Here is what happened in the Las Vegas Real Estate Market for the week of from Jan. 13th to Jan.19th with Brendan from The Brendan King Group @ REAL.
Active listings down again | 7-days at a glance, 26 days on market, 3.6 weeks supply, 454 new inventory, 1,891 active listings, 529 weekly sales, 841 under contract, $543,417 average weekly sales, and the most expensive home sold this week was $8,250,000.
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The Brendan King Group
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7997 W. Sahara Ave.
Las Vegas, NV 89117
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This is transcribed (accuracy not guaranteed)
Brendan King (00:06): Hey, what's going on everybody?It's Brendan King from the Brendan King Group @ REAL. And this is your MondayMarket Update for January 13th through January 19th. Let's check it out. So asalways, I should say, at least as of recent, for quite a while, 100% of listprice was received. Average days on market this week was 26, up from 25 lastweek. And weeks of supply is at 3.6 weeks, up a little bit from last week of3.5 weeks. It's interesting though, so weeks of supply went up, but actualactive listings went down. So let's check out the rest of the data and it'llkind of tell you what's going on. So new inventory, 454 homes came on themarket, active listings, 1,891 homes on the market, down from 2,057 last week.Weekly sales, 529, and under contract, 841 homes. The average weekly salesprice was $543,417. And the most expensive home sold this week was $8.25million.
Brendan King (01:18): So yeah, weeks of supply wentup, but inventory went down, which pretty much means that whatever we put outthere, we already took off the market last week by a couple hundred. We wentdown from 2,057 homes on the market to 1,891. The last time we saw this was,where it was under 2,000 homes, was in September of 2021. So we're kind ofdipping back downwards. We'll see what happens in the next few months, or Ishould say weeks. It's really week to week right now, not month to month. Whatwe did see is a huge rush of buyers that had seen the news and saw that thepossibility of interest rates ticking up was coming. And we had a couplelistings where people just exploded, literally came out and droves. One of themwith 31 offers, which is insane.
Brendan King (02:09): So I do think some of theactivity right now is slightly due to some nervousness of the possibility ofinterest rates ticking up. And we've got about seven to nine new listingscoming, I think, for the same reason. Some of them not, some of it's lifetiming and all that kind of stuff, but I think people are getting a littlenervous with the tumultuousness of the possibility of a change in interestrates. Plus the stock market's starting to take a tumble right now, and it'sholding steady with that. I know today, again, it came down again, along withBitcoin and some other things that have been kind of frothy for quite a while.
Brendan King (02:44): So what does this all mean? Itdepends. It depends on type of home, price point, your situation. Everybody'sdifferent, honestly. And really, the best way to get a good opinion is to reachout to us. We can analyze your situation and see if it's the right time for youto sell or buy. Everybody's different, everybody's situation is different, so Icould never give a blanket statement like that. But definitely just reach out,give us a call and we'll absolutely give you an idea of where you stand,especially on the selling side, if you're curious if now is the right time tosell. And don't forget, as always, text Market to 702-553-1955, text Market to702-553-1955. And we will text you this market update every single Monday untilthe rest of your life. No, until you don't [inaudible 00:03:35] anymore ordon't want it. But honestly, it's good information, want to have it in yourtext every single week. And just like I said, if you have any questions, feelfree to reach out to our office, 702-625-3457. Either way, I'll see you nextweek. Have a good one.