side. It's a mix of both low inventory, high demand, people afraidthe interest rates are going up. It has been insanely competitive right now asa buyer, especially under 400,000. If you're under 400,000, you're in for abattle. We put a small little condo on, two bedroom. We've got 19 offers andwe're accepting a cash offer of 30,000 above list. No appraisal, no loan, noanything.
Brendan King (02:41): So it's quite competitive, butbe patient. Make sure your agent chats with the listing agent to find outexactly what the seller needs. That's probably the most important thing on thebuy side is you just you have to be smart and your agent has to talk to theother agent to make sure that you're giving the seller what they need, whetherit's timing, or lease back. Sometimes it's not price. A lot of times, thehighest price is not the one that gets it. It's the terms along with the price.Let's not be stupid. Price still matters, but it matters along with additionalterms that may matter even more to the seller's life for timing.
Brendan King (03:21): Really, honestly, it's aseller's market. It's 1,800 homes on the market. The lowest we've seen yet inat least the last year and a half. Just if you're a seller, I don't know. Ifyou have somewhere to go, or you're leaving state, or you're downsizing, thiscould be the ultimate time for you as a seller. On the buy side, depending onyour price point, your competitions can be super crazy, as the price point goesup, it's still quite competitive, but you're not going to see 20 offers. Youmay see two on day one that are both really, really strong offers.
Brendan King (04:00): Either way, if you guys havequestions on the sell side, reach out. If you want to know the equity in yourhome, feel free to always ask. And on the buy side, be patient, be patient, bepatient. The market always shifts and changes. And you never know, you may havea situation where you have a seller that fits exactly what you send them. Anddon't forget, if you want this every single week by text, text market to702-553-1955 text market to 702-553-1955. And we will see you guys next week.Have a good one.