Page 8 - 2016 Las Vegas Residential Real Estate Report

HOME SALES
NEW
The new home industry was almost a niche business, closing less than 4,000 homes in 2007, compared
to almost 54,000 resales in that same year. In 2016, nearly 8,000 new homes closed and this is up about 17 percent from 2015, nearly double the recessionary low. For some perspective, this is still a fraction of what was delivered during the boom, which peaked at almost 39,000 homes.
New homes are often a preference for homebuyers and occasionally, new homes get compared to the previously owned home market. This comparison may make sense when examining an existing but relatively young home within the vicinity of a new home. However, grouping all new home sales and comparing that to all previously owned sales is not helpful to buyers looking for a speci c home. New homes offer different features and designs which many buyers
nd compelling. Additionally, the housing stock has changed dramatically over the years with homes built in the 1960’s and 1970’s being typically smaller than later generations of homes.
The landscape of new homes continues to evolve with demographic shifts, land availability, labor costs and technological improvements. Las Vegas has a mix of entry-level, move-up and luxury housing. Much of the entry-level housing is concentrated in the Northwest and the Southwest, with some options in Henderson.
Many of the move-up homes are grouped within Summerlin, Southwest, Henderson and in parts of Providence and Skye Canyon in the Northwest. New luxury homes are concentrated in Summerlin and Henderson, with a few custom builds in other areas. Entry level housing includes the very common two-story home that is ubiquitous in the valley, along with more modern three-story designs. Popular move-up homes are single story, three-car garage models. Luxury homes are so unique that they
can’t be summarized easily. Although extremely large, technology rich homes dominate many local publications, luxury can be surprisingly accessible, with some models priced well below $1 million.
Several publicly traded builders offer homes in the Las Vegas market, including Toll Brothers, DR Horton, William Lyon Homes and others.
CLARK COUNTY CONTAINS SEVERAL OF THE NATION’S BEST SELLING MASTERPLANS
Clark County contains several of the Nation’s best selling masterplans. Ranking 6th in John Burns
Real Estate Consultings Top 50 Master-Planned Communities survey, Summerlin remains a dominant masterplan in the region, and for good reason. Summerlin, sponsored by the Howard Hughes Corporation, a rm that has a long and important legacy in the region, is a large masterplan of
22,500 acres. Summerlin has been active for several decades but as of 2015, had nearly 4,600 developable acres remaining.8
Inspirada, located in Henderson, was challenged dramatically by the recession and has bounced back to 8th in the Nation for sales. Known for higher density, parks and a mix of traditional and modern styles, Inspirada is host to many public and
private builders.
The Focus Property Group sponsored masterplans, Providence and Mountain’s Edge, continue to be strong performers, both ranking high last year as well. These masterplans are maturing, with many lots being absorbed following the bottoming of sales during the recession.
Despite being one of the newest masterplans, Cadence, developed by The Landwell Company, has risen to the 36th top selling masterplan. Cadence began selling homes in December 2014.
Skye Canyon, a northwest masterplan, started seeing vertical construction in 2015 and we anticipate that
it will see increasing momentum now that important infrastructure is built and it has a growing sense
of place with open space, a major clubhouse and landscaping completing the look. The masterplan is being developed by Olympia Companies.