Posts filed under New Home Updates

Weekly LV New Home Sales Update

After the worst statistical week of 2018, the new home segment of the Las Vegas housing market rebounded for the week ending July 29th.

The nineteen homebuilders tracked in the Weekly Traffic & Sales Watch reported just under 190 net sales for the week and nearly 4,300 perspective buyers visiting sales offices.  These figures remain slightly lower than average for 2018 but should still be considered a "good" week given the sub-par numbers reported for w/e July 22nd as well has the blistering heat.  

This is our final reporting week for July and early totals show it to be the lowest total of net sales for any month thus far in 2018.  

Homebuilders reported the fewest net sales of the year in July

Looking at average sales per project, American West Homes, Century Communities, Harmony Homes, Shea Homes, and Woodside Homes reported strong numbers and the overall cancellation percentage dropped back down to under 17 percent.  There were no newly opened subdivisions reporting this week.

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LV Weekly New Home Market Update

For the week ending July 22nd, the new home segment of the Las Vegas area housing market had its worst performing week of 2018 when looking at both overall and average net sales.  The overall total of 154 and the average net sales per subdivision figure of 0.6 were by far the lowest we have reported since the last week of 2017 in The Weekly Traffic & Sales Watch.  After posting strong numbers for the entire calendar year, it will be interesting to see if this past week is an anomaly, or if it is the start of a new trend.

DR Horton led all builders with over 30 net sales, over 20% of the overall total.  Their "Windwood" project just inside the beltway in the southwest was the top performing subdivision along with the Terraces at Hidden Hills collection by Touchstone Living in the northwest.  Each reported six net sales.  Half of the top 10 selling projects for the week were located in the southwest sub-market area.

DR Horton also reported one of the two new projects in the report with Serenity Bay, another of their "Express Homes" products located just north of the Southern Highlands MPC with 31 detached lots.  The other new project is the reboot of Mira Villa in Summerlin by Toll Brothers.  Located near the JW Marriott just south of Summerlin Pkwy., this luxury condo community has 103 lots with an average base asking price of $683,000.

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LV Weekly New Home Market Update

New home sales remained very strong leading into the official start to summer despite the blazing temperatures.  Local homebuilders averaged one sale for every active subdivision for the 11th time in 2018.  This benchmark was only reported four times during the entirety of 2017.  It doesn't seem too long ago when a week of double-digit sales for an individual builder was not too common, this past week exactly 50% of reporting builders achieved ten or more net sales.  Another noteworthy data point this week was the overall cancellation rate of 8.1%.  This is the first time we have reported a "can rate" under 9% since April of 2016.  

Four projects shared the distinction of top sales performer this week, two in the southwest, one in Mesquite, and one in Pahrump.  Of these four, one was also among the group of five new projects in The Weekly Traffic & Sales WatchRainbow Crossing Luxury from American West Homes is located within their Coronado Ranch master plan and has base prices ranging from $341,500 to $496,500.

Beazer Homes is expanding their Pahrump offerings, building off their huge success there over the past two years.  Burson Ranch Enclave offers homes from 2553 to 3703 square feet with base prices under $300,000.  

KB Home began reporting Lianna, located in the southwestern valley and consists of 114 lots with prices in the low $300,000s.

Pardee Homes added two product lines to their collection in the new Villages at Tule Springs master planned community in North Las Vegas.  Blackstone contains 140 homesites with prices from about $400,000-$500,000.  Larimar has 170 lots and and slightly lower base prices starting in the high $300,000s.

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Las Vegas Weekly New Home Market Update

For the week ending June 10th, the local homebuilders reported the highest number of overall net sales since the end of March.  45% of reporting builders averaged more than one sale per project for the week, and three builders reported more than 30 overall net sales, led by DR Horton with 45.  Buyer traffic remained steady.

DR Horton also had the top three performing projects led by their latest release in Laughlin, the Meadows collection at Bilbray Ranch under the Express Homes umbrella.  The next two projects were in the southwest and North Las Vegas.  The overall breakdown of net sales by area was:

Net Sales by Sub-Market Area w/e June 10th

There were two new projects reporting this week.  Avera by Century Communities is a 54 lot project in North Las Vegas with prices in the high $200,000s.  Marquette Estates is a 5 lot enclave in the northwest from DR Horton under their luxury, Emerald Homes brand priced in the $700,000s.

We are sorting through new home closings and permits for May this week and will let you know that we expect to report strong totals once again.  Look for the data to be released by the end of this week.

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LV Weekly New Home Market Update

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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LV Weekly New Home Traffic & Sales Update

For the week ending September 17th, new home traffic and sales activity in southern Nevada held on to respectable numbers after dipping slightly for two weeks.  Builders averaged 0.7 net sales per subdivision overall, while buyer traffic remained basically similar to levels reported for the majority of 2017.  KB Home led all builders with 25 total net sales while American West Homes and Del Webb reported strong average numbers (over 1.0 per project).  Corresponding to this, Jones Crossing from American West and Oxford Commons at Providence from KB Home were the top selling projects for the week with six net sales apiece.  Burson Ranch in Pahrump from Beazer Homes continued its strong performance with five net sales.

