Las Vegas Weekly New Home Activity Update

For the week ending May 21, 2017 new home traffic and sales activity continued to thrive with builders averaging 1 net sale per project for the fourth time in five weeks.  We'll see if the hotter temperatures this week have an affect the number of buyers getting out to look at homes around town.  

American West Homes really hit a home run last week leading all builders with 40 net sales.  A high total for any builder, but especially for one that accounts for less than 4% of the total number of communities to our Weekly Traffic & Sales Watch.  Their Jones Crossing project was the single best performer with 15 net sales alone!  

Beazer, Del Webb, Century, and KB Home also reported strong sales weeks.  There were no newly reporting subdivisions this week.  For all of the numbers emailed to you every week, subscribe to the Weekly Traffic & Sales Watch today.

 

Q1 2017 Luxury Condominium Market Report Now Available

Along with our friends at Northcap, we are happy to release the latest issue of our Luxury Condominium Market Report for the 1st quarter of 2017.  We are reporting a year-to-year increase in overall transactions of nearly 7%, with Palms Place and Veer Towers being the most active projects.   When looking at overall sales, we saw a year-to-year increase of just over 7%.

The report is an invaluable resource for anyone with an interest in the luxury condo market in Las Vegas, and we consistently see orders from all of the major investment and financial centers across the country.  The level of detail contained in the report for both the sales and rental markets are truly second to none.  Download your today!

Posted on May 18, 2017 .

April 2017 Reports Now Available

We at Home Builders Research have recently been distributing our April 2017 housing and land reports to subscribers.  Those interested in subscribing or purchasing a single issue may do so from our website homebuildersresearch.com.  

Our Monthly Area Summary Chart gives a brief overview of sales activity and consumer traffic taken from our Weekly Traffic & Sales Watch. Our Monthly Interactive Summary takes this same data for each reporting community and plots it on a map for easy visualization of active new home projects.

Also available is our flagship Las Vegas New Home Closings and Permits Report, giving closing totals going back 12 months and permit totals for the current month.  Volume 355 shows that new home closings continue to bounce around in 2017 with a month-to-month decrease of nearly 25% after a rise in the same amount the month previous.  Malibu by Harmony Homes in North Las Vegas and Del Webb's Sun City Mesquite both recorded 12 closings in April to lead the way.  Below is a breakdown of closings (%) by sub-market area:

NEW HOME CLOSINGS BY SUB-MARKET AREA (%) - APRIL 2017

Lastly is the Las Vegas Land Report, which we have been publishing for over 23 years now.  We have seen a fairly consistent amount of overall land transactions in Clark County for many months now.  Builder activity has continued at a slow but steady pace as well.  In April, we saw purchases from American West, DR Horton, Richmond American, Touchstone Living, Christopher Homes and William Lyon Homes totaling over $11 million.  For a complete breakdown, subscribe today.  We also offer an Interactive version of the report which plots the transactions on a map for easy visualization. 

Las Vegas Weekly New Home Activity Update

For the weekly ending May 14, 2017 homebuilders continued selling at a strong clip.  Overall the market averaged 1 net sale per reporting subdivision for the third time this year, a rate that was only achieved twice in 2016.  Three builders reported over 30 net sales apiece (KB Home, DR Horton, & American West), with American West accounting for over 13% of overall sales while having only 3.4% of the total number of active projects.  Exactly half of all builders reported an average sales per subdivision figure of 1.0 or higher.

We added two new projects to the Weekly Traffic & Sales Watch this week: Canyon Estates from DR Horton's Emerald Homes line and Strada at Pivot from Pardee Homes.  Canyon Estates is a build out of the former Distinctive Homes project of the same name.  Located just south of 215 and west of I-15, the site contains 43 lots with prices starting in the high $500,000s.  Strada at Pivot is an enclave of 27 lots in the new Pivot community in Henderson using plans from the successful Strada at Inspirada collection which has averaged over four sales per month since opening in February.  Prices at the new location will be higher than in Inspirada, currently reported as $443,000-$475,000 compared to $398,000-$425,000.

Please remember, this summary is just a brief picture of the data contained within the Weekly Traffic & Sales Watch, emailed to subscribers each and every week.

Las Vegas Weekly New Home Activity Update

For the week ending May 7th homebuilders in the Las Vegas valley averaged 0.8 net sales per project or more for the 11th straight week.  We have not seen a streak like that since January-February of 2015.  Consumer traffic per project is trending very slightly up since February of this year but appears to be lower than what we saw in 2015 and 2016.  We have also been reporting relatively low cancellation percentages that have hovered around 15% for the entire year thus far (13.7% this week).  We had previously thought we may see an increase in this number based on some discussions with lending industry professionals but this has yet to materialize.  

