All Forum Posts by: Josh Edelman

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

• Mortgage Rates:
  • 30-year conventional rate today is 6.92%
  • 30-year VA rate today is 6.32%
• Median Sales Price:
  • August: $480,000
  • Sept: $490,000
  • Oct: $485,000
• New Listings:
  • August: 2,198
  • Sept: 1,910
  • Oct: 1,938
• Median Days on Market Until Sale:
  • August: 16
  • Sept: 20
  • Oct: 22
• Months Supply of Inventory:
  • August: 3.1
  • Sept: 3.3
  • Oct: 3.1

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.

Election Over! What Happens to the Market Now?
Mortgage rates dropped below 7% after the election, sparking optimism among buyers. However, new tariffs proposed by Trump on imports from countries like China, Japan, and Mexico may lead to inflation. These tariffs, ranging from 10-20%, could increase consumer prices, adding uncertainty to the mortgage market. Economists project a rise in home sales by 13% nationally in 2025, driven by pent-up demand and low supply. If you're considering buying, waiting for lower rates or prices might not pay off. Momentum is building, and a strong real estate market could be ahead.

Lee Canyon Opens Early for Its 60th Season!
Lee Canyon ski resort, just 50 miles from downtown Las Vegas, kicked off its 60th-anniversary season earlier than ever! Thanks to November’s cold snap, the snow-making team has prepared two beginner slopes, with nightly efforts building a foot-deep base across an acre. Get your gear and hit the slopes—winter fun is officially here!

Houses Down, Condos Way Up
Las Vegas housing trends are shifting! The median price for single-family homes dipped slightly in October, while condos and townhomes set a record at $315,000—a 15% year-over-year increase. With condos soaring in popularity, now might be the time to explore options in this hot market.

Nevada Still Ranks 4th for Alcohol Consumption
The Silver State holds steady at fourth place in U.S. alcohol consumption, with residents drinking an average of 3.66 gallons per year. Although the ranking is unchanged, the National Institute of Alcohol Abuse and Alcoholism notes a steady decline from the peak of 6.32 gallons in 1977. Visitors contribute heavily to Nevada’s numbers, while Utah trails with the lowest per capita consumption at 1.36 gallons.

Enchant Christmas Returns to Las Vegas!
Get ready, Las Vegas! The World’s Largest Christmas Light Maze is back for its third consecutive season at the Las Vegas Ballpark. From November 22 to December 29, step into a dazzling winter wonderland featuring twinkling lights, stunning larger-than-life sculptures, an ice-skating trail, and visits with Santa. Enjoy live music, explore the festive Village, and capture magical memories with endless photo opportunities. Perfect for all ages, this enchanting event is the highlight of the holiday season. Don’t miss the opening day celebration.

That is it for this month! I hope you have enjoyed this month’s newsletter. Have a great day!

Welcome to October!

Lots of things are going on in the world right now, to include Hurricane Milton and we keep those in Florida in our thoughts and prayers.

From the previous month, below are some real estate updates, data points, and current events!

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

• Mortgage Rates:
  • 30-year conventional rate today is 6.61%
  • 30-year VA rate today is 6.14%
• Median Sales Price:
  • July: $487,483
  • August: $480,000
  • Sept: $490,000
• New Listings:
  • July: 2,068
  • August: 2,198
  • Sept: 1,910
• Median Days on Market Until Sale:
  • July: 14
  • August: 16
  • Sept: 20
• Months Supply of Inventory:
  • July: 2.8
  • August: 3.1
  • Sept: 3.1

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.

Second In-N-Out Burger Coming to the Strip: The popular burger chain, In-N-Out, is opening a second location on the Las Vegas Strip at the new BLVD development, across from City Center. Occupying 8,000 square feet indoors and 2,000 square feet on a third-floor patio, this will be the largest In-N-Out in the world. No opening date is set, but the BLVD is expected to debut in early 2025, with the restaurant taking up to nine months to complete.

Tropicana Imploded Early This Morning: The historic Tropicana hotel and casino was demolished in a dramatic implosion, marking the end of an era. Though the public couldn’t get close, several news outlets shared footage, with drone shots and fireworks lighting up the scene. Now, the question remains whether the A’s stadium or Bally’s new resort will take its place—only time will tell!

Nevada Ranks Second Most Expensive for Car Ownership: Nevada ranks as the second-most expensive state to own a car, according to Forbes. With used cars averaging $34,859 and full-coverage insurance costing $2,496 annually, only California is pricier. Seven of the top 10 most expensive states for car ownership are in the West, while the Midwest claims five of the least expensive states.

Roller-Skating Coming to the Venetian: This winter, the Venetian will introduce roller-skating at Tao Dayclub, thanks to Flipper’s Roller Boogie Palace. The 3,250-square-foot rink opens on November 17 and runs Thursdays through Sundays, offering skating sessions for $20 an hour or $75 for the day. Skaters can bring their own skates or rent them for the fun.

