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- 🏡 Rising Mortgage Rates and Shrinking Inventory Stifle Las Vegas Real Estate
🏡 Rising Mortgage Rates and Shrinking Inventory Stifle Las Vegas Real Estate
Issue #084 - February 29, 2024
John Wu
29 Feb
Dear SummerSouth Insiders!
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📆 Weekly Local Events for February 2024
Regular weekly events in or near Summerlin, Las Vegas are listed below.
Visit here to lookup specific venue information or for upcoming and/or non-weekly events on Meetup.
Monday
Socially Vegas - Monday Night Bowling @ The Orleans Bowling Center: 7 - 10pm (Every week on Monday)
Tuesday
Run Drink Las Vegas - Weekly Tuesday Run @ Frankie’s Uptown patio: 6:30 - 8:30 PM (Every week on Tuesday)
Foodies Mid-Week “Mix & Mingle” Swing Dance @ Noypitz Bar & Grill (Town Square): 6:30 - 10:30 PM (Every week on Tuesday)
Wednesday
Business Leads Group - Networking Breakfast, Patti's Practical Advice for Effective Biz Ops! @ Summit Restaurant, Eagle Crest Golf Course, 2215 Thomas W Ryan Blvd, Las Vegas: Cost $20 cash, 7 - 8:30 AM (Every week on Wednesday)
Las Vegas Valley Bicycle Club - Wednesday Morning Ride @ Einstein Bagels: 9 - 11:30 AM (Every week on Wednesday)
Speakers & Leaders of Summerlin Toastmasters Meeting: 12 - 1:30 PM (Every week on Wednesday)
Thursday
Las Vegas Real Estate Investors Association - Weekly Power Lunch For Real Estate Investors @ Rampart Casino: 11 AM - 1 PM (Every week on Thursday)
Female Friends over Forty-five - Lunch and Rummikub @ Jason’s Deli (Boca Park): 12:30 - 3:30 PM (Every week on Thursday)
Southwest Tennis Brigade - A Chill Tennis Evening at Long Mountain Regional Park: 5:30 - 8:30 PM (Every week on Thursday)
Summerlin Bitcoin Happy Hour: 7 - 9 PM (Every week on Thursday)
Friday
Find Your Yoga Las Vegas - Flow & Yin W / Noé Hilyard: 6 - 7:15 PM (Every week on Friday)
Swing Dancing in Las Vegas Vintage and Modern Swing Dances @ The Mint Tavern: 7:30 PM - 1 AM (Every week on Friday)
Saturday
Saturday Morning Co-Ed Soccer in the Park @ Spotted Leaf Park: 8:30 - 10:30 AM (Every Saturday)
Vino Las Vegas Wine & Yacht Club Brunch: 9 AM - 2 PM (Every Saturday and Sunday in January and February)
Winter Kickball League (Private Group): 11 AM - 2 PM (Every Saturday)
Vegas Hikers - Ike’s Peak 4.3 Mile (southwest) 2 groups: 12:30 - 3:30 PM (Every week on Saturday until March 29, 2024)
Sunday
Las Vegas Valley Bicycle Club - Sunday Morning Ride @ Einstein Bagels: 9 - 11:30 AM (Every week on Sunday)
Vino Las Vegas Wine & Yacht Club Brunch: 9 AM - 2 PM (Every Saturday and Sunday in January and February)
Find Your Yoga Las Vegas - Northwest LV Sunday Soulful Yoga with Alicia Cuglietta @ Oasis to Zen Transformation Spa $15: 10 - 11 AM (Every week on Sunday)
📆 PVHS Athletic Events in February 2024
Visit Here to Access the PVHS Athletic Events Monthly Schedule.
🌤 Summerlin South, Las Vegas Weather
🏡 Rising Mortgage Rates and Shrinking Inventory Stifle Las Vegas Real Estate
The residential real estate industry in the Las Vegas area is currently facing challenges due to high interest rates and a low supply of homes. Real estate agents in the region have observed a significant downturn in market activity, with the average rate for a 30-year fixed mortgage rising above 7 percent for the first time since December, contributing to a cautious approach from both buyers and sellers. Shay Stein, a real estate agent with Redfin, highlighted how the increased rates are making it difficult for sellers to move houses without facing financial losses, especially those who previously locked in rates around 3.5 percent.
The Las Vegas Valley experienced a 34 percent drop in home listings from January 2023 to the same month this year, while the average home price increased to $445,000. The sales of homes have also seen a decline, with 2022 sales dropping to about 35,000 from over 50,000 units sold in 2021, marking the lowest sales year since 2008.
Realty One Group’s Summerlin office branch manager, Tim Kelly Kiernan, mentioned the necessity for patience in the current market, as inventory remains low but prices have slightly increased. The sentiment among local real estate agents is that the industry is adjusting to a new normal, with a significant reduction in listings and sales compared to previous years.
The Federal Reserve's efforts to combat inflation have led to speculation about future rate cuts, but recent comments by Fed Chair Jerome Powell suggest that a reduction in the near term is unlikely. This uncertainty has impacted the mortgage market, with rates fluctuating based on economic reports and Federal Reserve actions. The national trend mirrors the situation in Las Vegas, with high interest rates dampening home sales and reducing the number of mortgage-purchase applications.
