Here is what happened in the Las Vegas Real Estate Market for the week of Oct. 7th - 13th with Brendan from The Brendan King Group.
Weeks of Supply up, are we cooling off? | 7-days at a glance, 18 days on market, 5.4 weeks supply, 660 new inventory, 3,291 active listings, 610 weekly sales, 893 under contract, $482,993 average weekly sales, and the most expensive home sold this week was $5,974,000.
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This is transcribed (accuracy not guaranteed)
Brendan King (00:08): 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 7 through October 13. Let's checkit out. So as it's been on average, 100% of list price has been received onmost properties sold. Average days on market, actually ticked down a little bitthis week to 18 days average on the market. And then the weeks of supply hasgone up to 5.4 weeks.
Brendan King (00:39): We actually went ahead andbroke this down a little better into some detail. So this is actually theaverage days on market over the last four weeks. And they've hovered around thesame 22, 24, 21, 18 days, so not a big change on that. The next piece of datais the weeks of supply. So this is a really important number that we watch. Soif you look September 16, it was 3.6 weeks, September 23, 3.6 weeks, September30, 3.9, and then October 7, it jumped up to 5.4 weeks.
Brendan King (01:13): This happened a few months backover a holiday weekend, but this time it looks like it's got a little morestaying power, especially for the time of year. This time of year, a lot oftimes home start to come on the market or sit on the market a little bit. Sothe next piece of data is inventory. So if you notice in September, only 187homes came on the market, September 23, 146, September 30, 662 new homes on themarket. And then again, a repeat of the same 660 homes on the market this week.
Brendan King (01:44): Another piece of data is activelistings. This goes in line with weeks of supply. So we've gone from 2000. Allthe way up now to about 3,300 homes on the market. And we seem to be holdingstrong there too. So this is something we're going to keep watching week toweek. If we keep seeing this increase in active listings, then supply will goup, days on market will start to go up and then we'll start to stabilize, ornot. Obviously we'll keep our eyes open and see.
Brendan King (02:12): Next piece of data is weeklysales. That's hovered about the same, 586, 542, September 30 was 848 homes, alittle bump up that particular week. And then October 7, 610 homes. Nothing towrite home about there. And then under contract 455, 386, 917, and 893. Rightthere, you see there's actually been a bump up in number of homes sold thisweek and last week, which could actually again, bring supply back down again.So again, this changes all the time. Average weekly sales price, 482,000, withthe most expensive home being $5,974,000.
Brendan King (02:58): So like I said, every week, wedo break this down for you, but we also have an even more detailed report fromChicago Title. So we will include that link. This one, if anybody wants toreally dive into the numbers, it's got all data points from all points of themarket at different price points, different types of homes, whether it's condosor single family. So if you're somebody who wants a little more data and alittle more analytics, of course, we're going to provide that for you as well.
Brendan King (03:26): And as always. Text market to702-553-1955, if you would like to receive this by text every single Monday andbe the first to get it. So text market to 702-553-1955. So not a big change,but it's definitely some numbers that we're going to keep an eye on everysingle week. And as always, you guys can come to us for this kind ofinformation.
Brendan King (03:50): If you have any questions oryou're curious about the value of your home, feel free to give us a call702-625-3457 or check out our website, www.kingvegashomes.com. And as always,we will see you next week. I appreciate it. Have a good one.