Here is what happened in the Las Vegas Real Estate Market for the week of May 5th - 11th with Brendan from The Brendan King Group @ REAL.
Weeks of Supply reaches 1 month | 7-days at a glance, 17 days on market, 4.3 weeks supply, 745 new inventory, 2,668 active listings, 622 weekly sales, 847 under contract, $582,263 average weekly sales price , and the most expensive home sold this week was $5,350,000.
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This is transcribed (accuracy not guaranteed)
Brendan King (00:09): Hey, what's going on? It'sBrendan King from the Brendon King Group at REAL, and this is your Mondaymarket update for May 5th through May 11th. Let's check it out.
Brendan King (00:18): So, on average, a 102% of listprice was received, 17 average days on the market, and 4.3 weeks of supply. So,supply has gone up from last week. This is something we need to watch veryclosely, but we have seen an uptick each week of supply going up a little bitevery week. It's still a seller's market, but we're definitely seeing a calmingout there. I've talked to 20, 30 agents in the past few days that I calledspecifically to see how their listings were doing. And, we're definitely seeinga little bit of a slowdown overall on traffic and offers and number of offers.
Brendan King (00:58): Let's check out the rest of thedata. So, new inventory, 745 homes came on the market, which was about the sameas last week and also about 150 more than last year. Active listings, 2,668,which is up from last week from 2,580, but also up by 500 homes over last year.Last year, it was 2,194. Weekly sales, 622 homes sold last week, or I shouldsay this week. And the prior week, it was 800 homes, so definitely less homes soldthan the prior week. And then under contract, 847 homes, which is pretty closeto last week, nearly the same, but last year it was a hundred more homes soldthe same week of the year. Average weekly sales price is down to $582,263 withthe most expensive home sold this week at 5.35 million dollars.
Brendan King (02:00): What does all this mean? Youknow, we're seeing some changes for sure. They're little changes, butdefinitely something we have to keep an eye out for. Think about it. If homescheck up to 3,000 active listings in the next few weeks, that's nearly a 50%change from where we were a few weeks prior. We're not there yet, but I'm justsaying, when you look at it perspective wise, a 50% increase would be a hugeamount, not something we're seeing now, but just something to think aboutdefinitely as time goes. But, right now, it's still a seller's market, butthere's some changes happening.
Brendan King (02:42): As always text market to702-553-1955. If you'd like this by text every single week, text market to702-553- 1955, or as always check out our website, www.kingvegashomes.com. Seeyou guys next week.