Here is what happened in the Las Vegas Real Estate Market for the week of Oct. 21st - 27th with Brendan from The Brendan King Group.
Sellers Market continues | 7-days at a glance, 21 days on market, 4.8 weeks supply, 612 new inventory, 3,329 active listings, 692 weekly sales, 924 under contract, $515,506 average weekly sales, and the most expensive home sold this week was $15,400,000.
To receive the Market Updates weekly
Text: Market To: 702-553-1955
The Brendan King Group
Simply Vegas Real Estate
3042 S Durango
Las Vegas, NV 89117
Summerlin Home Search https://bit.ly/3hxIL7K
New Home Site: https://www.showingnew.com/kingvegashomes
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, and this is yourMonday market update for October 21st through October 27th. Let's check it out.
Brendan King (00:17): So honestly, it's a bit more ofthe same as last week. We're at a hundred percent of list price on averagereceived. Last week it was 20 average days on market, this week it's 21. Sojust one day ticked upward, and then we went from 4.4 weeks of supply last weekto 4.8 weeks of supply this week. Honestly, all of this is a little bit of thetime of year. Soon as Halloween hits until New Year's, we usually see a gradualincrease in inventory overall, or number of homes on the market. I anticipatethis probably will be the case the next few weeks, but still overall,historically it's quite low.
Brendan King (00:57): Checking out the rest of thedata. So we're at 612 homes that were added to the market this week. Activelistings, 3,329. Last week, we were at 3,394. So pretty much almost exactly thesame. Last year, we were around 4,726 homes. Weekly sales, excuse me, 682homes. Last week, it was seven 70, so that went down a little bit. And thenunder contract actually went up to 924 homes on the market, or I should sayunder contract. Average weekly sales price, $515,506. And the most expensivehome was a big one, it was $15,400,000.
Brendan King (01:45): I think I say this every week,these are the most number of homes I've ever seen over $10 million in Vegas.We've had a good handful of homes over $10 million. It's just a matter ofpeople coming to Vegas from much more expensive cities and trying to get awayfrom taxes and lots of other fees they pay in other states, which we don't haveto pay here. So overall it's still a seller's market, 4.8 weeks of supply isway far away from a neutral market, which is five, six months. So it's justkind of more of the same.
Brendan King (02:19): In general, if you want to getthis information by text every single week text Market to 702-553-1955,702-553-1955. All you have to do is text Market. And every single week we'lltext you the market updates so that you get it in your inbox. If you have anyquestions, of course, check out our website, www.kingvegashomes.com or give usa call, 702-625-3457. We'll see you guys next week. Thank you.