For the week ending March 10th, new home sales activity fell slightly after an excellent week to close out February. However, they remained strong
with an average net sales figure of 0.8 per subdivision (we consider anything above 0.7 to be 'above average'). Buyer traffic has remained steady since the beginning of the year, fluctuating more than 9% week-to-week only once, remaining around 4,000 total buyers going through sales offices each week. Lennar Homes led all builders with nearly 19% of the week's sales. American West, Pulte/Del Webb, Beazer Homes, Shea Homes, Summit Homes, and Woodside Homes all reported strong sales, averaging at least 1.0 net sales per project. The following graph breaks down the week's net sales by average base price range:
The top selling communities for the week were Cumberland Ranch by KB Home, Cortona at Southern Highlands by Lennar Homes, and The Heights at Reverence in Summerlin by Pulte Homes. There were no new project reporting this week.
For the full story on the new home housing market in Southern Nevada each week, subscribe to the Weekly Traffic & Sales Watch today.
Today we have released our monthly New Home Traffic & Sales Summary for the Southern Nevada market with February 2019 data. The chart is broken down by sub-market area. Some key numbers from February include:
Cancellation rates below 20% for all but one sub-market in the Las Vegas Valley
Lower than expected net sales per project average in the southwest sub-market
Slow but steady numbers from areas surrounding the Las Vegas Valley
The graph below breaks down the total net sales by market area. For the complete report, download or subscribe today by clicking the links below.
FEBRUARY 2019 NEW HOME NET SALES
For the week ending February 24, 2019 the new home segment of the Las Vegas area housing market reported above average net sales numbers for the third time this year with an average of 0.8 net sales per reporting subdivision.
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 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!
After the worst statistical week of 2018, the new home segment of the Las Vegas housing market rebounded for the week ending July 29th.
The nineteen homebuilders tracked in the Weekly Traffic & Sales Watch reported just under 190 net sales for the week and nearly 4,300 perspective buyers visiting sales offices. These figures remain slightly lower than average for 2018 but should still be considered a "good" week given the sub-par numbers reported for w/e July 22nd as well has the blistering heat.
This is our final reporting week for July and early totals show it to be the lowest total of net sales for any month thus far in 2018.
Looking at average sales per project, American West Homes, Century Communities, Harmony Homes, Shea Homes, and Woodside Homes reported strong numbers and the overall cancellation percentage dropped back down to under 17 percent. There were no newly opened subdivisions reporting this week.
Remember to subscribe to the Weekly Traffic & Sales Watch to get the complete picture of the new home segment in your inbox each week.
For the week ending July 22nd, the new home segment of the Las Vegas area housing market had its worst performing week of 2018 when looking at both overall and average net sales. The overall total of 154 and the average net sales per subdivision figure of 0.6 were by far the lowest we have reported since the last week of 2017 in The Weekly Traffic & Sales Watch. After posting strong numbers for the entire calendar year, it will be interesting to see if this past week is an anomaly, or if it is the start of a new trend.
DR Horton led all builders with over 30 net sales, over 20% of the overall total. Their "Windwood" project just inside the beltway in the southwest was the top performing subdivision along with the Terraces at Hidden Hills collection by Touchstone Living in the northwest. Each reported six net sales. Half of the top 10 selling projects for the week were located in the southwest sub-market area.
DR Horton also reported one of the two new projects in the report with Serenity Bay, another of their "Express Homes" products located just north of the Southern Highlands MPC with 31 detached lots. The other new project is the reboot of Mira Villa in Summerlin by Toll Brothers. Located near the JW Marriott just south of Summerlin Pkwy., this luxury condo community has 103 lots with an average base asking price of $683,000.
For all of the latest data, subscribe to the Weekly Traffic & Sales Watch today.
Over the past couple of weeks our subscribers have been receiving the latest Las Vegas housing data in their inboxes. Each month we distribute many different reports to keep our clients on the pulse of the market. These include:
- The Las Vegas Closings and Permits Report
- A complete listing of new home developments that have recorded closings over the past 12 months including average price, lot information, zoning and more as well as a monthly listing of projects having pulled building permits including totals.
- The Market Share Analysis Report
- Building from the above mentioned closings report, we further segment the data by sub-market area and price range (average closing price) to show market share across the Las Vegas valley and Mesquite.
- Monthly Area Traffic & Sales Summary Chart
- Using data from our Weekly Traffic & Sales Watch, we total and summarize key numbers for each Southern Nevada sub-market area. A handy snapshot of the most up-to-date data available.
- Monthly Interactive Sales Summary File
- We again summarize data from the Weekly Traffic & Sales Watch and overlay it on an interactive map to give an easy visualization of performance in a selected area.
Total Value ($) of June 2018 Vacant Land Closings by Area
At the end of each calendar quarter we also publish the Quarterly Traffic & Sales Summary based off of our Weekly Traffic & Sales Watch. This report offers totals for each project active during the quarter as well as multiple graphs and charts breaking down the data even further. The following graph is taken directly from the Q2 report and shows the market share of net sales by sub-market area.
Net Sales Percentage by Sub-Market Area
All of our reports can be subscribed to and downloaded directly from out sites with the links provided.
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 Watch. Rainbow 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.