Here is what happened in the Las Vegas Real Estate Market for the week of Nov. 11th to Nov. 17th with Brendan from The Brendan King Group @ REAL.
Sellers Market continues through the Holidays | 7-days at a glance, 22 days on market, 4.2 weeks supply, 602 new inventory, 3,030 active listings, 725 weekly sales, 900 under contract, $510,349 average weekly sales, and the most expensive home sold this week was $5,150,000.
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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 (00:07): Hey, what's going on? It'sBrendan King from Brendan King Group at Real, and this is your Monday MarketUpdate for November 11th through November 17th. Let's check it out.
Brendan King (00:17): A little more of the same, tobe honest. 100% list price received on average, which is exactly the same aslast week and it has been for quite a while. 22 average days on market. That'sone day higher than last week. However, weeks of supply is 4.2 weeks of supply,which is down from last week, which was 4.6. You'll see with a little more dataafter this that the inventory is actually going back down again.
Brendan King (00:46): Again, it started to trickledown because of the time of the year, but it's kind of just hovering at thatand dropping even more, which normally it does this time of year anyway. It'sthe holidays. People get a little lazy. And by the way, Happy Thanksgiving, Ididn't mention that. It is Happy Thanksgiving. It is Thanksgiving week. Butyeah, the inventory tends to get a little lazy, much like most people do thistime of year just hanging out and being with family. But we are at 4.2 weeks ofsupply.
Brendan King (01:16): Let's check out the rest of thedata. New inventory is 602, which is up from last week. Active listings, thisis where it gets interesting, 3,030 homes on the market. Last week, there were3,207, so a full 170 plus home difference from last week. Weekly sales were at725 homes, which is up from 703 the week before. And under contract is 900homes, which is nearly exactly the same as last week. Average weekly salesprice, $510,349. And the most expensive home sold this week is $5,150,000.
Brendan King (02:01): It's a seller's market still.Nothing's really changed. The only interesting thing is the normal ebb and flowof the holidays and the time of year. It's still low historically, honestly, soit's still a pretty strong seller's market. Just for perspective, in September,we had 1,900 homes on the market. This is almost 50% higher than that timeperiod. Buyers do feel like they have a better chance right now, because theyhave 50% more homes, depending on the price point.
Brendan King (02:33): But overall, it's stillhistorically a really strong seller's market. Of course, don't forget, textmarket to 702-553-1955. If you'd like this text to you every single Monday,text market to 702-553-1955. And as always, we'll see you guys next week forthe Monday Market Update. Happy Thanksgiving. Have a good one.