Here is what happened in the Las Vegas Real Estate Market for the week of May 12th to May 18th with Brendan from The Brendan King Group @ REAL.
Active Listing continues to rise | 7-days at a glance, 17 days on market, 4.3 weeks supply, 780 new inventory, 2,881 active listings, 665 weekly sales, 772 under contract, $582,661 average weekly sales price, and the most expensive home sold this week was $4,000,000.
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The Brendan King Group
Real Broker, LLC
7997 W. Sahara Ave.
Las Vegas, NV 89117
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This is transcribed (accuracy not guaranteed)
Brendan KIng (00:09): Hey, what's going on? It'sBrendan King from the Brendan King Group at Real. And this is your Mondaymarket update for May 12th through May 18th. We've definitely got a lot goingon. Everyone's seeing a bit of a shift in the market. It's still a seller'smarket. It's going to be a seller's market for a while, but there's definitelya shift. Let's check out the data. 101% of list price was received so we'restill selling over list price on average, 101%. Average days on market was 17days. And 4.3 weeks of supply, so 4.3 weeks of supply total. New inventory, 780homes came on the market last week. Active listings, 2,881, which is up fromlast week of 2,668 and up 600 from a year ago. So definitely a bit more thanlast year. Weekly sales, 665 homes, which is 130 less than last year.
Brendan KIng (01:06): Something to pay attention to.Under contract, 772 homes. This is actually 200 homes less than this time lastyear. The average weekly sales price still ticking upward to $582,661. And themost expensive home sold this week is $4 million. All right. What does all thismean? So what we're seeing with our listings and overall is that we're seeingless offers. We're seeing buyers, I think I heard the great pause was somethingsomebody said. We're seeing buyers take a little pause and kind of see what'sgoing on. See what's happening. See what the market's doing. So definitely Iknow the interest rates ticking up definitely did shift some things, but alsowe've actually seen interest rates go down a little bit actually, believe it ornot, the past couple days. So it's going to be interesting the next few weeksto see what happens, but it's still a seller's market.
Brendan KIng (02:05): I think buyers definitely havemore options right now, which is a good thing for a lot of people who have beenbeat out by 15-20 offers. I think now may be your chance to jump in and maybebe one of three offers, or maybe be able to contend with some of the cashbuyers out there that may not be purchasing right now. Definitely feel free totext "Market" to 702-553-1955. If you'd like this by text everysingle week text "Market" to 702-553-1955. And we'll absolutely sendit to you every week via text. Have a good one. Thank you.