As we continue further into the seasonally strong selling season for residential real estate, many buyers are encountering a limited supply of homes, competition through multiple offers (many cash) and a muted level of new product entering the market. This is not only occuring in Las Vegas but is a condition known in other locals as well.
Buyers are reacting to both affordability and investment returns on rental properties so you have two large buyer types directed at the same property types and price ranges. This has caused multiple offers to be the norm, rather than an outlier event. An updated inventory exhibit is found below. One can see the purple line, inventory that is for sale, has fallen substantially. If you are looking to list your home, you certainly have less competition.
Source: Mlxchange, Coldwell Banker Premier Realty.