Josh's Las Vegas Market Recap for April
Happy Saturday, here are some updates from the month of April!
Real Estate Update:
Here's the latest real estate market report for April 2023 (single family homes):
- Median Sales Price: $438,950 (March: $430,000)
- New Listings: 1,595 (March: 1,768)
- Days on Market Until Sale: 24 (March: 29)
- Months Supply of Inventory: 2.1 (March: 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.
Las Vegas ranks 9th in "10 Cities Where Home Prices Have Skyrocketed the Most Over the Past 10 Years," with Atlanta (8), Phoenix (4), Boise (2), and Detroit (from $53,800 to $245,700, a 357% increase) completing the top 10 list.
The first Punk Rock Museum in the US opened in Las Vegas with a comprehensive collection of punk music, lifestyle, and culture; it features a bar, tattoo parlor, wedding chapel, and jam room where visitors can play instruments played by famous punk rockers. Tickets are $30, and the museum is open daily from noon to 10 p.m.
EDC Las Vegas is scheduled to take place on May 19-21 at the Las Vegas Motor Speedway with headliners such as Zedd, Marshmello, Afrojack, Chris Lake, Kaskade, David Guetta, Dom Dolla, Subtronics, and Tiesto; the event will feature 230 dance-music artists performing on nine stages for up to 525,000 attendees.
Las Vegas ranks as the 10th most popular US city for travel destinations, according to YouGov's survey; it received a 56% positive response with Nashville being the most popular city followed by Denver, New Orleans, San Diego, Colorado Springs, Boston, Miami, San Antonio, and New York.
Lee Canyon Ski Resort has been sold to Colorado-based Mountain Capital Partners, which will invest in capital improvements and retain the resort's leadership team and support staff; season-pass holders will have access to reciprocal days at other Mountain Capital resorts, which include Brian Head and 11 other ski and mountain-bike resorts from Oregon to Texas.
The data and statistics used for these real estate updates are sourced from the MLS ShowingTime Market Stats, a trusted provider of real estate information. In addition, news and event information were obtained from reputable local sources such as the Las Vegas Advisor and Las Vegas Review Journal.