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- 🏫 Las Vegas Real Estate Market Sees Price Growth and Listing Surge in August
🏫 Las Vegas Real Estate Market Sees Price Growth and Listing Surge in August
Issue #276 - September 8, 2024
John Wu
08 Sep
Dear SummerSouth Insiders!
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📆 Weekly Local Events for September 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
Monday Classes At Latin Blendz: (Every week on Monday @ 10AM)
Socially Vegas - Monday Night Bowling @ The Orleans Bowling Center: Must arrive/check-in before 7pm; 7 - 10pm (Every week on Monday); COST (CASH Only) $10 for 2 games (includes shoes) COST: $12 for 3 games (includes shoes)
Monday Night TRIVIA at ReBAR, 1225 S Main St, Las Vegas: (Every week on Monday @ 7PM)
Tuesday
Sand Volleyball Intermediate, Rusty and Old Time Players @ Aloha Shores Park (NW), Cheyenne & Buffalo, 7550 Sauer St, Las Vegas: (Every week on Tuesday @ 6 - 8 PM)
Run Drink Las Vegas - Weekly Tuesday Run @ Frankie’s Uptown patio: 7PM (Every week on Tuesday), FOLLOW US ON INSTAGRAM @rundrinklv FOR THE LATEST WEATHER/TIMING UPDATES
Wednesday
Business Leads Group - Networking Breakfast @ Summit Restaurant, Eagle Crest Golf Course, 2215 Thomas W Ryan Blvd, Las Vegas: Cost $20 cash, 7 - 8:30 AM (Every week on Wednesday)
Early Risers Toastmasters Meeting (In-Person - Summerlin Egg Works / Online Event: 7 - 8 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, Summerlin Egg Works, 2025 Village Center Cir, Las Vegas: 12 - 1:30 PM (Every week on Wednesday)
Thursday
Abundance Business Networking Group Online Event: 7 - 8:30 AM (Every week on Thursday). Please arrive 10-15 minutes early for networking. Steps to access our BNI Online™ Virtual Chapter Meeting, visit website.
Las Vegas Real Estate Investors Association - Weekly Power Lunch For Real Estate Investors: 11 AM - 1 PM (Every week on Thursday). Request to join here.
Free Salsa Classes @ Feel The Music Dance Studio: 7 - 8 PM (Every week on Thursday). Visit the website to register online.
Summerlin Bitcoin Happy Hour, SG Bar, 9580 W Flamingo Rd, Las Vegas: 6:30 PM (Every week on Thursday)
Coed Soccer - Summerlin: Crossings Park, 1111 Crestdale Ln, Las Vegas: 7:30 - 9:45 PM (Every week on Tuesday/Thursday)
Friday
Find Your Yoga Las Vegas - Flow & Yin W / Noé Hilyard @ Yoga Sanctuary: 6 - 7:15 PM (Every week on Friday) View Yoga Sanctuary's full schedule.
Swing Dancing in Las Vegas Vintage and Modern Swing Dances @ The Mint Tavern: 7:30 - 8:30 PM (Every week on Friday)
Saturday
Vino Las Vegas Wine & Yacht Club Brunch: 9 AM - 2 PM (Every Saturday and Sunday)
Find Your Yoga Las Vegas - Saturday Morning Meditation with Practitioner Selina Kelly @ Yoga Kandy, LLC. Cost: Love Donation $5-$10 suggested. 11 - 11:45 AM (Every week on Saturday)
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)
Level 1 West Coast Swing @ 2580 N Rancho Dr, North Las Vegas: 7 - 8 PM (Every week on Tuesday); Drop in Rate is $15, Monthly pass is $50; Register online.
⛽ Las Vegas Gas Prices
🏫 Las Vegas Real Estate Market Sees Price Growth and Listing Surge in August
Home prices in Southern Nevada are climbing once again, with the median price for a single-family home reaching $476,875 in August, according to the latest data from Las Vegas Realtors (LVR). This marks a 6.6% increase compared to August 2022 and puts prices close to the record high of $482,000 set in May 2022.
Despite higher mortgage rates, the market has seen steady price growth. LVR President Merri Perry expressed optimism that a potential interest rate cut by the Federal Reserve in September could make homes more affordable for buyers. “We’re hoping homes will soon become at least somewhat more affordable for buyers — assuming interest rates start to decline this fall as national experts are expecting,” Perry said.
The Las Vegas housing market also saw a sharp rise in new listings. As of the end of August, there were 5,268 homes on the market, a 35.7% increase from the previous year. This equates to a housing supply of about two and a half months, up from less than two months in August 2022.
