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January 05, 2017

Home > Blog > 2 Las Vegas Valley communities among top 10 nationally for sales, report shows

Two master-planned communities in the Las Vegas Valley were among the top 10 nationally for home sales last year, a new report shows.

Builders sold 769 new homes in Summerlin in 2016, up 28 percent from 2015. Buyers also picked up 564 new homes in Inspirada, up 45 percent, according to real estate consulting firm RCLCO.

Among U.S. master-planned communities — sprawling projects with housing, parks and other components — Summerlin was No. 5 for new-home sales and Inspirada was No. 7.

No other Las Vegas Valley community cracked RCLCO’s top-20 list, released Wednesday. The company said it would publish a list of the top 50-selling communities in the next few days.

Summerlin runs along the western rim of the Las Vegas Valley, covering 22,500 acres. More than 100,000 people live there, or about 5 percent of Clark County’s total population.

Its developer, Dallas-based Howard Hughes Corp., sold 213.5 acres in Summerlin — almost all residential land — in the first nine months of 2016. That was up 51 percent from the same period in 2015.

Average land prices, however, fell sharply.

Howard Hughes booked an average of $405,000 per acre through September last year, down 35 percent from same period in 2015, according to a securities filing.

The shift came after Howard Hughes sold 147 acres in March for $40 million to Pulte Homes for a planned 300-acre project that has been on the drawing board for a decade.

Inspirada, in Henderson, covers more than 1,500 acres at the southern edge of the valley. Its builders include Beazer Homes, Century Communities, KB Home, Pardee Homes and Toll Bros.

Overall last year, builders in Las Vegas sold more homes and pulled more permits than they did in 2015.

Builders closed 7,035 new-home sales in Clark County last year through November, up 14.5 percent from the same 11-month period in 2015, according to Las Vegas housing tracker Home Builders Research.

Builders also pulled 6,999 permits through November, up 13.5 percent.

Sales totals remain a fraction of what they were during the bubble years last decade, when Las Vegas was flooded with easy money for builders and buyers alike, but they’re up from the depths of the recession.

Buyers picked up almost 39,000 new homes in Clark County in 2005 alone. In 2011, after the bubble burst and the economy went into a tailspin, builders sold 3,900 homes, according to Home Builders Research.

By ELI SEGALL
LAS VEGAS REVIEW-JOURNAL

Contact Review-Journal writer Eli Segall at 702-383-0342 or esegall@reviewjournal.com. On Twitter at @eli_segall

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