Las Vegas Market Recap for February + News!

[Josh Edelman]

Good morning!

I hope everyone survived the crazy winds the past two weeks! Welcome to March. This Sunday we move our clocks an hour forward. More daylight for us here in Vegas!

🏠📈 Real Estate Update 📉🏠

Here's the latest market report from February 2024 (single family homes) 📊:

🏡 Mortgage Rates:

30-year conventional rate today is 6.97%

30-year VA rate today is 6.55%

💵 Median Sales Price: $460,000

📈 New Listings: 1,616

📅 Median Days on Market Until Sale: 21

📦 Months Supply of Inventory: 1.9

🏎️ Formula 1 race weekend tickets for November 21-23 will be available starting March 25 at 10 a.m. Prices have dropped, with general admission now at $350 and a 3-day pass at $600. Ticket options range from $850 to $35,000, and Nevada residents have early access from March 22 to March 24.

⛳ Atomic Golf, opening March 22 near the Strat, offers 101 golfing bays, a 212-yard range, and two "cannon bays." Featuring innovative technology such as projection-mapping in eight putting bays, it operates Mon-Wed noon-midnight, Thurs-Fri 10-2 a.m., Sat 9-2 a.m., Sun 9 a.m.-10 p.m.

🔫 AREA15 announces partnership with Lionsgate for a 12,000 sq ft John Wick Experience, immersing guests in a high-stakes adventure based on the popular movie franchise. Opening date details not yet disclosed.

🏟️ Las Vegas Raiders rank last in attendance among NFL teams, with Allegiant Stadium averaging 62,190 attendees, second lowest after the Chicago Bears. Despite low home attendance, Raiders fared better on the road with an average of 68,916 fans.

🛒 According to a survey by HelpAdvisor, Nevadans pay the second-highest grocery prices in the continental U.S., just after California. Californians spend an average of $297.72 per week, while Nevadans follow closely behind at $294.76. The high prices are attributed to the necessity of importing most food items into Nevada. In contrast, Midwestern states such as Iowa and Wisconsin have the lowest average weekly grocery bills, coming in at $227.32 and $221.46, respectively. This data is based on the U.S. Census Bureau's Household Pulse Survey from November, the most recent available.

🌞 In Las Vegas, March signals the start of spring, with daytime temperatures reaching the 60s and nighttime lows in the 50s. The Strip comes alive with bustling pools and outdoor dining. Average highs are around 72°F, while lows hover at 50°F, requiring layers and sunscreen. March is also the windiest month, and snowfall is possible in higher elevations.

I hope you’ve enjoy this month’s newsletter. Have a great day!