Here is what happened in the Las Vegas Real Estate Market for the week of June 9th - 15th with Brendan from The Brendan King Group @ REAL.
7-days at a glance, 16 days on market, 7.4 weeks supply, 952 new inventory, 4,212 active listings, 572 weekly sales, 689 under contract, $594,160 average weekly sales price, and the most expensive home sold this week was $5,750,000.
And here is what happened in the Las Vegas Real Estate Market for the week of June 16th - 22nd with Brendan from The Brendan King Group @ REAL.
Wow, 2 months of Supply!! | 7-days at a glance, 17 days on market, 8.4 weeks supply, 1,035 new inventory, 4,653 active listings, 551 weekly sales, 680 under contract, $599,831 average weekly sales price, and the most expensive home sold this week was $9,125,000.
The last two years of data.
To receive the Market Updates weekly
Text: Market To: 702-553-1955
The Brendan King Group
Real Broker, LLC
7997 W. Sahara Ave.
Las Vegas, NV 89117
Summerlin Home Search https://bit.ly/3dr5Ian
New Home Site: https://www.showingnew.com/kingvegashomes
This is transcribed (accuracy not guaranteed)
Brendan King (00:09): Hey, what's going on? It's Brendan King from the Brendan King Group at REAL, and this is your market update for the weeks of June 9th through 15th and June 16th through the 22nd.So, I was down and out last week with COVID and I am back and still a little congested, but definitely feeling better. So, we're going to go through some of the numbers. We'll both post last week's and this week's numbers, but I'm just going to talk about this week's. So, more of the continued increase in inventory for sure. As everyone is hearing in the press, it legitimately is more inventory every week, by about two to 400 homes. So on average, I would say we've had about two to 400 homes every single week be added to the inventory. So, it's definitely having a little downward pressure on prices. We're starting to see some price reductions on a lot of properties, so definitely a lot more opportunities out there for buyers.
Brendan King (01:20): Not a lot of offers, not a lo tof competition on the buy side, and then on the sell side, obviously you have your equity that you have from the past couple years, but the insanity of 10offers and going way above list price is definitely not happening, but if we take a look at the numbers, definitely overall you'll see that on average we're still getting 100% of list price. So, it's just a matter of if you price your property right, then it will still sell, but if you price it too high, you're going to have to reduce the price. So, let's check out the data a little bit. So, 100% of list price was received on average. See, so if you price it right, it's going to sell. Average days on market was 17 days.
Brendan King (02:10): Weeks of supply was 8.4 weeks, we're up by a whole week from last week. New inventory, 1,035 homes. Active listings, 4,653, compared to last year of 2,394, so a huge change. Last week, we were at 4,212, so we're up a little over 400 property, 400 more homes from last week. Weekly sales, down a little bit, 551 homes sold. Under contract, 680properties, a little lower than last week, but about the same. The average weekly sales price went up $599,831.
Brendan King (02:52): So, the crazy thing right now is inventory is increasing, weeks of supply is increasing, but that average weekly sales price is still ticking upward. Most expensive home sold this week is 9,125,000. This is becoming a norm, these homes between five and 10 million early every single week, but overall, definite changes. Inventory is increasing. If you were to ask me a month and a half ago, if we'd be at two months of inventory, I don't know that I'd be saying yes, but we're at two months of inventory after being at a month or less for a number of years, probably about two years, so lots of changes on the horizon. Stay tuned, we get the next week's data tomorrow. So, you're going to have a pretty quick turnaround on the next week market update, but definitely some big changes. Like I said, 1,000 new inventory properties, active listings, 4,653. What do you think? Do you think tomorrow we'll hit 5,000? I guess we'll see. Have a great week and we'll see you next week. Have a good one.