In the final week of Q1, local homebuilders reported the best month of sales of the year.
New home net sales (new contracts minus cancellations) in our Weekly Traffic & Sales Watch totaled over 1,250 for the month of March, making it the top performing month for sales this year for TOTAL net sales. However, with how the calendar falls this year, March had five weeks of reporting compared with four for January and February meaning that February was the top selling month looking at the average number of net sales per week at over 282. Our graph this week shows the average net sales per week by month since the start of 2021.
The only new community added to the report this week was the Grove collection at Acacia Landing by DR Horton in the northwest valley off of 215 and Ann Road. This is the fourth product line for the Acacia Landing project and offers two single-story plans 1,611 and 1,825 square feet. Base prices are listed at $488,000 and $501,000 respectively.
Overall for Q1 2022 new home net sales are down 15 percent from 2021. This is not a surprise and should not be seen as a "bad omen" given the historic sales pace seen in late 2020 and early 2021. Demand continues to be high and supply remains extremely low. For all the specifics, subscribe to this unique and incredibly insightful (and ridiculously affordable) report.
WE HAVE JUST ANNOUNCED THE LATEST INSTALLMENT OF OUR LAS VEGAS HOUSING OUTLOOK WEBINAR SPONSORED BY SW GAS! It is taking place Thursday April 14th at 10 am. Get your ticket today!