Las Vegas Weekly New Home Traffic & Sales Summary

For the week ending January 24th, the New Home segment of the Las Vegas Housing market showed a nice jump in activity for the first time in 2016.  We also reported another round of community grand openings as builders try to start the year off on the right foot.  Net Sales per Subdivision in our Weekly Traffic & Sales Watch reached 0.7, the highest number we've seen since last August.  The total number of Net Sales was also the highest since that time.  Buyer traffic continued the upward trend that began at the beginning of the year as well.

The top performing builder for the week was KB Home followed by DR Horton, both of whom reported over 20 net sales.  Overall, six builders had 15 or more.  When looking at net sales per subdivision by builder, the top number came in from Pulte Homes, who sold over 2 homes per reporting project on average.

There were four newly reporting projects this week, bringing the total in the first three weeks of the new year to eight already.  KB Home opened new tracts of their existing Greencourts and Terraces collections at Inspirada in Henderson.  Thus far the other two Greencourts pieces have averaged roughly four sales per month and the Terraces nearly two and a half.  The collections represent the low and high end of KB's Inspirada offerings respectively.  Lennar debuted Chelsea Estates, a 108 lot community in the SW sub-market with prices starting at $418,990 for 2,628 sq. feet and going up to 4,588 sq. feet at just under $520,000.  Pulte Homes had a stellar opening weekend at Skyline Estates, their new offering in the far southeast of Henderson which has 101 home sites with prices starting at just over $350,000.  They reported nine sales already in their opening week.

It our opinion the flurry of openings seen this month should continue in the near future as both DR Horton and Lennar both have a handful of confirmed new offerings on tap, along with Richmond American's statement that they are looking to significantly increase the number of homes they build in the valley this year compared to last.  In DR Horton's case, they are poised to roll out the first communities under their "Express Homes" label that has received significant press coverage based on its success in other markets around the country.