LV New Home Market Update w/e Feb. 19th

New home buyer traffic and sales picked up slightly this past week but still remained consistent with what we have been reporting for all of 2017.  American West, Century, Harmony, Lennar, and Pulte/Del Webb all reported strong sales averaging more than 1 sale per project.  The overall leader was Lennar with over 30 sales (16% market share).  

The top performing community was Summer Hill 2 by Richmond American.  Summer Hill opened in October of 2016 and has averaged four sales per month, but this week they reported seven.  We would classify it as and entry level community with all plans starting under 2,000 square feet and $250k.

Sales Breakdown by Price Range w/e 2/19/17

  There were two newly reporting communities this week, both in the southwest valley.  Bridlewood by Richmond American Homes features 67 lots with prices around $300,000 and Sleepy Hollow by Storybook Homes has just nine homesites priced near $270k.  As visualized by the above graph, this price range still represents a large percentage of sales activity despite many builders more recent shift to focusing on higher-end products. 

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