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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LV New Home Market Update w/e March 5, 2017

We haven't checked in with you in a couple of weeks with an rundown of new home activity in the Las Vegas valley, but there was plenty of it as sales per reporting subdivision increased from our last post each week (according to our industry leading Weekly Traffic & Sales Watch).  We match our high for 2017 this past week with 0.9 net sales per project.  Buyer traffic also remained "good" at over 18 "buying units" per project for the week.

KB Home led all builders with a somewhat amazing (at least in terms of recent years) 43 net sales, including 22 in their collections within the Inspirada master plan in Henderson.  In terms of sales per project though, American West continued their strong 2017 with a leading 2.6 sales per subdivision. Century Communities also reported over 2 sales per project.  Their Parkview community in the SW reported 9 net sales on the week, already surpassing their monthly average of just over 7 since opening one year ago.

DR Horton continues to increase their footprint across the valley, debuting another new community called Aurora's Edge in Henderson.  The neighborhood is under their luxury, Emerald Homes brand and has 31 lots and prices in the high $500,000s.  

With the growing hype surrounding the housing market here in Clark County, hard facts are imperative to making sound decisions.  From top executives all the way down to individual sales people and all the related jobs and industries in between. The Weekly Traffic & Sales Watch continues to paint the most accurate and timely picture of industry activity at a very affordable price.  Subscribe today and if our standardized reports aren't meeting your individual needs, contact us to work out a custom data solution to help you and your company flourish.

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LV New Home Market Update w/e Feb. 19th

New home buyer traffic and sales picked up slightly this past week but still remained consistent with what we have been reporting for all of 2017.  American West, Century, Harmony, Lennar, and Pulte/Del Webb all reported strong sales averaging more than 1 sale per project.  The overall leader was Lennar with over 30 sales (16% market share).  

The top performing community was Summer Hill 2 by Richmond American.  Summer Hill opened in October of 2016 and has averaged four sales per month, but this week they reported seven.  We would classify it as and entry level community with all plans starting under 2,000 square feet and $250k.

Sales Breakdown by Price Range w/e 2/19/17

  There were two newly reporting communities this week, both in the southwest valley.  Bridlewood by Richmond American Homes features 67 lots with prices around $300,000 and Sleepy Hollow by Storybook Homes has just nine homesites priced near $270k.  As visualized by the above graph, this price range still represents a large percentage of sales activity despite many builders more recent shift to focusing on higher-end products. 

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

December 2016 Land Sales Data Now Available

Clark County land transaction data is now available as Volume 273 of our Las Vegas Land Report.  We are reporting over $429 million in sales to end 2016 across the county with over $330 million of this coming from apartment sales (over 2,500 units total).  We counted 14 purchases by local homebuilders including CalAtlantic Homes (4.69 acres), Lennar Homes (95 acres + 165 lots), Harmony Homes (2 acres), and others.  

Nearly all of the land purchased by builders in December is already being marketed...

One thing that is noticeable with these, and has been the case for a few months now, is the speed at which the parcels are being engineered and readied for marketing as new communities.  Nearly all of the land purchased by builders in December is already being marketed and/or pre-sold to buyers.  This is certainly a good sign for the market, and shows the need for builders to find more land.  It also may show a positive change in the processing times by the local entities, which had become an issue a couple of years ago.

In addition to our standard spreadsheet report, which clients love because they can compile, sort, and chart data over time, we offer an "interactive" version of the data overlayed on a map.  This allows clients to view the same data visually and see where exactly the sales are taking place.  Subscribers can then show or hide transactions from different months, giving them a picture of activity over time.  A great tool.

December land sales plotted on a map of Las Vegas

 

Download the latest reports today or subscribe to receive them via email each month.

Posted on February 21, 2017 .

Q4 2016 LV Luxury Condo Market Report Now Available

Home Builders Research and Northcap have just released the latest Las Vegas Luxury Condominium Market Report for Q4 2016.  The report contains three parts: a market overview, sales summary, and rental summary.

The overview section lists 31 projects in the valley with basic data such as year completed, number of units, % developer owned, and year-over-year transaction totals.  This section also breaks down each project by unit type and size.

The sales summary section breaks down transactions by unit type going back to 2013 as well as average sales price for Q4 2016.  The rental summary lists the number of rentals, average rent, and average days-on-market by unit type.

This report is the best of its kind for the rebounding luxury condo market in the Las Vegas valley.  Download today! 

Posted on February 20, 2017 .

