Housing experts predict the steady pace of net sales will ease only slightly during this 3rd quarter. This 3rd quarter will be stronger than the past 2 years.
The new housing market is strong despite a drop in subdivision traffic. In July there were 681 new home recorded sales. The total for 2017 through July is 4,948. That is a 21.2% increase year to year. We are on track to beat our January prediction.
The new home media price as of July was $336,651 which is a 4.7% increase from last year.
North Las Vegas has undeveloped land parcels that could target the under $300,000 market. The market share of new homes under $200,000 declined year to year by 64.7%. The share of new homes between $200,000 - $299,999 dropped year to year by 13.5%.
The BLM Disposal Boundary that surrounds Las Vegas valley has not released any land recently. Unless the BLM releases land that builders could purchase at a price that would allow home prices to be under $300,000, that price range will fade away.
This Chart Shows Where The Folks Are Buying.
NORTH LAS VEGAS IS GAINING MARKET SHARE
According to the statistics this year, the North Las Vegas area is gaining market share. It has been many years since this has occurred.
Even though Faraday was a bust, there are plenty of new employment opportunities for housing consumers.
16,000 new jobs were added to the City Of North Las Vegas. 12.5 million feet of manufacturing and warehousing space was developed. $2 billion of capital was invested through out the area.
6 Fortune 500 companies have been recruited by Mayor Lee. The construction on a $100 million, 35 acre mixed use project at Cheyenne Avenue and Commerce Street is moving forward.
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There are several new home developments in North Las Vegas.
Call me at (702)204-9558 or click here to email me today, if you would like detailed information or you would like to visit their new home models.
You can check out the resale market in North Las Vegas.
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Resale home median price is $233,000.