Here is what happened in the Las Vegas Real Estate Market for the week of March 17th to March 23rd with Brendan from The Brendan King Group @ REAL.
Oscar-worthy seller market | 7-days at a glance, 22 days on market, 2.7 weeks supply, 511 new inventory, 1,852 active listings, 679 weekly sales, 838 under contract, $564,168 average weekly sales, and the most expensive home sold this week was $4,375,000.
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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)
Brendan King (00:07): Hey, what's going on? It'sBrendan King from the Brendan King Group at REAL, and this is your MondayMarket Update for March 17th to March 23rd. Let's check it out. So on average,surprise, surprise, a hundred percent of list price was received on average. 22average days on market, compared to 24 last week. So it's down a little bit.Then weeks of supply was up to 2.7 from 2.6 last week. More of the same. Stilla seller's market. Still low inventory. Still low days on market. We don't seemuch of a shift, even though recently we did have a huge increase in interestrates. Let's check out the rest of the data. So new inventory, 511 homes cameon the market. Active listings went up a little bit from 1,823 to 1,852. Weeklysales is 679 homes, and under contract was 838 homes.
Brendan King (01:07): The average weekly sales pricewas $564,168, with the most expensive home sold this week at $4,375,000. Somore of the same. We just wanted to let you know as well is we'll also provideadditional data besides just the basics. We do have a real estate marketbreakdown of all the different price points, because one price point is not thesame as the other. If you look at two and a half million and over on this firstslide, it's 10.2 weeks of inventory compared to 199,000 and under, it's 0.5weeks of inventory. So obviously two different worlds, but you also see at twoand a half million and over, it went from six and a half months of inventory,to seven months of inventory, to 10.2, which is an increasing amount ofinventory, where if you look at 199 and under, any of the ones that are on thelower price points, most of the inventory has gone down over time.
Brendan King (02:12): So there's definitely the taleof two worlds at the moment. With the additional data, all of this is provided,so if you want to dig a little deeper, and get a little more granule on thedata, we'll provide all of this to everyone. Just check out the link, andthere's a PDF with all these additional details, like here in the top right,active listings and closings. If you look at the yellow line, that is theclosings. Obviously, closings are happening more than active listings. So, whenthat happens, inventory drops. So feel free to scavenge the data, and gothrough the PDF that we provided.
Brendan King (02:52): It's pretty interesting, and ifyou just want the basics, of course, you can just check out the basics that wegive you every single week as well. If you want it by text, text 702-553-1955with the word market. So text market to 702-553-1955. It's still a seller'smarket. Let's see how this plays out over the next month. Typically, the springseason is the big time for sales. Usually the most sales in town happen duringthe spring season. Interest rates have gone up one full percent in the pastweek and a half, two weeks. Let's see how this plays out. As of now, the data'sthe same, but it doesn't mean the future is. Hope all is well, and we'll seeyou guys next week. Have a good one.