Beazer also began reported one of the three new projects added to our Weekly Traffic & Sales Watch this week.  San Gregorio in Henderson contains 27 lots and has base prices in the mid $300s.  Lennar Homes has opened another project in North Las Vegas called Crescent Hill with 151 homesites and plans ranging from 1654 to 2510 square feet.  Finally, William Lyon Homes has opened the last of four product lines at its Affinity community in Summerlin.  Plans in the Revo collection range from 2047 to 2492 square feet and are priced in the $400s.

As we head into autumn, we will be continuing to watch the decreasing number of standing unsold inventory homes as well as the weekly cancellation rate which has remained steady between 16% and 20% for most of the year.  You can track these numbers as well by subscribing to the Weekly Traffic & Sales Watch today.

 

LV Weekly New Home Traffic & Sales Update

For the week ending September 3rd homebuilders reported the lowest net sales totals for 2017.  Not since week ending January 15th have overall net sales dipped below 160.  Buyer traffic did not register the same drop off, actually remaining at the high end of what we have seen this year.  

No single builder reported 20 or more net sales for the first time in recent memory as KB Home and Lennar Homes both posted 17 net sales to lead the way.  American West Homes, Century Communities, Del Webb, Harmony Homes, and Storybook Homes averaged more than 1 net sale per project for the week.

We reported four new projects in the Weekly Traffic & Sales Watch this week, including two attached products in Summerlin.  CalAtlantic Homes has opened Santa Rosa in the Paseos, a gated townhome community with two different product lines, Alameda and Bellamar.  William Lyon Homes has begun reporting two of the four product lines at their Affinity community near Charleston and 215.  The Evoke and Savu lines have base prices ranging from $326,000 to $483,000.  

Pardee Homes opened their second product line at the Skye Canyon masterplan in the far northwest.  Cobalt now accompanies Keystone which opened one year ago with slightly lower base prices starting at $360,000.  Summit Homes continues to branch out into larger and pricier homes, opening Mountain Terrace, a 12 lot project in the northwest sub-market priced around $500,000. 

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LV Weekly New Home Traffic & Sales Update

For the week ending August 27th, homebuilders rebounded from a tough week in our previous Weekly Traffic & Sales Watch to report 18% more sales and return to 2017's "normal" levels.  We are also noticing a 5.6% decline in the number of active subdivisions in the report since a high of nearly 270 back in February.  This should help temper the talk of over-building that many seem to be worried about.  While builders are certainly opening new projects as quickly as possible, they are also successfully closing out existing projects at higher rate.  There are surely some deeper points that can be examined here, but we'll leave that for another time and state that, in general, one can say this is a truth in the current environment.

DR Horton and KB Home once again led the way in overall sales, but American West Homes, Beazer Homes, Century Communities, Del Webb, and Storybook Homes also performed well when looking at the average sales per project.  Beazer's Dorado Skies in North Las Vegas was the top performing subdivision with seven net sales for the week.  Of the projects reporting 4 or more net sales (14), 3 were in North Las Vegas, 5 in the southwest, 4 in Henderson,  and 1 each in Mesquite and Pahrump.

For the latest and most accurate data available on the active new home segment in southern Nevada, subscribe to the Weekly Traffic & Sales Watch today.

 

 

LV Weekly New Home Traffic & Sales Update

For the week ending August 20th the new home segment of the Las Vegas housing market was again slightly below the consistent average sales figures we have reported for the vast majority of 2017.  The overall net sales figure for the week was the lowest reported since early January.  Buyer traffic has also dropped slightly over the past four weeks after spiking in early July.  Overall though, these changes are not drastic and are consistent with seasonal trends.  We shall see if builders are able to stretch out the summer selling season before the drop off that naturally occurs in the fourth quarter.

KB Home, Lennar, and DR Horton unsurprisingly led the way in overall net sales (they combine to account for over 35% of the active subdivisions in the valley).  Looking at average sales per subdivision, Beazer Homes, Del Webb, Pulte Homes, and Storybook Homes also reported strong weekly numbers.

The only new project in the Weekly Traffic & Sales Watch this week was Encore at Cadence by Richmond American Homes.  With their initial communities in the Henderson master plan nearing sell-out, the Denver-based builder has continued to acquire land and Encore is the latest project to open.  Encore offers four of the five plans from the Crescendo neighborhood also in Cadence that has averaged just under three sales per month since opening in June of 2015.

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LV Weekly New Home Traffic & Sales Update

For the week ending August 13, 2017, home builders' sales numbers slowed down slightly, dipping below 0.8 net sales per project for the first time since February according to our Weekly Traffic & Sales Watch.  Lennar Homes and DR Horton accounted for 26% of all sales while reporting the same percentage of active communities.  One place we see the "slow down" this week is that only four builders achieved an average of 1 or more net sales per project.  Another is in the fact that the extremely steadily selling Sun City Mesquite reported zero (or fewer) net sales for only the forth time in 2017.

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The top selling projects reported this week were Peregrine Point from Woodside Homes in the southwest and Granite Falls from Richmond American Homes in North Las Vegas.  Looking at Master Planned Communities (MPC), the top ten performers included projects in Skye Canyon, Summerlin, Inspirada, and Mountains Edge.  

We reported one new community this week, which is actually an extension of the existing "Groves" product line of townhouses in Inspirada from KB Home.  They added 93 units to the collection in Pod 4-3, which is currently the southern-most active parcel in the MPC.

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