October Brings Ideal Vegas Weather: After the scorching summer, October in Las Vegas offers nearly perfect conditions. Highs typically range from 87°F at the start of the month to 74°F by the end, with lows cooling between 65°F and 53°F. Record highs include 103°F on October 1, 1978, while nights can get chilly, with record lows as cold as 26°F on October 30, 1971. It's the ideal time to enjoy cool evenings with the windows open, and typically no rain, just clear, sunny skies throughout the month!

Hurricane Milton Approaching: Hurricane Milton is intensifying and we are all keeping an eye on the news. Prayers go out to everyone in Florida and affected areas. If you have family or friends in the affected regions, urge them to prepare and stay safe. Evacuation plans and emergency supplies are critical right now as the storm’s potential impact could be devastating.

That is it for this month! I hope you have enjoyed this month’s newsletter. Have a great day!

Welcome to September!

Where nothing really changes weather-wise!

I hope you all are doing well. Isn’t it crazy how there are only 4 months remaining until 2025? Time is flying by!

Here are some data points from the past month:

Real Estate Update

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

Mortgage Rates:

• 30-year conventional rate today is 6.27%
• 30-year VA rate today is 5.69%

Median Sales Price:

• June: $485,000
• July: $487,483
• August: $480,000

New Listings:

• June: 1,920
• July: 2,068
• August: 2,153

Median Days on Market Until Sale:

• June: 13
• July: 14
• August: 16

Months Supply of Inventory:

• June: 2.3
• July: 2.8
• August: 2.9

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.

Here Comes I-11: Workers are preparing for a major road project to update panels on 1,075 signs between the Henderson Spaghetti Bowl and the Kyle Canyon Road interchange. This will mark the extension of Interstate 11 for 30.5 miles up to Kyle Canyon, with a $3 million effort expected to take 7-8 months. Eventually, I-11 will stretch from Nogales, Arizona, to Reno.

Hottest Meteorological Summer Ever: Las Vegas recorded its hottest summer on record, with an average daily temperature of 96.2 degrees from June through August. The summer also saw the highest average low temperature of 84.8 degrees and 36 days where temperatures hit 110 or above. Additionally, it was unusually dry, with only .13 inches of rain recorded during monsoon season.

Nevada Leads Nation in Online-Dating Dangers: Nevada ranks as the most dangerous state for online dating due to high instances of identity theft, romance scams, and fraud. Alaska, Georgia, Florida, and Arizona round out the top five, while Vermont ranks as the safest state.

Travel Abroad from Vegas: Las Vegas' Reid International Airport now offers direct flights to 10 international destinations, including cities in Canada, Mexico, El Salvador, Panama City, Ireland, the UK, the Netherlands, Switzerland, Germany, and South Korea. This is the highest number of direct international flights ever from the city.

Supply of Vegas Rentals Outpacing Demand: The vacancy rate for rental properties in Las Vegas is nearly 7%, driving rents down across the city. As 6,000 new units are added by the end of the year, renters are benefiting from lower costs, signing bonuses, and waived fees, despite home prices nearing their all-time highs.

The Strip: Ninth Most Popular U.S. Street: The Las Vegas Strip ranked as the ninth most popular street in the U.S. based on social media activity, with 90,000 Google searches, 1 million Instagram posts, and 233,000 Flickr images. Fremont Street also made the list, placing 18th with notable activity across various platforms.

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

Welcome to August! Things are getting interesting with the upcoming elections and interest rate drops this past week. Here are some data points below from the past month:

🏠📈 Real Estate Update 📉🏠

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

🏡 Mortgage Rates:
30-year conventional rate today is 6.63%
30-year VA rate today is 6.20%

💰 Median Sales Price:
May: $475,995
June: $485,000
July: $487,483

📈 New Listings:
May: 2,141
June: 1,920
July: 2,032

📅 Median Days on Market Until Sale:
May: 12
June: 13
July: 14

📦 Months Supply of Inventory:
May: 2.4
June: 2.3
July: 2.6

Happy Monday!

I hope you had a great 4th of July weekend and enjoyed the fireworks around the city. Last month I warned you of the coming heat. Are you feeling it yet?! Record highs. But good news is only 169 days until Christmas!…

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

• Mortgage Rates:
  • 30-year conventional rate today is 7.01%
  • 30-year VA rate today is 6.50%
• Median Sales Price:
  • April: $476,000
  • May: $475,995
  • June: $485,000
• New Listings:
  • April: 1,957
  • May: 2,141
  • June: 1,875
• Median Days on Market Until Sale:
  • April: 12
  • May: 12
  • June: 13
• Months Supply of Inventory:
  • April: 2.2
  • May: 2.4
  • June: 2.3

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.

Record Smashed: Yesterday at 2:35 p.m., Reid International hit an unprecedented 118.4°F, breaking the all-time high since records began in the 1930s. By 3:15 p.m., the National Weather Service recorded 119°F, peaking at 120°F by 4 p.m. This marks July 7, 2024, as Las Vegas' hottest day ever. With Tuesday's forecast nearly as hot and excessive heat warnings in place until at least Wednesday, the record might stand for a couple of days.

