Las Vegas Market Overview for May + News!

[Josh Edelman]

-- Real Estate Update --

Here's the latest real estate market report for May 2023 (single family homes) :

• Median Sales Price : $445,000 (April: $438,950)
• New Listings : 1,710 (April:1,621)
• Median Days on Market Until Sale : 18 (April: 24)
• Months Supply of Inventory : 2.0 (April: 2.3)

- 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.

- Check out TheRooftopGuide.com's compilation of the 14 best rooftop bars in Las Vegas for an excellent selection of elevated drinking spots. Whether you're a Vegas expert or not, if you enjoy sipping your drinks with a stunning view, this list is definitely worth exploring. Cheers!

- The F1 street conversion project has progressed to the corner of the Strip and Flamingo, causing significant challenges for southbound traffic on the Strip and creating a nightmarish situation for those traveling east on Flamingo. It is highly recommended to avoid the area if possible. Stay tuned for updates on how the ongoing work might impact other parts of the city.

- According to a study by The Beer Institute reported by BeerInfo.com, Nevada ranks sixth in per capita beer consumption, with residents consuming an average of 35.8 gallons annually. This places Nevada behind North Dakota, New Hampshire, Montana, South Dakota, and Wisconsin, while Utah consumes the least amount of beer per capita.

- On May 8, 2023, Las Vegas high schools celebrated a major achievement as more players from their schools were selected in the NFL Draft than any other jurisdiction in the nation. Bishop Gorman led the way with three players, followed by Desert Pines with two, and several other schools also contributing to the impressive tally of 259 football players drafted from 243 high schools nationwide.

Have a great day!

Josh Edelman