For the week ending May 7th homebuilders in the Las Vegas valley averaged 0.8 net sales per project or more for the 11th straight week. We have not seen a streak like that since January-February of 2015. Consumer traffic per project is trending very slightly up since February of this year but appears to be lower than what we saw in 2015 and 2016. We have also been reporting relatively low cancellation percentages that have hovered around 15% for the entire year thus far (13.7% this week). We had previously thought we may see an increase in this number based on some discussions with lending industry professionals but this has yet to materialize.
Cancellation Percentage 2017
We have been seeing some very impressive sales totals for a few builders over the past weeks. This week, KB Home led the way with 41 net sales, good for 17% of the overall total. American West Homes, Beazer Homes, Century Communities, and Storybook Homes all reported strong sales with more than one net sale per project. The top performing subdivision this week was Monterey by Lennar Homes located in Mountains Edge. They had seven sales on the week and have averaged 11 per month for the past three months. There were no newly reported projects this week. All of these numbers plus so much more are available in the Weekly Traffic & Sales Watch, truly an industry standard.