Cancellation Percentage 2017

We have been seeing some very impressive sales totals for a few builders over the past weeks.  This week, KB Home led the way with 41 net sales, good for 17% of the overall total.  American West Homes, Beazer Homes, Century Communities, and Storybook Homes all reported strong sales with more than one net sale per project. The top performing subdivision this week was Monterey by Lennar Homes located in Mountains Edge.  They had seven sales on the week and have averaged 11 per month for the past three months.  There were no newly reported projects this week.  All of these numbers plus so much more are available in the Weekly Traffic & Sales Watch, truly an industry standard.  

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Las Vegas Weekly New Home Activity Update

For the week ending April 30th the new home segment of the Las Vegas housing market remained "hot," continuing at levels seen for most of 2017.  Builders realized just under 1 sale per project overall across 262 reporting communities.  Market share percentages for the week are shown in the following graphs:

MARKET SHARE: # OF ACTIVE PROJECTS

MARKET SHARE: NET SALES

DR Horton (38 projects) and KB Home (29 projects) shared the top stop for sales with 36 apiece.  On a sales per project level, American West Homes, Del Webb Communities, Harmony Homes, Pulte Homes, Signature Homes, and Warmington Residential all reported strong sales numbers as well.  The top performing subdivision for the week was Serene Canyon from KB Home with seven sales, nearly doubling the overall total they've had since opening in February.

DR Horton began reporting another new project this week called Artesian Estates near Dean Martin & Cactus in the southwest valley.  It has 16 lots with prices starting in the high $500,000s.  Shea Homes also began reporting their new active adult project in Summerlin, known as Trilogy.  It is located on Flamingo & Town Center and prices start in the $400,000s.

For the complete breakdown of activity every single week, subscribe to the Weekly Traffic & Sales Watch today. 

 

Housing Outlook Presentation Slides Available for Purchase

Las Vegas Housing Outlook 2017 presented by SW Gas was a great success last week and we again want to thank our sponsors, guest speakers, panelists, attendees, and all those behind the scenes that helped us so much.

For those of you that were unable to attend,  you missed a great program including talks from City of North Las Vegas Mayor John Lee, Tim Sullivan of Meyers Research, and an expert panel of local professionals.  

However, we do have available for you the presentation slides from our President, Dennis Smith.  The .pdf file contains numerous charts and graphs breaking down the current state of the Las Vegas housing market as well as some historical perspective and future projections.  Despite missing out on the live event, the information contained in the presentation will undoubtedly give you a clearer picture on what is really happening in the Las Vegas housing market.

Posted on April 28, 2017 .

March and Q1 2017 Reports Now Available

Over the past couple of weeks subscribers have been receiving the latest data on the Las Vegas new home market.  March and Q1 numbers came in very strong and we have been, frankly, surprised by the level of activity homebuilders have been reporting.  Mainly that sales have started the year so strongly and maintained themselves beginning back in January.  As we get into the full swing of the spring selling season, we expect (and have already seen based on our latest Weekly Traffic & Sales Watch) things to continue and achieve even higher levels.

Here is a snapshot of some of the overall numbers we're seeing, comparing Q1 2016 to Q1 2017:

  • Reported New Home Net Sales UP 18%

  • New Home Permits UP 11%

  • New Home Closings UP 33%

  • Total $ Spent By Builders on Land UP 72%

Wow, those figures will make anyone want to take a second look.  Luckily for you, all of this data is available down to the transaction level in our standard reports listed below.  Even better, if you need a more specific breakdown of a particular area, a historical perspective, data for specific subdivisions, or any other unique requirement, all you need to do is CONTACT US and we will put something together to meet your needs quickly, and well within your budget.

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Posted on April 28, 2017 .

LV New Home Market Update w/e March 12, 2017

Homebuilders continue to sell sell sell in the 1st Quarter of 2017.  This past week saw an average just under one sale per project across the valley.  Every builder with at least 2 active communities reported at least one net sale to our Weekly Traffic & Sales Watch, led by DR Horton and Richmond American, each with over 30.  American West, Century Communities, and Pulte/Del Webb averaged the most sales per project overall.

Jones Crossing by American West was the top selling community this week, reporting 11 net sales.  The project is averaging 8.75 net sales per month since opening in April 2014.

DR Horton began reporting another new community, Artesian Cove, in the southwest valley with base prices under $400,000.  Richmond American has also opened a third series of products under its 'Arlington' group of communities, also in the southwest.  Arlington Point consists of 18 home sites with plans ranging from 2500 to 3150 square feet.

With the Fed raising interest rates today as expected, we shall see if there are any immediate effects on sales performance here locally.  There is no other way for you to stay as thoroughly informed on traffic & sales activity in Clark County than our Weekly Traffic & Sales Watch.  Subscribe today!

Weekly Traffic & Sales Watch

A weekly overview of housing activity in southern Nevada. Includes traffic, gross & net sales, cancellations, net sales month & year to date, subdivision data, and much more. Now featuring monthly and quarterly net sales updated by builder week-to-week. 

This annual subscription will get the latest weekly traffic and net sales data for the Las Vegas Housing Market emailed to you as a .PDF and .xls file each week.

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