🎰 Cybersecurity Incident Hits Nevada Gaming Control Board, No Personal Information Compromised
The Nevada Gaming Control Board announced on Wednesday that their investigation into a cybersecurity incident in late January concluded with no unauthorized access or acquisition of personal information. While the incident led to the temporary inaccessibility of the Control Board's website, officials have not labeled it a cyberattack, nor have they indicated any ongoing search for criminal suspects.
To address the issue, the board took its website offline on January 25, as shared on X (formerly Twitter), implementing measures to safeguard the site. In response to the incident, the Control Board transitioned to a new website platform, with the overhaul guided by the Nevada Office of the Chief Information Officer. The investigation involved the Control Board's IT team, the Chief Information Officer's office, law enforcement, and external legal and forensic experts.
The gaming industry is notably cautious about cybersecurity, especially following cyberattacks on Nevada's largest casino companies, MGM Resorts International and Caesars Entertainment Inc., in the summer of 2023. These attacks resulted in significant disruptions and, in Caesars' case, a reported $15 million ransomware payment, though the company has not confirmed this. MGM managed to recover most of its financial losses through insurance.
The Control Board's website, a key resource for public information including board agendas and casino regulations, was progressively restored over five days, with assurances that no sensitive personal or financial data was compromised.
🏃♀️🏀 UNLV Women's Basketball Stages Fourth-Quarter Comeback to Top Boise State
In a thrilling showdown between the top two teams in the Mountain West standings, the No. 24-ranked UNLV women's basketball team mounted a fourth-quarter comeback to defeat Boise State 63-57 at Cox Pavilion. Despite trailing for the majority of the game and facing foul trouble, UNLV showcased resilience, particularly in the final quarter. Junior point guard Kiara Jackson, who had been scoreless until halfway through the fourth quarter, contributed crucial points during an 8-0 run that helped UNLV regain the lead.
Senior center Desi-Rae Young led the scoring for UNLV with 13 points, despite battling foul trouble. The victory was a collective effort, with all nine Lady Rebels who played scoring at least four points. UNLV's defensive strength shone in the fourth quarter, holding Boise State to just eight points and showcasing their signature fast transitions and paint attacks.
Boise State, standing at 19-10 and 10-6 in the conference, had led 49-46 entering the final quarter. However, UNLV's aggressive play and strategic foul management allowed them to cut the deficit and ultimately take control of the game. Freshman guard Amarachi Kimpson played a key role in the closing moments, scoring the final five points for UNLV. The Lady Rebels have secured their third consecutive Mountain West regular-season title and look forward to their final home game against San Diego State.
❎ Nevada Voter ID Initiative Moves Forward After Judge Rejects Lawsuit
A Carson City judge, William Maddox, dismissed a lawsuit on Monday that sought to prevent a ballot initiative requiring voter ID in Nevada, spearheaded by the Repair the Vote PAC. The initiative, introduced by David Gibbs, president of the PAC, aims to amend the Nevada Constitution to necessitate photo ID at polling places and introduce an additional identification measure for mail ballots. Maddox's ruling supports the constitutionality of the initiative and its progression towards the November ballot, requiring over 110,000 valid signatures by June 26.
The lawsuit, filed by Nevada voter Jennifer Fleischmann with the assistance of Democratic-linked attorneys and Make the Road Nevada, argued that the initiative was vague, would lead to unfunded government expenditures, and that acquiring the listed forms of ID would generally involve a fee, likening it to an unlawful poll tax. However, Maddox found the initiative's language clear and dismissed the unfunded mandate claim, stating the initiative does not ask the government to spend money. While the constitutional issue remains open for future debate, Maddox ruled that the decision should be left to voters.
💲 Las Vegas Convention Center to Host Major Spring Job Fair Event
Southern Nevada job seekers have the opportunity to meet with over 120 employers at the upcoming Spring Job Fair, scheduled for March 8 from 9 a.m. to 2 p.m. at the Las Vegas Convention Center West Hall. Hosted by Clark County in collaboration with the EmployNV Business Hub, this annual event aims to facilitate on-the-spot hiring and job offers pending background checks. Commissioner Jim Gibson encourages attendees to approach the fair as they would a multi-employer interview, emphasizing that every employer present is looking to hire. Notable employers include the Rio hotel-casino, Nevada Barricade and Sign Co., Maverik, The Smith Center, Tao Group Hospitality, Fontainebleau hotel-casino, and Link Technologies. Job seekers can register in advance, upload their resumes for employer previews, and access several on-site resources such as free child care for specific ages, career coaching, and career exploration tools.
Summerlin Area Command - Week Ending: February 23, 2024
Courtesy of The Las Vegas Metropolitan Police Department. The entire report for all Area Commands may be viewed here.
📌🏠 Summerlin South - January 2024
*Median Sold Price By Bedroom Count
This is the middle price for which all homes in the area were sold based on the number of bedrooms. Half of all the homes sold were below this price, and half were above.
Visit here to see the entire report.
📌✅ We Want To Spotlight Your Business!
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