Las Vegas Market Recap for September + News!

[Josh Edelman]

Good morning!

Here are some data points from the month of September! Interest rates continue to stay and climb slowly since last month. With the newly started war in Israel and its potential impact on oil in the middle east, we are awaiting how the stock market and Fed will respond.

Real Estate Update: Here's the latest real estate market report from Sept 2023 (single family homes):

Mortgage Rates:

1. 30-year conventional rate today is 7.81%
2. 30-year VA rate today is 7.24%
3. - Median Sales Price:
   • August: $445,727
   • September: $460,000
4. - New Listings:
   • August: 1,749
   • September: 1,638
5. - Median Days on Market Until Sale:
   • August: 13
   • September: 14
6. - Months Supply of Inventory:
   • August: 2.3
   • September: 2.2
   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.

Las Vegas Tacos: Las Vegas ranks as the "No. 3 Taco City" in the U.S., with 7.2 taco restaurants per 100,000 residents. Aroma Latin American Cocina claims the #1 spot on Yelp's "Top 100 Taco Spots in the U.S." list, joined by other Vegas favorites.

Tropicana's Fate: The Tropicana will be partly demolished and partly imploded for the ballpark, with plans to incorporate vintage signs into the design. Closure is expected between late 2024 and mid-2025, pending MLB approval for the Oakland A's move to Vegas.

Tupac Murder Arrest: Duane “Keffe D” Davis, linked to Tupac's murder, has been arrested on a murder charge, though he didn't pull the trigger. He's considered the "ringleader" and faces life in prison if convicted.

In the ongoing Israel-Hamas conflict, now in its fourth day, tensions continue to mount following a deadly terror attack by Hamas, resulting in over 900 casualties. Israel's response includes a barrage of airstrikes on Gaza, causing significant casualties and displacements. Israel's priority is to neutralize Hamas' capabilities, with Hamas threatening to execute civilian hostages if the airstrikes persist. Notable developments include the tragic discovery of bodies in Be'eri, foreign nationals among the casualties, and the IDF recovering bodies of around 1,500 Hamas militants. The IDF has "more or less" regained control over the Gaza border, with the focus shifting to airstrikes and an impending offensive in Gaza. Israeli parents are advised to remove social media from their children's phones due to fears of hostage videos being broadcast.

Las Vegas enjoys delightful October weather with daytime temperatures in the 70s and nights in the 50s. On average, the high is around 81°F, and the low is 58°F, though occasional days in the 90s or higher can happen. The record high for October is 103°F (Oct. 1, 1978), and the record low is 26°F (Oct. 30, 1971). The most rain in a day, 1.08 inches, fell on Oct. 12, 1947.