Here is what happened in the Las Vegas Real Estate Market for the week of Jan. 6th to Jan. 12th from The Brendan King Group @ REAL.
Sellers, Sellers, Sellers Market | 7-days at a glance, 25 days on market, 3.5 weeks supply, 460 new inventory, 2,057 active listings, 593 weekly sales, 779 under contract, $535,209 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 (00:05): Hey, what's going everybody.It's Brendan King from the Brendan King Group @ REAL Brokerage. And this isyour Monday market update for January 6th through January 12th. Let's check outthe data. Surprise, surprise. On average, 100% of list price was received. Thatmeans whatever price most people listed for was what they got on average.Average days on market is 25 days, which is down by one day from last week. Andthe weeks of supply is at three and a half weeks. As we remind you every singleweek, three and a half weeks of supply is super low. The average that we needto see for it to be a neutral stabilized market for buyers and sellers isaround the five to six month mark. So we're at three and a half weeks notmonths. So in general, it's going to take quite a backlog to fill the supplyagain. So we're always keeping an eye on this and following the data everysingle week, but right now, we're seeing more of the same three and a halfweeks of supply.
Brendan King (01:06): Let's check out the rest. Sonew inventory, 460 homes came on the market. Active listings, 2057 homes, whichis down from last week, which was 2159. Weekly sales, 593 homes sold last week,and then 779 homes went under contract. So that tells me that supply probablywill go down next week again. So the average weekly sales price was $535,209,and the most expensive home sold this week was $8,250,000. Pretty expensiveproperty. I think the last few weeks, the most expensive was somewhere in thefour to six range. So that's definitely a big jump on the expensive side.
Brendan King (01:55): But as always, what does allthis mean? That's the most important part. Otherwise, it's just a bunch ofdata. It's a strong sellers market. It's going to take quite a while to fillthe pipeline. Obviously, we have some things percolating right now with theinterest rates and different things on that side. So if you are a seller, nowis definitely the time. You know what? January wasn't always the best time inthe past, but just based on inventory alone right now, we just put a house onthe market over the weekend, and got 16 offers, and we barely had it on for twodays. So it's definitely a good time to sell as there is such low inventory andhigh demand on the buyer side. And I think people are getting a little scaredthat maybe interest rates may start to tick up.
Brendan King (02:39): But either way, if you do wantthis information every single week by text, text market to 702-553-1955. If youtext market to 702-553-1955, then every single week, we'll send you this databy text and you'll get this video and all the information. As always, feel freeto reach out to us. We can explain any of this. I know sometimes it just seemslike a lot of data and a big pile on a piece of paper, but it all means somethingfor sure to us, and we can help you decipher what it really means. Either way,we'll see you guys next week. Have a good one.