For the week ending February 21st, the new home segment of the Las Vegas real estate market remained steady, averaging 0.7 Net Sales per Subdivision for the fifth straight week according to our Weekly Traffic & Sales Watch. Consumer traffic numbers also remained similar to what has been seen recently but still remains below the high level of activity seen at this time in 2015. There were nine builders reporting double-digit Net Sales for the week, a very strong number much higher than usual. KB Home led the group with 21 reported Net Sales across 27 projects. Their top seller was the recently opened "Denali" in Mountains Edge with five sales. They shared the overall top spot with Ryland Homes' Estates at Serene which reported data for the first time this week.
The two other new projects reporting were Spanish Ranch Estates 2 by DR Horton, located in the Southwest and boasting 52 lots and base prices starting at over $645,000, and Park Trails by Pinnacle Homes, a small piece of an existing community where they own two lots and offer high end homes starting at 4,953 square feet and $889,990.
As we've stated before, the number of projects coming online has and will continue to increase in 2016. Since the start of the year we've reported nearly ten more projects and know of several more nearing ready. These are in fact much needed as we calculate over a dozen projects most likely selling out in the next three months based on average sales figures.
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