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.

 

LV Weekly New Home Traffic & Sales Update

For the week ending September 3rd homebuilders reported the lowest net sales totals for 2017.  Not since week ending January 15th have overall net sales dipped below 160.  Buyer traffic did not register the same drop off, actually remaining at the high end of what we have seen this year.  

No single builder reported 20 or more net sales for the first time in recent memory as KB Home and Lennar Homes both posted 17 net sales to lead the way.  American West Homes, Century Communities, Del Webb, Harmony Homes, and Storybook Homes averaged more than 1 net sale per project for the week.

We reported four new projects in the Weekly Traffic & Sales Watch this week, including two attached products in Summerlin.  CalAtlantic Homes has opened Santa Rosa in the Paseos, a gated townhome community with two different product lines, Alameda and Bellamar.  William Lyon Homes has begun reporting two of the four product lines at their Affinity community near Charleston and 215.  The Evoke and Savu lines have base prices ranging from $326,000 to $483,000.  

Pardee Homes opened their second product line at the Skye Canyon masterplan in the far northwest.  Cobalt now accompanies Keystone which opened one year ago with slightly lower base prices starting at $360,000.  Summit Homes continues to branch out into larger and pricier homes, opening Mountain Terrace, a 12 lot project in the northwest sub-market priced around $500,000. 

These weekly blog posts offer just the tip of the iceberg in comparison to the Weekly Traffic & Sales Watch.  Get the most comprehensive and timely new home market report emailed to you each week by subscribing today.

 

LV Weekly New Home Traffic & Sales Update

For the week ending August 27th, homebuilders rebounded from a tough week in our previous Weekly Traffic & Sales Watch to report 18% more sales and return to 2017's "normal" levels.  We are also noticing a 5.6% decline in the number of active subdivisions in the report since a high of nearly 270 back in February.  This should help temper the talk of over-building that many seem to be worried about.  While builders are certainly opening new projects as quickly as possible, they are also successfully closing out existing projects at higher rate.  There are surely some deeper points that can be examined here, but we'll leave that for another time and state that, in general, one can say this is a truth in the current environment.

DR Horton and KB Home once again led the way in overall sales, but American West Homes, Beazer Homes, Century Communities, Del Webb, and Storybook Homes also performed well when looking at the average sales per project.  Beazer's Dorado Skies in North Las Vegas was the top performing subdivision with seven net sales for the week.  Of the projects reporting 4 or more net sales (14), 3 were in North Las Vegas, 5 in the southwest, 4 in Henderson,  and 1 each in Mesquite and Pahrump.

For the latest and most accurate data available on the active new home segment in southern Nevada, subscribe to the Weekly Traffic & Sales Watch today.

 

 

Las Vegas Luxury Condominium Market Report Update Now Available

We are happy to announce that our popular Las Vegas Luxury Condominium Market Report, produced in association with Northcap, has been updated with data for Q2 2017 and is available for immediate purchase and download.  This report is used consistently by clients not only in our own valley but across the country with an interest in this intriguing market segment.

The report contains a comprehensive summary of both the sales and rental markets for luxury condos.  We are reporting a overall increase in sales of over 19% year-to-year.  For the full set of data, download the report today.

Posted on August 24, 2017 .

LV Weekly New Home Traffic & Sales Update

For the week ending August 20th the new home segment of the Las Vegas housing market was again slightly below the consistent average sales figures we have reported for the vast majority of 2017.  The overall net sales figure for the week was the lowest reported since early January.  Buyer traffic has also dropped slightly over the past four weeks after spiking in early July.  Overall though, these changes are not drastic and are consistent with seasonal trends.  We shall see if builders are able to stretch out the summer selling season before the drop off that naturally occurs in the fourth quarter.

KB Home, Lennar, and DR Horton unsurprisingly led the way in overall net sales (they combine to account for over 35% of the active subdivisions in the valley).  Looking at average sales per subdivision, Beazer Homes, Del Webb, Pulte Homes, and Storybook Homes also reported strong weekly numbers.

The only new project in the Weekly Traffic & Sales Watch this week was Encore at Cadence by Richmond American Homes.  With their initial communities in the Henderson master plan nearing sell-out, the Denver-based builder has continued to acquire land and Encore is the latest project to open.  Encore offers four of the five plans from the Crescendo neighborhood also in Cadence that has averaged just under three sales per month since opening in June of 2015.

Don't put off your subscription to the Weekly Traffic & Sales Watch any longer.  The usefulness of this report is paramount to our clients and has been so since its inception over 20 years ago. One thing that sets this and most of our other reports apart from many other providers is that they are sent to clients as a spreadsheet instead of pdf, allowing for custom sorting, charting, graphing, compiling, and other in-house analysis.  All at an extremely low price.

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LV Weekly New Home Traffic & Sales Update

For the week ending August 13, 2017, home builders' sales numbers slowed down slightly, dipping below 0.8 net sales per project for the first time since February according to our Weekly Traffic & Sales Watch.  Lennar Homes and DR Horton accounted for 26% of all sales while reporting the same percentage of active communities.  One place we see the "slow down" this week is that only four builders achieved an average of 1 or more net sales per project.  Another is in the fact that the extremely steadily selling Sun City Mesquite reported zero (or fewer) net sales for only the forth time in 2017.

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The top selling projects reported this week were Peregrine Point from Woodside Homes in the southwest and Granite Falls from Richmond American Homes in North Las Vegas.  Looking at Master Planned Communities (MPC), the top ten performers included projects in Skye Canyon, Summerlin, Inspirada, and Mountains Edge.  

We reported one new community this week, which is actually an extension of the existing "Groves" product line of townhouses in Inspirada from KB Home.  They added 93 units to the collection in Pod 4-3, which is currently the southern-most active parcel in the MPC.

The Weekly Traffic & Sales Watch is the most comprehensive breakdown of the southern Nevada new home segment available. Subscribe today to have the most current and accurate data to help you in your everyday business decisions.

July 2017 New Home Closings and Permit Report Now Available

Subscribers have just received in their inboxes Volume 358 of the Las Vegas Closing and Permit Report with data from July 2017.  Clark County home builders recorded slightly less than 700 new home closings and pulled over 800 building permits.  These numbers put closings up 21% and permits up 4.5% year-to-year.  Ten projects reported their first closings in July.

Expressions by DR Horton (unsurprisingly when considering net sales figures from our Weekly Traffic & Sales Watch), led all communities with nearly 20 closings.  Seven of the top ten performing communities have overall average prices under $300,000.

% of New Home Closings by Price Range

July 2017

For those who are unaware, the Closings part of this tandem report contains a list of all communities in Clark County recording a closed sale over the past 12 months, with totals for each month.  Also, basic information for each project is listed including Area, Total Avg. Sales Price, Current Month Avg. Sales Price, Product Type, Avg. Lot Width, Avg. Lot Size, Total Lots, Zoning, Planned Community, and ZIP Code.  Finally, Avg. Closings Per Month for the past 12 months, Total Closings, and yearly totals for the past two years as well as monthly builder totals and averages are also included.  Wow, what a jam-packed report! One of the best features of the report is that it is published as a spreadsheet allowing you to sort and dissect the data on your own for your own purposes, instead of being stagnant charts or graphs in a .pdf file. 

Looking at permits, 16 projects pulled 10 or more in July with North Peak from Pardee Homes in North Las Vegas leading the way.

% of Permits Pulled by Sub Market Area

July 2017

The Las Vegas Closing and Permit Report has been an anchor in our stable of products for nearly 30 years now and is trusted by countless housing professionals in southern Nevada and across the country.  Download the latest report or subscribe today!