Data from Redfin revealed a 15.4% rise in new home listings in Las Vegas compared to a year earlier, with only San Diego surpassing that growth rate. Meanwhile, the 30-year fixed mortgage rate has decreased to 6.38%, its lowest level since spring 2023, down from 7.06% a year ago.
While single-family home prices have been climbing, the condo and townhome market may have peaked. The median sale price for condos and townhomes in August was $292,000, up 1.7% from last year but down from the record high of $296,000 set in July.
All-cash buyers made up nearly a quarter of all home purchases in Southern Nevada in August, slightly down from 26% last year and significantly lower than the 59.5% high in 2013.
Despite the recent gains, Southern Nevada is still grappling with a housing crisis due to limited land for development and a constrained resale market. Last year was the worst year for real estate sales in the region since 2008.
🏈 Gardner Minshew Era Begins for Raiders in Season Opener Against Chargers
The Las Vegas Raiders are set to embark on a new chapter as Gardner Minshew takes the reins as starting quarterback in the team’s highly anticipated season opener against the Los Angeles Chargers. This Sunday’s game at SoFi Stadium in Inglewood, California, marks the beginning of the Minshew era, as the Raiders hope his leadership will bring consistency and a fresh spark to their offense.
Last Meeting: Raiders’ Historic Victory
The last time these two teams faced off, the Raiders dominated in a 63-21 victory, setting a franchise record for points scored in a single game. The blowout not only altered the course of both teams’ seasons but also prompted changes in their future directions. For the Raiders, that game was a statement of their offensive potential, while the Chargers underwent significant restructuring, eventually bringing in Jim Harbaugh as head coach to change the team’s trajectory.
Chargers’ New Leadership Under Jim Harbaugh
Chargers fans are eagerly watching to see how first-year head coach Jim Harbaugh will influence the team. Known for his tough, physical style of play, Harbaugh has built a reputation for emphasizing strong offensive and defensive line play. This will likely be a focal point on Sunday, with both teams looking to establish control in the trenches.
Harbaugh, who has had success at both the NFL and collegiate levels, brings a fresh perspective to the Chargers. His focus on physicality and discipline could make the Chargers a formidable opponent, especially against a Raiders team still finding its rhythm with a new quarterback.
Can Gardner Minshew Lead the Raiders’ Offense?
The biggest storyline for the Raiders heading into Sunday’s game is the debut of Gardner Minshew as their starting quarterback. Known for his energy, playmaking ability, and leadership, Minshew brings experience and a dynamic skill set to the position. However, there are still questions about his consistency and ability to lead the Raiders’ offense over a full season.
Minshew has had flashes of brilliance in his previous stints with the Jacksonville Jaguars and Indianapolis Colts, but now with a new team, he’s tasked with guiding a Raiders offense that boasts talented weapons. Wide receivers Davante Adams and Hunter Renfrow, along with running back Josh Jacobs, form a strong supporting cast. The key for Minshew will be balancing his gunslinger mentality with smart decision-making, particularly against a physical Chargers defense.
Matchup Preview: Raiders vs. Chargers
The game promises to be a physical battle, especially in the trenches where Harbaugh’s influence on the Chargers will be most noticeable. Both teams are expected to focus heavily on the ground game, with the Raiders looking to get Josh Jacobs involved early and often. Jacobs, who led the NFL in rushing last season, will be critical in setting the tone for Las Vegas.
On the other side, the Chargers will rely on their star quarterback Justin Herbert, who remains one of the league’s top young signal-callers. With Harbaugh’s emphasis on power football, Herbert will look to utilize play-action passes to stretch the Raiders’ defense. The Chargers’ run game, led by Austin Ekeler, will also be key in keeping the Raiders’ defense on its heels.
Defensively, the Raiders will look to slow down Herbert and the Chargers’ high-powered offense with pressure from edge rushers Maxx Crosby and Chandler Jones. Meanwhile, the Chargers’ defense, under Harbaugh’s guidance, will try to disrupt Minshew and force him into mistakes.
Betting Lines and Predictions
As of now, the Chargers are favored by 3 points, with the total over/under set at 40. Given Harbaugh’s reputation for fielding disciplined teams and the physical nature expected from both sides, this game could easily become a low-scoring affair decided by defense and key plays in the fourth quarter.
