Las Vegas Market Recap for June + News!

[Josh Edelman]

Good morning!

Happy Thursday, here are some updates from the month of June!

🏠📈 Real Estate Update 📉🏠
Here's the latest real estate market report for June 2023 (single family homes) 📊:

💰 Median Sales Price 🔼: $450,000 (May: $445,000)
📈 New Listings🔽: 1,669 (May:1,789)
📅 Median Days on Market Until Sale🔽: 15 (May: 18)
📦 Months Supply of Inventory🔽: 2.0 (May: 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.

🎆 The Sphere, touted as the world's largest spherical structure at 366 feet tall and 516 feet wide, made its debut on the Fourth of July with a spectacular display. Its bowl-shaped theater boasts the highest-resolution wraparound LED screen, while its exterior showcases 1.2 million programmable hockey puck-sized LEDs, making it a visual marvel. During the grand unveiling, the Sphere's 580,000-square-foot LED display captivated the audience, synchronized with dazzling fireworks. Despite past controversies, the venue delivered a remarkable show, featuring the message "Hello World." Recordings of the event offer multiple perspectives, including a news segment, a combination of fireworks and Sphere footage, and a comprehensive 15-minute video. The Sphere's official grand opening is scheduled for September 29, inviting everyone to witness its grandeur.

🏆 In a remarkable journey, the Vegas Golden Knights secured their first Stanley Cup victory in their sixth season by defeating the Florida Panthers 9-3 at T-Mobile Arena in Las Vegas. The Knights, the top seed in the Western Conference, showcased a dominant offensive performance, overwhelming the Panthers in five games. This triumph marked the second-fastest Stanley Cup win by an expansion team since 1967, trailing only the Edmonton Oilers. The Knights' exceptional teamwork and resilience throughout the playoffs were rewarded as they celebrated their well-deserved championship.

🏀 Prepare for an exciting event, the inaugural NBA Con, held at the Mandalay Bay Convention Center from July 7-9. This family-friendly gathering combines the passions of NBA players and fans. Notable basketball icons like Kareem Abdul-Jabbar, Jerry West, and Ray Allen will attend, along with present-day stars such as Trae Young, Karl Anthony-Towns, and the top draft pick, Victor Wembanyama.

🇨🇺🍽️ New Cuban Restaurant Opening at Flamingo: Flamingo will soon welcome Havana 1957 Cuban Cuisine, a fresh addition to the culinary scene. This upcoming establishment, part of the successful Vida & Estilo Restaurant Group, draws inspiration from 1950s Cuba, blending authentic Cuban flavors, classic music, and nostalgic memorabilia. The menu, featuring breakfast options like bacon and eggs and Cuban toast, as well as enticing offerings like shredded beef in criolla sauce and sandwiches, promises a delightful experience. Stay tuned for the restaurant's opening, adding a taste of Cuba to Las Vegas.

(I’ll sure be checking out that Cuban restaurant soon!)

If you have any questions about buying, selling, investing, or real estate in general, please call, text, or email me at anytime!

Have a great day!