Here is what happened in the Las Vegas Real Estate Market for the week of May 19th to May 25th with Brendan from The Brendan King Group @ REAL.
Weeks Supply Up! | 7-days at a glance, 13 days on market, 5.1 weeks supply, 820 new inventory, 3,209 active listings, 627 weekly sales, 703 under contract, $559,575 average weekly sales price, and the most expensive home sold this week was $3,920,000.
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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 on? What adifference a week makes. This is your Monday market update for May 19th throughMay 25th. We're back the same way we were doing it for a while with the usualbackground and lights. Yeah, it's a different market. It's not a buyer'smarket, but it's a different market. For sure things have changed. The energyhas changed a bit. The numbers still show we're definitely in a strong seller'smarket, but it's definitely not the insanity that it was before.
Brendan King (00:40):Let's check out the details. Soon average, 101% of list price was received as it has been for the past coupleweeks. On average, 101%. So that does tell you that yes, there are definitelyprice drops right now, but on a whole, most things are going for at or abovelist price still. The average days on market has actually gone down. So it'sgone down to 13 days on average that a home stays on the market before it'sunder contract. Then the weeks of supply has gone up to 5.1 weeks. So anybodywho's been following this in the short term is like, oh my God, it's a hundredpercent higher than it was. Anybody who's been in this business for quite awhile realizes that this is a normal shift that was bound to happen eventually.Like I said to a lot of the buyers out there, if you just keep patient and justkeep pushing on, eventually there'll be change.
Brendan King (01:41):So you know what? Let's checkout the rest of the data. There's some other good information here. So newinventory, 820 homes came on the market. Active listings, 3,209 homes are onthe market currently. That's up from 2,340 last year. So a good 50% higher thana year ago, which just tells you right there, that the crazy insane sellersmarket we were in is still a seller's market, just not crazy and insane. Weeklysales, 627 homes sold. Last year same time it was about 724. Under contract 703homes. Last year same time, 924 homes. So 224 home difference. Average weeklysales price, $559,575 and the most expensive home sold was $3,920,000.
Brendan King (02:41):What does this mean? You knowwhat? It just means that there's a change. There's definitely a change. So wehave some listings that are on right now that are listed at or above lastcomparable sales. They're still getting offers. They're still selling. They'restill selling at high prices. So if you're on the selling side, honestly,you're still going to get a good price. Most of us have a ton of equity. We'vegone up ridiculous amounts every year for the past couple years. How greedy canyou get at some point? It's still a solid seller's market, but what it doesmean on the buy side, if you're looking to upsize or downsize, it may be alittle easier for you to do that contingency upon sale.
Brendan King (03:24):I don't think we're totallythere yet where you're guaranteed that you can put a contingency upon sale andsomeone's going to say yes. Some sellers don't go for that still. But I thinkyou may have a better chance. You may have a chance and not be against nineoffers, 10 offers. You may not get beat by that cash offer. I just put alisting on this weekend. We've got a few offers. One of them being cash, whichis the highest. So it's not a completely different market. However, thecraziness of having 18 offers, 20 offers, I don't see that coming back anytimesoon. Unless you're under 400,000 in a home that is completely renovated. Ithink some of those homes are still getting an insane number of offers.
Brendan King (04:14):So if you'd like this every weekby text, text market to 702-553-1955. Text market to 702-553-1955 and check outour website KingVegashomes.com. Feel free to reach out to us. Let us know if you'dlike to know the value of your home. Your home value is what I was starting tosay. Or if you just have questions about buying or selling or investing. I'mabout to reach out to all of our investor clients and let them know that hey,now maybe the time to be able to be a little more aggressive on your offers.Just because cash offers aren't now having to be the highest one. Some peoplemay see the horizon as far as the change and be willing to make a move for anoffer that may not have to be ridiculously over list price. Again, there are3,209 homes on the market. A neutral market is 12,000 homes. We're not thereyet, but we're definitely not where we were two weeks ago. Reach out to us.We'll see you guys next week. Have a good one.