For Raiders fans, the big question is whether Minshew can bring the necessary stability and production at quarterback to help them pull off an upset. The matchup between Minshew and Herbert, as well as the battle in the trenches, will be key factors in determining the outcome.
How to Watch:
Who: Raiders at Chargers
When: 1:05 p.m. PT, Sunday, September 8, 2024
Where: SoFi Stadium, Inglewood, California
TV: CBS
Radio: KRLV-AM (920), KOMP-FM (92.3)
Line: Chargers -3, Over/Under 40
Outlook for the Season Ahead
The season opener against the Chargers will be a litmus test for both teams. For the Raiders, this game represents the start of a new era with Gardner Minshew at quarterback, and they’ll be eager to see if he can consistently lead them to success. For the Chargers, it’s an opportunity to showcase what they’ve built under Harbaugh and how his style of football can impact the team’s performance.
As both teams look to improve upon last year’s results, Sunday’s game will set the tone for what’s to come in the 2024 NFL season.
💲 BetMGM Launches Upgraded Sportsbook App with New Features for NFL Season
As the NFL season kicks off, BetMGM Sportsbook, with strong ties to Las Vegas, has unveiled a series of upgrades aimed at enhancing the experience for Nevada sports bettors. Just in time for the season opener between the Kansas City Chiefs and Baltimore Ravens, BetMGM’s revamped app brings new features like a multistate single wallet system, expanded parlay options, a broader prop bet menu, and one of the most lucrative signup bonuses in the state.
“We’re so excited to say that we’re offering the best experience to Nevada customers that we’ve offered to date,” said Cory Nebel, BetMGM’s head of West Coast regional marketing. “There’s a new BetMGM in town.”
Key App Features and Enhancements
BetMGM, a joint venture between Las Vegas-based MGM Resorts International and European online gaming giant Entain plc, originally launched in 2018 after the repeal of the Professional and Amateur Sports Protection Act. The app’s newest iteration features significant improvements, including the multistate single wallet system, which allows users to manage their funds and place bets across multiple jurisdictions. BetMGM is currently operational in 29 states.
In August, BetMGM became the first U.S. sportsbook operator to offer seamless multi-jurisdictional betting, meaning that users who travel to states where BetMGM is licensed can use the same account and wallet to place bets. This eliminates the need for creating new accounts in each state, although bettors in Nevada must still complete the state-required in-person sign-up process at a retail sportsbook.
“What this does is it enables our consumers who travel in from other states to seamlessly use their wallet while they’re in Vegas,” said Matt Prevost, chief revenue officer of BetMGM. “We’ve been working on this for years.”
BetMGM customers can sign up for the app at any of nine MGM-operated retail sportsbook locations along the Las Vegas Strip, including Bellagio, MGM Grand, and Mandalay Bay. The app is available for download on Apple Store and Google Play.
New Betting Options and Parlay Features
One of the most anticipated updates to the BetMGM app is the expanded parlay features. The Same-Game Parlay Plus (SGP+) feature allows users to combine multiple bets from the same or different games into one larger parlay. For example, a three-leg parlay on the Chiefs-Ravens game can be combined with a four-leg parlay from another matchup, like the Buffalo Bills vs. Arizona Cardinals.
Nebel emphasized that these upgrades were made with the user in mind, based on feedback from BetMGM’s customer base. “Everything that we do is with the customer experience in mind,” he said. “In the past, we’ve listened, we’ve heard feedback. Our whole world revolves around what the guest is asking for.”
Local Betting Trends and the Raiders’ Popularity
BetMGM’s presence in Las Vegas means local betting trends often favor the home team. Lamarr Mitchell, director of trading for MGM Resorts and BetMGM, said that Raiders games always attract significant action. “It’s always Raiders, Raiders, Raiders,” Mitchell said. “We have a very strong fan base here that supports the Raiders, and they put their money where their mouth is.”
The Raiders’ win total for the 2024-25 NFL season is set at over/under 6.5, and Maxx Crosby is currently listed third in the odds for Defensive Player of the Year. However, despite relatively low betting volumes, the Raiders’ 66-to-1 odds to win Super Bowl 59 represent the largest liability for MGM sportsbooks. If the Raiders were to win it all, it would result in a substantial payout for those who backed the team.
Mitchell noted that Thursday’s NFL season opener, featuring the Ravens as 3-point underdogs to the Chiefs, has attracted a lot of sharp money. Monday night’s game between the San Francisco 49ers and New York Jets has also been a focal point, with West Coast bettors leaning heavily toward the 49ers, with a 2-to-1 ratio in total tickets written.
