For the week ending March 22, 2015 the new home segment in Clark County continued to march along at a similar pace as we have reported for about two and a half months now. Both the Traffic and Net Sales per Subdivision figures have hovered around 21 and 0.9 respectively since the middle of January.
Eight builders reported double-digit Net Sales this week including 31 by Lennar Homes. From a "per subdivision" perspective, they, American West, and Harmony Homes were the strongest performers on the week all reporting over 1.6 sales/sub. If we look at overall market share, the group of DR Horton, KB Home, Lennar, and Richmond American accounted for roughly 45% of sales for the week.
New subdivisions reporting his week were Redstone by Century Communities, a new "Greencourts" line by KB Home at Inspirada in Henderson, Reserves and Enclaves at Laurel Hills also by KB Home, Copper Ridge by Pulte Homes, and Encanterra by Ryland Homes. With the exception of the Inspirada line, all of these projects are in the Southwest submarket area, and feature similar sized and priced plans (1600-3800 sqft, $230k-$400k).
Like we said in the opening, things are holding steady thus far (to the surprise of some), and we are interested to see how the market reacts to a steady stream of new projects and the ever-looming possiblilty of an interest rate hike. Stay locked in to the Las Vegas market by subscribing to our Weekly Traffic & Sales Watch report and by following us on Twitter @HBRLV.