Adele: Most Expensive Ticket in U.S.: Forbes reveals that Adele's shows at Caesars Palace had the highest average ticket price in the U.S. for the first half of 2024, at $1,462. Phish's residency at Sphere was second at $1,228, and U2 also at Sphere was third at $831. SeatGeek data suggests Taylor Swift's Eras tour could overtake Adele's spot in the fall, with The Eagles at Sphere also potentially ranking in the top three.

All-MLB Weekend Returns to Las Vegas in November: The second annual All-MLB Weekend will be held in Las Vegas from Nov. 13-17. This event celebrates baseball's elite, featuring interactions with legends, stars, and industry leaders. Awards like the Hank Aaron Award and others will be announced live from The Chelsea at the Cosmopolitan on Nov. 14 on MLB Network. Pre-sale tickets start June 26, with general sales beginning June 28 at 10 a.m. PT.

I-15 To Close -- Again! -- for a Bit: Besides ongoing construction at I-15 and Tropicana Avenue, a six-mile stretch of I-15 will completely close later this month and early next for repaving. Northbound lanes between Warm Springs and Flamingo will close from 9 p.m. Friday, July 26, to 5 a.m. Monday, July 29. The following weekend, August 2-5, southbound lanes in the same area will follow the same schedule. While the timing favors commuters over visitors, expect heavy traffic on detour routes during these weekends.

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

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

 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. 

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!

Welcome to May! Summer is soon approaching so enjoy the last of our “cool” days as much as possible. Also, make sure your AC’s are in good condition and if they need some maintenance, do it before it gets busy in the summer!!

🏠📈 Real Estate Update 📉🏠

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

🏡 Mortgage Rates:
30-year conventional rate today is 7.25%
30-year VA rate today is 6.65%

💰 Median Sales Price:
February: $460,000
March: $475,000
April: $476,000

📈 New Listings:
February: 1,669
March: 1,845
April: 1,914

📅 Median Days on Market Until Sale:
February: 21
March: 16
April: 13

Some fun facts!:

🖼️ The Mob Museum in Nevada is acclaimed as one of America's most popular museums, ranked 15th nationally with 40,500 reviews, nestled between Denver Art Museum and Meow Wolf. Graceland tops the list with 1.3 million reviews.

🌡️ In May, temperatures in Nevada rise significantly from an average high of 83°F to 94°F, with historical highs reaching up to 109°F. The month also records one of the lowest precipitation levels, tying with October.

🏞️ Valley of Fire State Park in Nevada is enhancing its attractions with a new 17,000 square-foot visitor center, set to feature an amphitheater and a gift shop, aiming for completion in fall 2025.

🚄 Construction activities on I-15 near Las Vegas indicate progress on the high-speed train project between southern California and Las Vegas, with nighttime work focusing on geophysical and soil testing.

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

Good morning!

Who’s ready for the solar eclipse today?! Here in southern Nevada, we'll witness a partial eclipse, with exactly half of the sun obscured by the moon between 10:12 a.m. and 12:30 p.m., reaching its peak at 11:20. However, it might be wise to hold onto your eclipse glasses for the next event. Las Vegas won't witness totality until November 20, 2207, only 183 years away!

🏠📈 Real Estate Update 📉🏠

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

🏡 Mortgage Rates:

30-year conventional rate today is 7.01%

30-year VA rate today is 6.46%

💰 Median Sales Price:

February: $460,000

March: $475,000

📈 New Listings:

February: 1,669

March: 1,798

📅 Median Days on Market Until Sale:

February: 21

March: 16

⚾ Oakland A's Move to Sacramento for Interim Ballpark: The Oakland A's have announced their relocation to Sutter Health Park in Sacramento starting next season, sharing the Minor League stadium with the San Francisco Giants' Triple A team, the Rivercats. This move comes as they await the construction of their new home in Las Vegas. With a seating capacity of 10,600 and average attendance of fewer than 7,000, filling the park doesn't seem a concern. The move is seen as a three-year audition for Sacramento to secure a spot for MLB expansion or as a backup if the Las Vegas deal falls through.

🎉 Fifty Affordable Things to Do in Las Vegas: Esquire.com has compiled a list of the top 50 activities in Las Vegas under $50. Notable mentions include the High Roller observation wheel, the Neon Museum, the Eiffel Tower observation deck, and more. Some items, like the A.Y.C.E. buffet at the Palms, offer great value, while others may not align with everyone's preferences. The complete list can be found on their website.

✈️ Record February for Reid International Airport: Harry Reid International Airport achieved a record number of passengers in February, totaling 4.33 million, marking a 3.8% increase over February 2023. This record follows a trend, with the first two months of 2024 showing a 1.4% year-over-year increase. Factors contributing to this growth include the Super Bowl, expanding convention business, and the ongoing recovery of international travel.

🌞 In April, Las Vegas boasts mostly mild and sunny weather, making it an ideal time to visit for those seeking to avoid the scorching temperatures of summer. With average daily temperatures around 80°F and nighttime lows of approximately 55°F, the desert climate follows its characteristic pattern of warm days and cool evenings. You will experience about 13 hours of daylight and low humidity levels at 24%, contributing to the comfortable conditions. Rainfall is rare, with only 4mm expected throughout the month.

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