Las Vegas Market Recap for October + News!

[Josh Edelman]

Here are some data points from the month of October!

🏠📈 Real Estate Update 📉🏠

Here's the latest real estate market report from October 2023 (single family homes) 📊:

🏡 Mortgage Rates:

30-year conventional rate today is 7.38%
30-year VA rate today is 6.70%

Median Sales Price:
August: $445,727
September: $460,000
October: $450,000

📈 New Listings:
August: 1,749
September: 1,638
October: 1,561

📅 Median Days on Market Until Sale:
August: 13
September: 14
October: 14

📦 Months Supply of Inventory:
August: 2.3
September: 2.4
October: 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 Grand Prix Travel Tips: Reid International airport has introduced the "4-3-2-1 Plan" for F1 weekend travelers. Arrive 4 hours early, allow 3 hours for baggage check, spend 2 hours in security, and aim to be at your gate 1 hour prior to your flight. Taxis and rideshares will be in high demand, so plan accordingly. If flying on a private aircraft, prior permission is required from November 9 to 21 for landing and takeoff at southern Nevada airports.

🏟️ A's Stadium Opening in 2028-29: The Las Vegas Athletics ballpark, managed by Mortenson-McCarthy, will begin construction in April 2025, with completion expected by January 2028. Plans include community engagement, benefits, and legal considerations. After a 30-year lease, relocation clauses and the stadium's fate are discussed. Students over Stadiums, a Nevada teacher's group, may influence the plan through 2024 election legislation. The A's won't pay rent during the 30-year lease and can purchase the stadium in 2058, though doubts exist. Questions about 2025-27, funding, and design remain.

📢 Strike Alert: The Culinary Union, with over 35,000 members, plans to strike on November 10 if agreements with MGM, Caesars, and Wynn are not reached. Contract negotiations have been ongoing since April, and with the Las Vegas Grand Prix starting soon after, any disruption could be problematic. A general strike would be even more disastrous.

❄️ November Weather Outlook: November in Las Vegas sees temperatures gradually dropping from an initial 73/52 high/low to 60/41 by month-end. While it's typically dry with minimal rainfall (around half an inch over a few days), prepare for cooler weather as winter approaches. The highest recorded temperature for November is 87 (Nov. 1, 1988), and the lowest is 16 (Nov. 13, 1938).

📱 For F1 construction updates, text F1LV to 31996. See image below for F1 map impacts!