Here is what happened in the Las Vegas Real Estate Market for the week of March 3rd to March 9th with Brendan from The Brendan King Group @ REAL.
Inventory down 3 years straight | 7-days at a glance, 20 days on market, 2.8 weeks supply, 553 new inventory, 1,836 active listings, 646 weekly sales, 930 under contract, $563,289 average weekly sales, and the most expensive home sold this week was $6,550,000.
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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
New Home Site: https://www.showingnew.com/kingvegashomes
This is transcribed (accuracy not guaranteed)
Brendan King (00:07): Hey, what's going everybody,it's Brendan King from the Brendan King Group at Real. This is your Mondaymarket update for March 3rd through March 9th. Let's check it out. Definitelymore of the same and always, on average, 100% of list price was received.Average days on market just down by one day to 20 days on average for a home onthe market and the weeks of supply has increased a little bit to 2.8 weeks ofsupply. As you guys know, on average, a neutral market is about five to sixmonths of inventory. We're at 2.8 weeks of supply so what does that mean? It's aseller's market.
Brendan King (00:47): Yeah, let's check it out becausethere's some interesting data here. We did a little look at past data fromyears past and there's definitely some numbers that are really interesting. Newinventory is 553 homes. Active listings is down to 1,836 homes so this is wherewe took a little trip in the past and we looked at 2019. 2019, 5,201 homes onthe market, 2020 3,503 homes on the market, last year 1,969, and then this year1,836. As you can see, over time it's just dropping, dropping, dropping,dropping.
Brendan King (01:32): Weekly sales, 646 homes soldlast week, under contract 930 homes. Average weekly sales price of $563,289,which has been ticking up progressively for quite some time now. Then the mostexpensive home sold, which is becoming like a common number now, $6,550,000 forthe most expensive home sold. What changed? Absolutely nothing, but we didthink it was interesting to see from 2019 until now we went from 15 ... Ishould say 5,200 homes on the market to 1,836, which is just showing how lowinventory is.
Brendan King (02:16): Just for perspective, thatmeans prior to COVID in 2019, that was already low. A normal neutral market'sabout 10 to 12,000 homes. We already were at half that so we were at 5,000 evenpre-COVID. I know ... We've actually got an article we're going to send outwith this market update, which is with Ivy Zelman, an economist, excuse me, whois one of the brightest minds in real estate. She explains some of this in muchmore detail.
Brendan King (02:48): If you want the short cliffnotes, watch our version. If you want the Ivy Zelman super detailed version,you can watch her explanation of all of it, but yeah, it's a seller's marketand if you want to know what the market's doing every single week text marketto 702-553-1955, text market to 702-553-1955, and we will text it to you everysingle week. Check out the article or I should say the podcast, the video withZelman and Associates. She knows her stuff and she can definitely give you asuper detailed description of the market. See you guys next week.