Here is what happened in the Las Vegas Real Estate Market for the week of Sept. 30th to Oct. 6th with Brendan from The Brendan King Group
Active Listings are up, is the Market changing?| 7-days at a glance, 21- days on market, 3.9 weeks supply, 662 new inventory, 3,301 active listings, 848 weekly sales, 917 under contract, $481,295 average weekly sales, and the most expensive home sold this week was $10,000,000.
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The Brendan King Group
Simply Vegas Real Estate
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Las Vegas, NV 89117
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This is transcribed (accuracy not guaranteed)
Brendan King (00:08): Hey, what's going everybody?It's Brendan King from the Brendan King Group at Simply Vegas, and this is yourMonday market update for September 30th through October 6th. Let's check itout.
Brendan King (00:19): So, once again, on average,100% of list price was received, which has kind of been the case for a fewweeks now. Average days on market ticked up again to 21 days. Actually that'seven a little lower than last week, but it's kind of been hovering now aroundthe three week mark. And then weeks of supply is at 3.9 weeks, which is up from3.6 last week. We're starting to see a little stabilizing, I have to admit. 3.9weeks is still by far a seller's market. Of course, supply typically evens outaround five months of supply and we're at 3.9 weeks, but we are starting to seea consistency here. Every single week we're starting to hold on to someinventory.
Brendan King (01:06): Let's check out the rest of thedata. So new inventory, 662 homes, which last week was only 145 activelistings, 3,301 compared to 1,927 last week. That's a pretty big jump. It'snowhere near last year of 5,037 homes, but something definitely to keep an eyeon because that's the biggest jump we've seen since this whole thing started.Weekly sales, 848 homes, under contract 917 homes, which if you look last weekwas only 386. That's also a pretty big jump; same time last year, 976 homes.Average weekly sales price, $481,295. And the most expensive home sold thisweek is $10 million. That's huge. We've started to see a lot more of thesegiant, super expensive homes selling on a more regular basis, but moreimportantly, yes, it's definitely still a seller's market, but we do see somesigns of some stabilizing. It's not going to jump shift right away or tomorrow,but definitely seeing some change happening in the market.
Brendan King (02:26): And of course, if you want toget this every single week, every Monday, right after we video it, text marketto 702-553-1955, text market to 702-553-1955, you'll receive a text everysingle Monday with the data right after we film it. You guys are actually thefirst ones to get it. And as always, thank you so much to Chicago Title forproviding this data. It's a seller's market. We're seeing some changes. If youhave any questions about this at all, what does that mean for you if you'relooking to buy? What does that mean for you if you're looking to sell? Feelfree to reach out to us, give us a call, 702-625-3457, or check out our websitewww.kingvegashomes.com. Every single week we put this information out, plus wehave tons of blogs about different things about purchasing or sellingproperties. But if you just want to talk, give us a call. We're always here ordirect message us on any kind of social media. And our Instagram is down rightnow, but it will be back soon, I promise, but either way, thank you so much andI'll see you guys next week.