New home sales activity in the Las Vegas metro area continued to flourish for the week ending February 18, 2018. This was the fifth straight week that we are able to report an average of at least 1.0 net sales per project in our Weekly Traffic & Sales Watch report. Not only is this significant because we're still only in February, but this level of sales was only reported four times for all of 2017 and only twice in 2016! As the spring selling season officially hits in the next few weeks it will be interesting to see if this pace continues or picks up or....
A major note on this week's report is the official transition of CalAtlantic Homes under the Lennar umbrella after completion of their mega-merger. Lennar now controls over 17% of the active new home communities in the valley, moving ahead of KB Home and DR Horton. This translated to over 21% of reported net sales for the week.
Market Share - # Active Projects
Market Share - Netsales w/e 2-18-18
Another important note this week was the addition of the first projects in North Las Vegas' Villages at Tule Springs master planned community. Tanglewood from KB Home features two product lines for a total of 135 lots with plans ranging from 1589 to 3059 square feet. Pinnacle Homes also debuted their latest "Skyline" project dubbed "Mesa," an 8 lot enclave in the southwest valley, and reported two net sales. It is an exciting time for smaller, local companies like Pinnacle, Touchstone Living, and others who are able to expand their activity in the marketplace at level we haven't seen for many years.
We also reported another round of base price increases by numerous builders across many communities. For these numbers, the specifics on everything mentioned above, and so much more subscribe to our Weekly Traffic & Sales Watch today.
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