Las Vegas News + Market Recap for June

[Josh Edelman]

Good evening!

Welcome to summer! Feeling the heat yet? If this is your first summer in Las Vegas…welcome! Your AC will be your best friend! I personally enjoy a misting fan on my patio.

Here are some data points below: prices are steady and rates as well; not too much change in the market this far.

Real Estate Update

Here's the latest market report (based on single family homes):

• Mortgage Rates:
  • 30-year conventional rate today is 7.15%
  • 30-year VA rate today is 6.65%
• Median Sales Price:
  • March: $475,000
  • April: $476,000
  • May: $475,995
• New Listings:
  • March: 1,845
  • April: 1,957
  • May: 2,099
• Median Days on Market Until Sale:
  • March: 16
  • April: 12
  • May: 13
• Months Supply of Inventory:
  • March: 1.9
  • April: 2.2
  • May: 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.

U2 Top-Grossing Tour: U2 led the top-grossing tours in the U.S. from October to March, earning over $230 million from their residency at Sphere, which also became Billboard's number-one large venue for revenue. Pink and Madonna followed with nearly $200 million each. Taylor Swift's Eras Tour was not included in the rankings as she doesn't report numbers to Billboard.

J. Lo Cancels: Jennifer Lopez canceled her summer tour, including a stop at T-Mobile in July, citing a desire to spend more time with her family. Rumors suggest she has separated from Ben Affleck and that ticket sales were poor, jeopardizing her Las Vegas residency. Ticket refunds will be available at the point of sale.

Las Vegans Paying Highest Income Percentage on Rent: Nearly 58.3% of renters in the Las Vegas area spend more than 30% of their income on rent, considered "housing-cost burdened." Statewide, nearly half pay 35% or more, deemed "excessively cost burdened." Only Florida has a higher percentage of such renters, with 50.5%. (Study based on U.S Census Data)

Free Parking Ends at Resorts World: Resorts World started charging for parking on June 1. Previously, Genting Rewards cardholders had free parking, but now only Elite tier members or higher will enjoy this perk. All visitors will still get up to three free hours, after which parking will cost $18 per entry. Valet parking remains between $25 and $75.

June Is Bustin' out All Over: June typically sees high temperatures rise from 95°F to 100°F by mid-month, with the record high being 117°F. Lows range from 71°F to 80°F, with occasional dips into the 40s. June is the driest month in southern Nevada, with minimal rainfall expected until the summer monsoons.

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

[Eric SyCip]

Quite informative.    Do you share such data every month?      Thank you!

[Jerel Howell]

Good stuff here Josh. 

How normal are the 'median days on market' data? Is between 12 and 16 days sort of a normal situation in Vegas currently? Just curious how that compares to last summer or even 6-8 months ago.

[Jacopo Iasiello]

Awesome, thanks Josh

[Josh Edelman]

Quote from @Jerel Howell:

Good stuff here Josh. 

How normal are the 'median days on market' data? Is between 12 and 16 days sort of a normal situation in Vegas currently? Just curious how that compares to last summer or even 6-8 months ago.

 It's definitely speeding up a bit. We are seeing buyers jump in a bit more recently. Now interest rates staying flat hasn't helped too much, but we are in the higher season of people moving/finishing school/etc. 6-8 months ago was a bit slower. 

[Josh Edelman]

Quote from @Eric SyCip:

Quite informative.    Do you share such data every month?      Thank you!

 I do! I send out a monthly newsletter. If you'd like to receive it please let me know!  

[Robert Adams]

Some additional perspective on months of supply

[Jerel Howell]

Wow, this is great data. Kind of crazy how low supply is right now. Thank you!