March Quick Data Points and News: Las Vegas

[Josh Edelman]

Real Estate Update

Some data points for March 2023 

Median Sales Price: $430,000

New Listings: 2,298 (down 29% compared to March last year)

Days on Market Until Sale: 29

Months Supply of Inventory: 2.4

What does "Months Supply of Inventory" mean? It represents the number of months it would take to sell all homes currently on the market at the current pace of sales. A balanced market is typically around 6 months of inventory, so a lower number represents a seller's market with limited inventory.•

Lee Canyon Ski Resort has been sold to Mountain Capital Partners. Season-pass holders will be eligible for reciprocal days at other Mountain Capital resorts, and the new owners are expected to invest in capital improvements at Lee Canyon and retain the leadership team and support staff.•

Mirage is offering free parking and other benefits to Nevada residents who sign up for the Mirage-Hard Rock Unity Rewards card. Locals can avoid driving on the Strip by accessing the casino off Spring Mountain Road.•

Spirit Airlines announces non-stop service between Charleston, South Carolina, and Las Vegas starting on September 7. There will be five round-trip flights per week, making it the only non-stop service between Vegas and Charleston. Special introductory fares will start at $99 one way for travel from Sept. 7 through Oct. 18.•

Vegas Golden Knights: The Vegas Golden Knights beat the Seattle Kraken by a score of 3-1 in the last game of the regular season to win the Pacific Division title for the third time in the six-year history of the team. They earned the number-one seed in the Western Conference with a record of 111 points for the season. The first round of the playoffs start next week, and Vegas will face the wild-card Winnipeg Jets on Tuesday and Thursday at T-Mobile, having the home-ice advantage.•

In a unanimous vote, the Nevada Department of Transportation's Board of Directors loosened up the high-occupancy-vehicle lanes running through Las Vegas. All traffic can use the HOV lanes outside minimal periods of 6-8 a.m. and 4-6 p.m. Monday through Friday. The Board might reconsider the decision, opting for completely eliminating the lanes or turning them into express lanes, but that will take another study period of around two years.