In the new home segment of the Las Vegas housing market, the past two weeks have been, shall we say, less than stellar. Maybe its the heat, maybe its summer vacations, or maybe its flawed products and overaggressive pricing catching up with us. Whatever the case may be, the numbers are what they are. The market was hanging on to the excellent pace experienced throughout 2015 through the end of May when the Net Sales per Subdivision finished the final week of the month at 1.0. However, June hasn't been as kind thus far with 0.5 and 0.7 Net Sales per Subdivision for the first two weeks of the month.
Consumer traffic has also dipped under 20 "buying units" per subdivision which we have been above for most of the year. While these numbers wouldn't classify as "bad" in our opinion, they just are a tick down from the very good start we had in 2015. Summer is here and perhaps these figures will remain at these levels for the next while, but perhaps not. There are still plenty of new projects ready to come online shortly in very good locations and plenty of new floor plans to attract buyers so as always, time will tell.
For the week ending June 14, 2015 DR Horton and Ryland Homes led all builders with over 20 Net Sales each equaling over 30% market share. DR Horton's Whitney Ranch, located off of Sunset and Arroyo Grande in Henderson, was the top performing project for the week with 5 sales.
Newly reporting subdivisions this week were Scenic Brook by DR Horton, a single-story community with 18 home sites in the NW sub-market with prices starting at $442,990, and North Creek by Lennar also in the northwest with similar pricing and seven available plans.
Also included each week with our Weekly Traffic & Sales Watch is MLS closing and listing data compiled by our friends at Residential Resources. Weekly closings continue to be fairly consistent as well as listings with traditional listings continuing to take a larger share of the total availability and short sales continuing their similar steady decline.
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