Looking Ahead
As sports betting continues to evolve, BetMGM’s enhancements set a high bar for competitors, particularly with features like the multistate wallet and expanded betting options. Prevost expects rival companies like Caesars Sportsbook to eventually replicate the technology, but for now, BetMGM stands out as a leader in providing a seamless betting experience for customers who travel across state lines.
With the NFL season now underway, BetMGM’s new app features, combined with the excitement surrounding local teams like the Raiders, promise to create an exciting season for sports bettors in Nevada and beyond.
❎ Green Party Removed from Nevada Ballot After Court Rules Petition Signatures Invalid
In a significant ruling ahead of the November election, the Nevada Supreme Court has barred the Green Party from appearing on the ballot. The court’s 5-2 decision came after determining that the party had used the wrong affidavit on its petitions, leading to a challenge from the Nevada Democratic Party.
At the heart of the case was the affidavit circulated with the Green Party’s petition. Instead of using the affidavit specifically required for minor party ballot access, the party had used the affidavit designed for initiative and referendum petitions. According to Nevada law, circulators of minor party petitions are required to verify that they believe each signer is a registered voter within their respective county. The incorrect affidavit omitted this crucial verification, rendering the signatures gathered invalid.
The Nevada Democratic Party raised the issue, arguing that the signatures should not be counted because they failed to meet the legal standards. The state Supreme Court ultimately agreed, rejecting the Green Party’s contention that the District Court had erred in its handling of the case, particularly regarding the arguments in the amended complaint.
This ruling represents a blow to the Green Party’s efforts to gain ballot access in Nevada, where third parties often face steep challenges in meeting signature and paperwork requirements. Minor parties rely heavily on grassroots efforts, and any procedural missteps can derail months of work. The use of the incorrect affidavit demonstrates how technical details can significantly impact ballot access efforts.
The ruling highlights the delicate balance of election law, where even small errors can have outsized consequences, especially for smaller parties looking to challenge the dominance of the two major political parties. The Nevada Supreme Court’s decision reinforces the importance of adhering to the exact requirements set by state law for political parties to appear on the ballot.
Key Points of the Court’s Ruling:
Wrong Affidavit Used: The Green Party circulated a petition with the affidavit for initiative and referendum petitions, instead of the one required for minor party access.
Verification Requirements: Minor party petition circulators must confirm that they believe each signer is a registered voter in their county, a requirement not fulfilled due to the affidavit error.
Challenge from Nevada Democratic Party: The Democratic Party challenged the validity of the signatures, arguing that they were improperly collected due to the incorrect affidavit.
Green Party’s Argument Rejected: The state Supreme Court rejected the Green Party’s claim that the District Court erred in considering arguments raised in the amended complaint.
Impact and Legal Precedent
The ruling underscores the strict procedural standards that minor parties must follow to gain access to the ballot. Even small errors can lead to disqualification, limiting voter choice and the visibility of alternative political voices. It also highlights how established parties can use legal challenges to prevent smaller parties from appearing on the ballot, a common tactic in highly competitive elections.
For the Green Party, this decision marks a setback in their effort to present voters with a progressive alternative in Nevada. The ruling also serves as a cautionary tale for other minor parties seeking ballot access across the country, emphasizing the importance of meeting every legal requirement to avoid disqualification.
As third-party candidates continue to face obstacles in gaining ballot access, this case reflects broader concerns about the accessibility of the electoral process for minor parties and independent candidates. While election laws are designed to maintain order and fairness, they can also serve as barriers that make it difficult for smaller political movements to break through.
Summerlin South, NV Demographics
What is the population of Summerlin South?
What are the employment statistics in Summerlin South?
How many households are there in Summerlin South?
What are the median and average incomes in Summerlin South?
How many homeowners and renters are there in Summerlin South?
What is the level of education in Summerlin South?
What is the marital status of Summerlin South residents?
What are the most common means of transportation in Summerlin South?
Methodology & Disclaimers
Demographic data shown in this section was gathered from the latest U.S. Census Bureau release, the 2022 American Community Survey. The information is updated yearly, as soon as new data is made available by the US Census Bureau.
No representation, guarantee or warranty is made as to the accuracy or completeness of information modified or aggregated for specific neighborhoods and/or zip codes.
Zip codes included in this demographic data: 89135
Summerlin Area Command - Week Ending: August 30, 2024
Courtesy of The Las Vegas Metropolitan Police Department.
📌 🏠 Summerlin South - August 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.
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Until next time, John Wu.