Las Vegas Valley communities among top spots in US for builders’ sales

Homebuilders recovered plentifulness of buyers successful Southern Nevada master-planned communities past year, with 5 specified outposts among the apical 25 nationally for sales.

Builders sold 1,619 homes successful Summerlin past year, up 11 percent from 2020, according to abstracted reports this week from consulting firms RCLCO and John Burns Real Estate Consulting.

Both ranked Summerlin’s income tally 3rd highest among U.S. master-planned communities.

According to their reports, builders besides logged 864 income successful Henderson’s Cadence assemblage past year, up 1 percent from 2020; 741 income successful Henderson’s Inspirada community, up 25 percent; and 655 income successful Skye Canyon successful the precocious northwest valley, up 39 percent.

Meanwhile, John Burns Real Estate reported 1,025 new-home income successful North Las Vegas’ Valley Vista assemblage past year, up 3 percent from 2020. RCLCO enactment Valley Vista’s income tally astatine 860, down 15 percent.

The firms’ rankings for these 4 communities varied, but each were successful the apical 25 nationally for income successful some reports.

Southern Nevada master-planned communities are routinely among the top-selling spots successful the federation for homebuilders, and, arsenic the caller reports show, past twelvemonth was nary antithetic arsenic lodging markets crossed the state accelerated.

​​In Las Vegas, the marketplace heated up with accelerated income and grounds prices, fueled mostly by rock-bottom owe rates that person fto buyers agelong their budgets. Buyers flooded houses with offers and routinely paid implicit the asking price, portion homebuilders enactment buyers connected waiting lists, regularly raised prices and successful immoderate cases drew names to find who gets to bargain a place.

Southern Nevada has seen much out-of-state buyers than accustomed during the pandemic, particularly from pricier markets specified arsenic California, arsenic radical sought much abstraction amid wide work-from-home arrangements.

“The roar successful work-from-home request drove grounds master-planned assemblage income successful 2021,” John Burn Real Estate said successful its report, adding that each 500-plus communities it surveyed “certainly would person sold much if not for proviso constraints.”

Homebuilders person faced higher materials costs and transportation delays, helping substance higher prices for location hunters.

According to RCLCO, builders began “metering” their location sales, instituting “monthly oregon adjacent play limits” wrong the archetypal fractional of the twelvemonth to guarantee that new-home contracts could beryllium fulfilled.

In Southern Nevada, request for houses hasn’t shown signs of vanishing anytime soon, and builders are inactive pulling an accrued tally of permits, indicating a increasing pipeline of operation plans contempt the industry’s headwinds.

A full of 1,293 new-home permits were issued successful the portion successful November, up 28 percent from November 2020, bringing the year’s licence tally to 13,774, up 32 percent from the aforesaid 11-month play successful 2020, Las Vegas-based Home Builders Research precocious reported.

Builders besides landed record-high income prices aggregate times past year.

Buyers paid a median terms of $444,677 for recently built homes successful Southern Nevada successful November, up 11.5 percent from a twelvemonth earlier, according to Home Builders Research.

This marked the sixth clip successful 2021 that the monthly median closing terms acceptable an all-time high, the steadfast said.

Contact Eli Segall astatine esegall@reviewjournal.com oregon 702-383-0342. Follow @eli_segall connected Twitter.