LV Weekly New Home Market Update

New home sales remained very strong leading into the official start to summer despite the blazing temperatures.  Local homebuilders averaged one sale for every active subdivision for the 11th time in 2018.  This benchmark was only reported four times during the entirety of 2017.  It doesn't seem too long ago when a week of double-digit sales for an individual builder was not too common, this past week exactly 50% of reporting builders achieved ten or more net sales.  Another noteworthy data point this week was the overall cancellation rate of 8.1%.  This is the first time we have reported a "can rate" under 9% since April of 2016.  

Four projects shared the distinction of top sales performer this week, two in the southwest, one in Mesquite, and one in Pahrump.  Of these four, one was also among the group of five new projects in The Weekly Traffic & Sales WatchRainbow Crossing Luxury from American West Homes is located within their Coronado Ranch master plan and has base prices ranging from $341,500 to $496,500.

Beazer Homes is expanding their Pahrump offerings, building off their huge success there over the past two years.  Burson Ranch Enclave offers homes from 2553 to 3703 square feet with base prices under $300,000.  

KB Home began reporting Lianna, located in the southwestern valley and consists of 114 lots with prices in the low $300,000s.

Pardee Homes added two product lines to their collection in the new Villages at Tule Springs master planned community in North Las Vegas.  Blackstone contains 140 homesites with prices from about $400,000-$500,000.  Larimar has 170 lots and and slightly lower base prices starting in the high $300,000s.

For the complete picture of the new home segment each week.  Subscribe to the Weekly Traffic & Sales Watch today.

 

Las Vegas Weekly New Home Market Update

For the week ending June 10th, the local homebuilders reported the highest number of overall net sales since the end of March.  45% of reporting builders averaged more than one sale per project for the week, and three builders reported more than 30 overall net sales, led by DR Horton with 45.  Buyer traffic remained steady.

DR Horton also had the top three performing projects led by their latest release in Laughlin, the Meadows collection at Bilbray Ranch under the Express Homes umbrella.  The next two projects were in the southwest and North Las Vegas.  The overall breakdown of net sales by area was:

Net Sales by Sub-Market Area w/e June 10th

There were two new projects reporting this week.  Avera by Century Communities is a 54 lot project in North Las Vegas with prices in the high $200,000s.  Marquette Estates is a 5 lot enclave in the northwest from DR Horton under their luxury, Emerald Homes brand priced in the $700,000s.

We are sorting through new home closings and permits for May this week and will let you know that we expect to report strong totals once again.  Look for the data to be released by the end of this week.

For the latest, in-depth data on the local new home segment, subscribe to the Weekly Traffic & Sales Watch today.

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Las Vegas Weekly New Home Market Update

For the week ending May 27, 2018 new home sales slowed slightly from what we have been reporting for most of 2018.  The average number of net sales per reporting subdivision in our Weekly Traffic & Sales Watch dipped to a level we haven't seen since early January.  Buyer traffic however did not show the same behavior and stayed steady.  Also, the cancellation rate dipped back down to just a hair above 11% (which is good).  The chart below shows the weekly cancellation rate going back six months:

Weekly Cancellation Percentage

via The Weekly Traffic & Sales Watch

There were no new projects reporting activity this week.  Our bi-weekly survey showed that 19% of active new home plans reported a rise in base asking priceJones Crossing by American West Homes and Parkview by Century Communities were the top performing communities with six net sales apiece.  No surprise there as both of these projects have consistently done very well over their lifetimes. 

For a complete view of the new home segment each week, subscribe to The Weekly Traffic & Sales Watch today!

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All April 2018 Housing Reports Now Available

Our subscribers have recently received their reports with data from April 2018.  All of our standard monthly reports are available by single issue or subscription from our website.  We also have archive issued for most reports going back from 10 to 30 years for new home closings, permits, land sales, and more.

Look at our sample reports and subscribe today!

If none of our standard options suit your needs, we gladly produce custom data sets and reports for clients on a one-time or recurring basis.  Let us help you work smarter!

Posted on May 31, 2018 .

