For the week ending January 15th, new home sales activity showed a week-to-week decline but that is coming off of the best performing week we have reported since September to start the year. Buyer traffic has also taken a big jump the past two weeks with over 8,500 potential buyers passing through sales offices since the year started.
DR Horton has continued to report high sales totals to being 2017 after leading all builders with over 1,100 reported net sales in 2016. This week, they and KB Home reported nearly one-third of the total net sales in the Las Vegas area.
The two top selling projects this week were also from DR Horton with Adhara Falls and Expressions reporting 6 and 5 net sales respectively. This is interesting because these communities are in the South and North Las Vegas sub-markets as opposed to the typically dominant Southwest, Northwest, and Henderson areas. Both of these projects have done very well since opening up in 2016 with Adhara Falls averaging over 5 net sales per month since August and Expressions tallying an outstanding number of 12.55 net sales per month since March of last year. Both of these projects are a part of DR Horton's Express Homes line of products.
New communities reporting this week were Emerald Custom Homes from DR Horton's Emerald Homes division and Arlington Hills by Richmond American. Emerald Customs are individual lots with custom homes that aren't a part of larger community, a unique concept for a large public builder here in Vegas. The homes are 7,000+ square feet and are priced around $1.3 million. Arlington Hills is an all single-story community of 29 homesites near Blue Diamond and Jones in the southwest valley. Available floor plans range from just under 2,000 square feet to just over 3,000 with base prices starting at $299,950.
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