Las Vegas Market Recap for November + News!

[Josh Edelman]

Merry Christmas and Happy Holidays! I hope you and your family have the happiest of holidays. It truly has been an extremely rewarding journey helping all of my clients buy, sell, or find their rental home in Nevada. I look forward to continuing the journey and the new year ahead. I am extremely grateful for each and every one of my friends, family, coworkers, and clients, and if there is anything I can do before the year ends, I am here to help!Here's the latest real estate market report from November 2023 (single family homes) :

Mortgage Rates:30-year conventional rate today is 7.10%30-year VA rate today is 6.44%

Median Sales Price:

September: $460,000

October: $450,000

November: $462,990

New Listings:

September: 1,638

October: 1,561

November: 1,289

Median Days on Market Until Sale:

September: 14

October: 14

November:15

Months Supply of Inventory:September: 2.4October: 2.5November: 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.

National Finals Rodeo:The National Finals Rodeo kicks off at the Thomas & Mack Center on UNLV's campus, continuing its Las Vegas tradition. With a prize pool of $11.5 million, all 10 days are sold out, and approximately 175,000 fans are expected. Prepare for heavy traffic on E. Tropicana Avenue. Simultaneously, Cowboy Christmas, a western-themed gift show, unfolds at the Convention Center, offering an expanded experience for over 300,000 visitors.

Durango Casino and Resort Grand Opening:Station Casinos' opulent Durango Casino and Resort opens in the southwest valley, boasting "affordable luxury." Hotel rates range from $399 to $599 a night until the end of January. The 83,000-square-foot casino houses 2,300 slots, 63 table games, and a high-limit room. Station's meticulous hiring process resulted in the selection of 1,400 employees from 30,000 applications and 8,000 interviews.

UNLV Campus Shooting: A 67-year-old academic, linked to schools in Georgia and North Carolina, opened fire on the UNLV campus during an outdoor gathering. Anthony Polito, the gunman at the University of Nevada, Las Vegas, was a former North Carolina professor with an obsession for Las Vegas. He fatally shot three people and wounded one at UNLV, mailing mysterious letters to university personnel before the attack. His motive remains unknown. During his time at East Carolina University, he was an eccentric professor who frequently talked about Las Vegas in his classes, veering off-topic.

In October, Reid International Airport achieved a remarkable milestone by setting a new monthly passenger transit record, with an impressive 5.47 million passengers, surpassing the October 2022 record by a significant 5.7%.

December in Las Vegas: Las Vegas experiences its coldest winter month in December, with an average high of 57°F and an average low of 39°F. Early in the month, expect daytime highs near 60°F, but later, temperatures drop to the mid to upper 50s°F. While occasional precipitation and wind can occur, the desert climate keeps it relatively dry with low humidity and a small chance of rain. You can still enjoy about nine hours of sunshine each day, making it a pleasant winter destination compared to many other cities.

I hope you enjoyed your monthly update! If you have any questions about buying, selling, investing, or real estate in general, please call, text, or email me.