Early this year, California-based architect sparked ire and even some agreement among Las Vegas home designers and builders when he criticized the residential architectural landscape of Southern Nevada.
Summerlin and Inspirada led the way in master plan net sales during the first quarter of 2019, according to data released by Home Builders Research. Net sales for the quarter overall were down 19 percent compared to a robust 2018 but similar to 2017.
Home Builders Research reported that the 810 closings in February were 27 percent higher than February 2018. For the first two months of the year, the 1,421 closings are 75 more or 5.6 percent higher than a year ago. In releasing his numbers, Home Builders Research President Andrew Smith said the final two months of 2018 made the short term outlook, for the market “a bit worrisome” but sales figures “have rebounded nicely” since the start of 2019.
“With the first two months of 2019 nearly in the books, the new home segment of the housing market in Southern Nevada is performing well enough to temper some of the growing concerns many felt about the future in the fourth quarter of 2018,” said Andrew Smith, president of Home Builders Research.
Lennar Homes topped the annual Home Builders Research list as the top seller of homes in Southern Nevada in 2018.
Southern Nevada homebuilders finished 2018 on an upbeat note and the year’s closings turned out to be the strongest since the Great Recession. Prices also set a record for single-family homes, creating an opening for more affordable attached housing.
The Las Vegas Ballpark in Summerlin will be another amenity that attracts people to the master-planned community that moved up to No. 3 in the nation in 2018 in terms of sales.
Summerlin, which was as low as 25th in the nation in 2011 with 221 sales, has steadily climbed back up the rankings since then. It reported 437 sales in 2014 when it was 15th in the nation and jumped back into the top 10 in 2015 and has stayed there since. It had 769 sales in 2016.
During the first week of this year, KB Home unveiled a new model within Inspirada, a Henderson master-planned community, that highlighted a theme: “Where tomorrow lives.”
Southern Nevada is a respite from traffic, high cost of living and overcrowding, says one Southern California couple that recently purchased two home sites in Ascaya. The luxury residential community in Henderson has welcomed many new residents from California who are finding the mountainside community a perfect place to relocate.
The potential for a recession in 2020 and 2021 will slow the nation’s housing market, but Las Vegas is well-positioned to weather that this time around, according to California experts who track the Southern Nevada marketplace.