All Forum Posts by: Josh Edelman

• - 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.

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.

Thanks!

• Some points for you. At the end of the day do what is best for you! Not just because of a potential bias!
• 🏠 FHA loans require an appraisal to be conducted by an FHA-approved appraiser, which includes an inspection of the property to ensure it meets certain standards for safety and habitability.
• 🔎 The required inspection can lead to a higher possibility of a remedy (seller fixing items) being needed during the appraisal.
• 🤝 Some realtors have a bias against FHA loans because of the required inspection and the possibility of a remedy being needed, which can affect sellers' perceptions of FHA loans.

@Eric Fernwood When you are looking at Vegas monthly stats, do you mostly use Showing time? I am seeing a disconnect between the LVR monthly snapshot from LVR data and Showingtime. Which one is more accurate and why are they different? 

@Eric Fernwood just sent you a text

 Okay, figured. Thanks for the input! 

I believe short term or mid term rentals will have more demand and in general will keep Vegas relevant as an entertainment and now sports centric city which could increase demand of houses later on. Although right now it's mostly dependent on supply...

Here to help with anyone with questions on the city. I don't see barely any relevant or recent posts. So please feel free to put them below or reach out! 

I have a unit I rent out on Furnished Finder for 3-6 months at a time. Any recommendations on property managers who deal with this style of renting? Thanks!