LV Weekly New Home Traffic & Sales Update

For the week ending October 18, 2015, new home sales numbers in Clark County remained basically unchanged week-to-week.  Buyer Traffic was also steady but both figures look to be settling in to a typical end of the year seasonal norm.

As the seemingly never ending summer heat of 2015 seems to be finally waning, we thought it would be interesting to show the activity trends through the season.  The graphs below show the overall reported Net Sales and Traffic for the past six months.  On the sales graph, we notice a couple of interesting things.  First is a definite seasonal change beginning in June when the roaring start-of-the-year numbers moved down a tick.  Secondly, excluding the past six weeks, every month shown had higher sales totals every week as the month progressed. 

Overall Reported New Home Weekly Net Sales - Clark County, NV

Source: Home Builders Research, Inc.'s "The Weekly Traffic & Sales Watch"

Overall Reported New Home Weekly Consumer Traffic - Clark County, NV

Source: Home Builders Research, Inc.'s "The Weekly Traffic & Sales Watch"

The traffic totals however, do not follow this same pattern.  In our view, one can again see the higher totals in May, but then a dip through June and early July which has to be, at least partially, due to the brutal heat that we experienced at that time.  Other than that, buyers were coming through model complexes at a pretty steady pace.  As with sales we have seen that pace drop off as "autumn" comes.

Getting back to this most recent week, there were only two builders reporting double digit sales totals, led this time by Pardee Homes.  Half of their overall total came from two first-time reported projects, Meridian and Ridgeview.  The former is a 35 lot community in the Southwest near Wigwam & Buffalo Dr with four available floor plans.  Ridgeview however is an interesting case.  Some time ago, there were four models built for the community of that name in North Las Vegas, but the project stalled before any homes were sold.  Eventually, the lots were moved under the umbrella of their Sandstone project, but the models remained.  This week they've reported all four have been sold, so the project will be a very rare one-and-done on our report.

The only other new subdivision reporting was Los Altos, a Toll Brothers community in The Paseos at Summerlin.  The project has base prices starting just under $700,000 and they have released 30 of the 78 total lots thus far.

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