Las Vegas Weekly New Home Activity Update

For the weekly ending May 14, 2017 homebuilders continued selling at a strong clip.  Overall the market averaged 1 net sale per reporting subdivision for the third time this year, a rate that was only achieved twice in 2016.  Three builders reported over 30 net sales apiece (KB Home, DR Horton, & American West), with American West accounting for over 13% of overall sales while having only 3.4% of the total number of active projects.  Exactly half of all builders reported an average sales per subdivision figure of 1.0 or higher.

We added two new projects to the Weekly Traffic & Sales Watch this week: Canyon Estates from DR Horton's Emerald Homes line and Strada at Pivot from Pardee Homes.  Canyon Estates is a build out of the former Distinctive Homes project of the same name.  Located just south of 215 and west of I-15, the site contains 43 lots with prices starting in the high $500,000s.  Strada at Pivot is an enclave of 27 lots in the new Pivot community in Henderson using plans from the successful Strada at Inspirada collection which has averaged over four sales per month since opening in February.  Prices at the new location will be higher than in Inspirada, currently reported as $443,000-$475,000 compared to $398,000-$425,000.

Please remember, this summary is just a brief picture of the data contained within the Weekly Traffic & Sales Watch, emailed to subscribers each and every week.