LV Luxury Condo Market Report Q1 2018 Now Available

We have just released the latest update to our popular Las Vegas Luxury Condominium Market Report along with our friends at Northcap.  The report contains data for Q1 2018 and consists of an overview of the luxury condo market, a sales summary, and a rental summary.

Dive deep into the numbers by downloading the report today!

LV Luxury Condo Market Report Q4 2017 Now Available

We have just released the latest update to our popular Las Vegas Luxury Condominium Market Report along with our friends at Northcap.  The report contains data for Q4 2017 and consists of an overview of the luxury condo market, a sales summary, and a rental summary.

Sales activity in 2017 increased yoy by just under 9% with average closing prices rising 2% from condominiums and 10% for Condo-Hotels.

Dive deep into the numbers by downloading the report today!

Posted on March 12, 2018 and filed under Product Updates.

Housing Outlook 2018 Date Set!

Mark your calendars and watch your inboxes for information on our annual Housing Outlook conference.  It will be Friday, April 27th at the Springs Preserve.  We are very excited for this year's event and look forward to seeing you there!

Sponsorship as well as vendor table and registration information will be rolling out in the next few days.

Posted on February 22, 2018 .

LV Weekly New Home Market Update

New home sales activity in the Las Vegas metro area continued to flourish for the week ending February 18, 2018.  This was the fifth straight week that we are able to report an average of at least 1.0 net sales per project in our Weekly Traffic & Sales Watch report.  Not only is this significant because we're still only in February, but this level of sales was only reported four times for all of 2017 and only twice in 2016!  As the spring selling season officially hits in the next few weeks it will be interesting to see if this pace continues or picks up or....  

A major note on this week's report is the official transition of CalAtlantic Homes under the Lennar umbrella after completion of their mega-merger.  Lennar now controls over 17% of the active new home communities in the valley, moving ahead of KB Home and DR Horton.  This translated to over 21% of reported net sales for the week.

Market Share - # Active Projects

Market Share - Netsales w/e 2-18-18

Another important note this week was the addition of the first projects in North Las Vegas' Villages at Tule Springs master planned community.  Tanglewood from KB Home features two product lines for a total of 135 lots with plans ranging from 1589 to 3059 square feet.  Pinnacle Homes also debuted their latest "Skyline" project dubbed "Mesa," an 8 lot enclave in the southwest valley, and reported two net sales.  It is an exciting time for smaller, local companies like Pinnacle, Touchstone Living, and others who are able to expand their activity in the marketplace at level we haven't seen for many years.

We also reported another round of base price increases by numerous builders across many communities.  For these numbers, the specifics on everything mentioned above, and so much more subscribe to our Weekly Traffic & Sales Watch today.

DON'T FORGET!  The Las Vegas Annual Housing Report 2017 is NOW AVAILABLE.  Download it TODAY.

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LV Weekly New Home Traffic & Sales Update

For the week ending September 17th, new home traffic and sales activity in southern Nevada held on to respectable numbers after dipping slightly for two weeks.  Builders averaged 0.7 net sales per subdivision overall, while buyer traffic remained basically similar to levels reported for the majority of 2017.  KB Home led all builders with 25 total net sales while American West Homes and Del Webb reported strong average numbers (over 1.0 per project).  Corresponding to this, Jones Crossing from American West and Oxford Commons at Providence from KB Home were the top selling projects for the week with six net sales apiece.  Burson Ranch in Pahrump from Beazer Homes continued its strong performance with five net sales.

Beazer also began reported one of the three new projects added to our Weekly Traffic & Sales Watch this week.  San Gregorio in Henderson contains 27 lots and has base prices in the mid $300s.  Lennar Homes has opened another project in North Las Vegas called Crescent Hill with 151 homesites and plans ranging from 1654 to 2510 square feet.  Finally, William Lyon Homes has opened the last of four product lines at its Affinity community in Summerlin.  Plans in the Revo collection range from 2047 to 2492 square feet and are priced in the $400s.

As we head into autumn, we will be continuing to watch the decreasing number of standing unsold inventory homes as well as the weekly cancellation rate which has remained steady between 16% and 20% for most of the year.  You can track these numbers as well by subscribing to the Weekly Traffic & Sales Watch today.