
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.

What are you actually seeing out in the field?

Quote from @Matt M.:
What are you actually seeing out in the field?
Hello @Matt M.
You asked for observations from the field. To provide context for my response, we are engineers who operate a real estate investor services business in Las Vegas. We have been in business for over 15 years, and our services are based on data science and rigorous processes, and a team of experts.
We've targeted a narrow segment of tenants that has performed extremely well. This tenant segment defined the properties we target. So far, we have delivered over 480 properties.
A general description of the properties and locations we select for our clients is below.
- Single-family
- 3+ bedrooms
- 2+ car garage
- One or two stories
- 1200 to 2000 square feet
- Generally cost between $320,000 and $475,000 today
As to locations, see the map below showing where most of our client’s properties are located.

Below are statistics for the specific property segment we target.
Sales - Median $/SF by Month
Despite the high-interest rates, $/SF is steady. Prices are rebounding and have increased by 10% since January.

Sales - List to Contract Days by Month
Demand is still strong and the times properties are on the market are declining. 45 days is average under normal conditions. Today, it is about 12 days.

Sales - Closings by Month
The number of closings is still high, despite limited inventory.

Sales - Months of Supply
In my 15 years of experience in real estate in Las Vegas, I have never seen inventory levels this low. A balanced market is typically defined as having six months of inventory. However, for the property segment that we focus on, we are down to only about 0.75 months of inventory!

Rentals - Median $/SF by Month
Rental rates are back up to the peak rates of 2022.

Rentals - Months of Supply
The supply of rental properties continues to decline. The result will be rents continuing to increase.

Interest Rates
Changing our processes to achieve first-year positive cash flow has led to a new approach. Previously, you would select a lender and then close with that lender, as shown in the example below.

Once we have a property under contract, we contact multiple lenders and choose the one with the best buy-down rates. See the image below for reference.

This process has enabled us to achieve first-year positive cash flow.
Summary
- There are good deals available in Las Vegas, but they would be almost impossible to find by hand. We find them using the data mining software we developed. Today, there are 15 properties in Las Vegas that are worthy of consideration. And, because good properties only list on the market for a few days, time is of the essence.
- The traditional financing method no longer works. We had to change to a method where as soon as we get a property under contract, we look for the lender with the best buy-down rates.
- Based on what I am seeing, I believe that as soon as there is any decrease in interest rate, housing prices and rents will increase dramatically.
Matt, I hope this helps.