Las Vegas Annual Housing Report 2016 Now Available

Our popular Annual Housing Report is now available for 2016 for direct download.  Current HBR subscribers can Contact Us for a discount code to save $100 off the already low price.  This report gives a thorough look at the key numbers from the Las Vegas area housing market, not only from 2016, but also historically over time.  There are over 70 pages of useful and informative charts and graphs with everything ranging from closings totals going back as far as 1990 in some instances, new home market share, notice of defaults, new home permits, and so much more. Below are a couple of examples from the report:

As an added bonus this year, we've included a complete list of 2016 land purchases by homebuilders, taken from our popular Las Vegas Land Report.  

To fully understand a market, one must first acquire information.  For the Las Vegas housing industry, we have that information.  The Las Vegas Annual Housing Report - 2016 is packed full of it, and all for an amazing price.  Download it today.

LV New Home Market Update w/e Feb. 12, 2017

New home traffic and net sales remained at the seasonally healthy levels we've seen for nearly all of the new year thus far according to our Weekly Traffic & Sales Watch for the week ending February 12th.  While sales dropped off slightly from the spike we saw the previous week, we are still reporting a Net Sales per Subdivision figure of 0.7, which as we've said is very respectable for this time of year.  The cancellation rate across the 267 reporting projects also remained steady around 15%.

DR Horton again led the way in overall net sales, which shouldn't be surprising as the also boast the highest overall number of active projects in town with 34.  On a sales per subdivision level, the builders with the highest numbers were Harmony Homes, Summit Homes, and Beazer Homes in that order.  All of these builders have six or less communities currently selling.  Beazer has reported a strong first two weeks of selling at their re-entry into the Pahrump market at Burson Ranch, which we mentioned last week

Three new projects appeared in this week's report in three different areas of town.  DR Horton's luxury Emerald Homes line began reporting for the 2nd phase of their non-HOA Foothills Estates in Henderson near US-95 and College Dr. with 10 new lots.  KB Home has started selling at what will be one of the last communities in the Providence master planned community known as Oxford Commons.  The project has 33 lots with plans ranging from 1760 to 2469 square feet.  KB also opened Serene Canyon in the far SW valley off of Blue Diamond Rd. west of Ft. Apache.  There are currently 42 lots, but this number will expand to more than 100 over time.  Plan sizes are similar to those at Oxford Commons.

If you are not a subscriber to the Weekly Traffic & Sales Watch and find the above information relevant to your day-to-day operations, these posts just scratch the surface of what can be gleaned from the report every single week and also when the data is looked at and analyzed over time.  The report is an unbeatable deal at less than $10 per week.  If this or our other standard reports don't meet your needs, do not hesitate to Contact Us for a customized solution.

LV New Home Market Update w/e Feb. 5, 2017

Homebuilders across the Las Vegas valley started February with a bang, reporting the 5th most total Net Sales to our Weekly Traffic & Sales Watch going back to 2009.  While 2016 had some very strong selling weeks, the majority of the high overall totals we see occur during the warmer months.  While the weather here has been much better of late, it has become quite rare to see such a high number of total sales in January or February.  Only 7 of the top 50 selling weeks, again going back to 2009, occurred outside of the March-October window.

Highest Number of Reported Net Sales 2009-present

Source: The Weekly Traffic & Sales Watch

Cancellation rates have also remained manageable and we will be anxious to see if governmental or Federal Reserve decisions in the near future will affect this, as some fear.

There were no new communities reporting this week and Rhodes Ranch from Century Communities was the top performing community with eight reported net sales.  Richmond American Homes and Lennar Homes each reported over 30 net sales for the week.  Beazer Homes and Century Communities also reported more than 1 net sale per project. 

NET SALES % BY SUB-MARKET AREA

Source: The Weekly Traffic & Sales Watch

Subscribe to the Weekly Traffic & Sales Watch today to get all the numbers each week.  Don't forget that the report is in spreadsheet form allowing for custom in-house analysis by the client.  

UNLV Lied Institute October 2016 Report on Nevada's Housing Market

Our friends at the Lied Institute for Real Estate Studies at the Lee Business School at UNLV have released their "Report on Nevada's Housing Market" for October 2016.  This monthly report is free and shows state-wide trends, as well as trends broken down by Northern and Southern Nevada. 

DOWNLOAD THE REPORT HERE

Some quick takeaways from the report include (remember these numbers apply to October '16):

  • Single Family Home Sales down ~13% Y2Y for both New and Resale state-wide
  • Residential Construction Starts up 11% Y2Y
  • Las Vegas housing affordability has increased since 2014

The data presented in the report compliments and affirms the numbers and analysis we have presented over the past few months.  Keep an eye out for the release of our comprehensive 2016 Annual Report in the coming days.

Posted on February 7, 2017 .