Here is what happened in the Las Vegas Real Estate Market for the week of Oct. 14 - 20th with Brendan from The Brendan King Group.
Active Listings continue to move up. | 7-days at a glance, 20 days on market, 4.4 weeks supply, 652 new inventory, 3,394 active listings, 770 weekly sales, 893 under contract, $494,489 average weekly sales, and the most expensive home sold this week was $5,500,000.
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The Brendan King Group
Simply Vegas Real Estate
3042 S Durango
Las Vegas, NV 89117
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This is transcribed (accuracy not guaranteed)
Brendan King (00:07): Hey, what's going on,everybody? It's Brendan King from the Brendan King Group at Simply Vegas andthis is your Monday market update for October 14th through October 20th. Let'scheck out the data. On average, homes have sold at about 100% of list price.So, on average, homes have sold for 100% of what they were listed for. Averagedays on market, we ticked up a little bit from last week from 18 days to 20days, and the weeks of supply went down from 5.4 weeks to 4.4 weeks. We kind ofanticipated that last week due to the fact we saw a pretty high weekly sales number,then that obviously took out some of the inventory. However, on average, if wecheck out the additional data, the active listings are crawling upward evenwith a drop in supply, which is interesting. Last week we had 3,291 homes onthe market. This week, we have 3,394 homes on the market. So, even with a dipand weeks of supply, active listings continue to go up. Just something to keepan eye on as always.
Brendan King (01:16): Of course, it's still aseller's market, but there's little things on the horizon that seem to showsigns of a little bit of a softening market. Weekly sales, 770 homes sold thisweek, and under contract, exactly the same number of homes as last week, 893.Average price point 494,489. The most expensive home sold for the week was 5.5million dollars. As we always tell you, based on inventory, honestly, a neutralmarket's closer to five months of inventory. We're still at 4.4 weeks ofsupply, which signifies we're still in a seller's market territory. It's justnot as frothy. We're not getting 17 offers every property like we were about ayear ago.
Brendan King (02:05): Things are a little slower, butstill, honestly, with an average days on market of 20 days and 4.4 weeks ofsupply, it's a strong seller's market. As always, if you want this text to youevery single week, text market to (702) 533-1955. Text market to (702) 533-1955and we'll make sure to get that in your inbox every single week. As always,check it out every single Monday, Monday market update. I'll see you guys soon.See you next time.