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Brendan King explains what Weeks of Supply means when talking about the Las Vegas Real Estate Market.
Transcribed (accuracy not guaranteed)
Brendan King (00:01): What's going on, everybody? It's Brendan King from the Brendan King Group at Simply Vegas. We were chatting recently and it occurred to us that some people may not know what the word supply is. So, we always say on our market update, weeks of supply, weeks of supply. And it occurred to us that, you know what? Some people may know, not know what that means. So, I've got a little graphic here to break it down. But so, every week we always mention amount of list price received, the number of days on the market, and if you look on the third bubble, 2.9 weeks of supply And we always say, it's a sellers' market, it's really a low supply, supply and demand, and we realize most people probably don't know what that means.
Brendan King (00:47): So, in order to put that into perspective, currently, there's 2.9 weeks of supply at this point in time. Obviously, this video will be around at different points in time. To show you what a real neutral market is, I supplied a graph that actually shows what a buyers' neutral and sellers' market looks like. So, if you look, a sellers' market is less than six months of inventory. We're at 2.9 weeks currently. A neutral market is six to seven months of inventory or 26 weeks. And then a buyers' market is anything over seven months. So, just for perspective, when we use the word supply, that's what that means, it's the amount of homes on the market and how long they take to go away. And a neutral market is about 26weeks or six months. We're at 2.9 weeks.
Brendan King (01:47): So, if you're ever wondering what we mean by supply, I hope this helps. Supply, six months is neutral and we are at 2.9 weeks. Hope everyone's having a great day and we'll see you soon. And by the way, don't forget, text market, 702-553-1955. Text market to702-553-1955, if you would like the weekly market update every single Monday. Have a great one.
