New home builders in the Las Vegas valley have a cause to celebrate and it’s the March numbers! 831 new home closings in March across the Las Vegas valley and wait for it…2,023 closings in the first quarter of 2017! We have not seen this level of new build success in Las Vegas real estate since 2008.
When we measure new home closings in the first quarter of 2017 vs. the first quarter of 2016, we see a year to year increase of 33.5% or 508 more delivered units. Consumer demand for newly built homes in the Las Vegas real estate market has been building momentum but the March results could mean the start of something much bigger.
Along with these impressive numbers comes another equally impressive one-two punch, the median price of a new home build closing in March was $329,900 representing a 5.5% increase in price year to year. New home prices are now getting comfortable around the same pricing we saw in 2007.
The top 5 subdivisions for March closings in the greater Las Vegas real estate market, which includes Las Vegas, Henderson and North Las Vegas were:
1. Expressions by DR Horton, 46 homes. http://www.drhorton.com/Nevada/Las-Vegas/Las-Vegas/Express-Expressions
2. Jones Crossing by American West, 33 homes. http://www.americanwesthomes.com/nhscommunity.asp?CommunityID=45
3. Warm Springs Ranch Bay by DR Horton, 33 homes. http://www.drhorton.com/Nevada/Las-Vegas/Henderson/Warm-Springs-Ranch
4. Inspirada Greencourts by KB, 32 homes. https://www.kbhome.com/new-homes-las-vegas/greencourts-at-inspirada
5. Regency by Toll Bros, 30 homes. https://www.tollbrothers.com/luxury-homes-for-sale/Nevada/Regency-at-Summerlin
Thank you for reading our post, Las Vegas Real Estate: New Home Market Report for March 2017. For more Las Vegas Real Estate buyer tips, information on homes for sale, or general Las Vegas real estate information please visit our website www.jackwoodcock.com or visit our Facebook page https://www.facebook.com/TheJackWoodcockGroup/