Here is what happened in the Las Vegas Real Estate Market for the week of from Jan. 20th to Jan.26th with Brendan from The Brendan King Group @ REAL.
Sellers Market is bonkers | 7-days at a glance, 27 days on market, 2.5 weeks supply, 475 new inventory, 1,863 active listings, 752 weekly sales, 882 under contract, $514,618 average weekly sales, and the most expensive home sold this week was $4,850,000.
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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)
BrendanKing(00:06): What's going on? It's BrendanKing from the Brendan King Group at REAL, and this is your Monday market updatefor January 27th to February 2nd. I had to look down for a second there andremind myself of the dates.
BrendanKing(00:18): Of course, this is for lastweek. So, breaking down the details, on average 100% of list price wasreceived. So on average, still, if it's listed for something, it's pretty muchgoing to go for that price. Average days on market is 27, which is slowlyticking upward. And then the other way around, weeks of supply has gone down to2.5 weeks of supply, which honestly is very, very low.
BrendanKing(00:45): The interesting thing right nowis our weeks of supply are down, and our average days on market have come up alittle bit, which I think is a couple different issues. I think some people arepushing prices as much as they can and beyond what they can, so they're stayingon a little longer. Buyers and consumers are a little more aware of price.
BrendanKing(01:05): But at the same time, I thinkthis weekend I saw seven homes go with 30 offers and for 30 to 50,000 over listat the least. So, it's a crazy market out there. Just keep your patients ifyou're a buyer. And if you're a seller, now is definitely the time.
BrendanKing(01:21): Let's check out the other data.So, new inventory was 475 homes came to the market. Active listings went downto 1,863, which is down by over 100 homes. Weekly sales was 752. Again, this ispart of the reason why supply went down is the weekly sales also went up bynearly 200 homes. Under contract, we had 882 homes go under contract this week.The average weekly sales price was $514,618, and the most expensive home soldthis week was $4.85 million.
BrendanKing(01:58): What does all this mean? I knowit's a lot of data and a lot of things getting thrown at you. But right now wesee a lot of issues with the market. I don't want to say issues, butcircumstances. We have hedge funds and flippers with cash-rich investors buyinga lot of our homes under 500,000. And we have inventory that is really, really,really low across the board, so a common supply and demand issue. Low supply,high demand values go up.
BrendanKing(02:29): We are going to post an articleto this post, so check out the article. It just breaks down the basics of whatexactly is happening right now. There are hardly any houses left to buy, and itexplains why that is the case. In my opinion, some of this actually came fromthe last crash. So, in two years or in 10 years, we've had the crash in '08,'09. '10 where builders completely stopped building. But at that time we wereactually already short on homes, and that put a backlog on the available newhomes for construction.
BrendanKing(03:05): So, all of that, coupled withthe fact that the pandemic came in, lower interest rates, and things gotcheaper, we've put ourselves in a scenario of insanity. So, if you're lookingto sell, of course, please reach out. And if you want this data every singleweek, text market to (702) 553-1955.
BrendanKing(03:25): If you want more about your homeor the current equity in your home, I'm sure it's much higher than it was lastyear, feel free to give us a call or reach out. We can definitely do ananalysis on your property and see where you are right now, as far as equity'sconcerned. And if you just want to chat about the market and have a cup ofcoffee, you can reach out, too. Either way, we'll see you guys next week. Havea good one.