Get free access to our world class MLS search tools, save your favorite listings, create saved searches & much more!

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

Posted by Mastura Zaini-Roberts on Thursday, January 5th, 2017 at 3:31pm.

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

Mastura Roberts
(702) 919-5400
offers@greatlasvegashomes.com

Team Leader, The Tonnesen Team
Berkshire Hathaway HomeServices, Nevada
3185 St Rose Pkwy #100 Henderson, NV 89052

With over 30 years of experience helping families call Las Vegas "home!"



Related Blog Posts

What’s driving real estate’s home listing shortage?

There's a definite lack of housing inventory, and part of it can be attributed to sellers staying put Key Takeaways Most sellers are also hoping to buy, so they are facing the same market constraints as buyers. Housing supply has not kept up with demand because building has become increasin...

What does a real estate agent do all day anyway?

It's not as easy as it looks on TV Key Takeaways A real estate agent's job is to make sure everyone else involved in the transaction is doing their job. Agents have to continually shift gears to quickly adapt and respond to customer needs. What does a real estate agent ...

THE LAS VEGAS VALLEY HAS MANY AREAS WHICH APPEAL TO DIFFERENT INTERESTS

Now that you have seen the “Strip,” you may wonder if Las Vegas would be a great place to live.  As you start your research, know that the individual tax picture here is one of the lowest of anywhere in the U.S. You have probably seen articles about our great climate with more than 330 sunshine days a...

Living in Las Vegas Means Always Having a Show to go See!

One of the things I love most about calling Las Vegas home is the wide variety of entertainment we have access to, especially some of the “small” shows that few tourists ever notice as they scan box office lists sprinkled with international celebrities. There are some surprising gems in the smaller lounge type sho...

Sneak Preview - Luxury Pool Home Not Yet Listed, so Hurry!

Not yet officially on the market, but available for qualified buyers to preview by appointment. It will be love at first sight when you walk into this incredible mint condition beauty in southern foothills of the Las Vegas Valley! Over 3100 square feet of pure luxury on a lushly landscaped lot with gorgeous pebble tec...

Leave a Comment

Have a Question?

Contact Us

Follow Us