Weekly LV New Home Sales Update

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.  

Homebuilders reported the fewest net sales of the year in July

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.

LV Weekly New Home Market Update

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

 

June and Q2 2018 Housing Reports Now Available

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 Top 5 Communities in terms of number of pulled permits came from multiple sub-market areas and included LGI Homes, a new builder in Southern Nevada.

  • 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.

This excerpt from the Market Share Analysis Reports shows the performance of projects with an average closing price of $750,000+ in the northwest sub-market area over the past 12 months.

  • 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.

This portion of the Monthly Area Summary Chart shows data for the east and Henderson sub-markets

  • 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.

Subscribers can see key data for each active project, represented by a clickable icon.

  • Las Vegas Land Report
    • A comprehensive listing of Clark County land sales, taken from government records including location, size, price, and zoning information.  An interactive map file is also available.  The graph below shows the total value in dollars of closed vacant land sales in June.

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

2nd Quarter 2018

All of our reports can be subscribed to and downloaded directly from out sites with the links provided.

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 .