VEGAS INC coverage
New home sales were weak in Las Vegas during the first six months of 2011, but D.R. Horton and KB Home topped the list as the leading builders.
Horton closed on 220 homes between January and June of this year with an average closing price of $243,978, according to SalesTraq.
The other leading builders relied on lower-priced homes for their closings.
KB Home, which caters to entry-level buyers, closed on 197 homes at an average price of $166,187. Richmond American ranked No. 3 with 143 sales at an average price of $193,242.
Lennar was fourth with 136 sales at an average price of $194,032, while Harmony Homes was fifth with 127 sales at an average price of $214,241.
Others include Pardee, 89; American West, 89; Woodside, 68; Dunhill Homes, 65; Ryland, 63; Pulte, 56; William Lyon, 50, Beazer, 41; Fifield Companies, 31, Del Webb, 30; Meritage, 27; Distinctive, 27; Toll Brothers, 22 and Sasson Hallier, 20.
Through the first six months of 2011, builders closed on 1,456 single-family homes, 116 town homes, 97 high rises and three lots, according to SalesTraq.
Nearly 50 builders closed on homes with an average closing price of $238,011 and median closing price of $197,903 by second quarter’s end.
Among planned communities, Mountain’s Edge led the way in closings with 158 at an average price of $195,911.
That was followed by the Providence community with 150 closings and an average price of $210,033.
Summerlin ranked third with 69 sales at an average price of $283,178. Inspirada in Henderson was fourth with 48 sales at an average price of $184,524.
Two planned communities were tied for fifth with 47 closings. They were Coronado Ranch and Rhodes Ranch.
Others include Lake Las Vegas with 13 closings at an average price of $408,575 and CityCenter with 11 closings and an average price of $1.5 million.
Builders took out 2,019 permits through the first six months of 2011. Permits for Providence ranked No. 1 with 201 permits followed by 177 for Mountain’s Edge, 104 for Buffalo Ranch and 98 for Summerlin. Rhodes Ranch was fifth with 64.
Among builders, D.R. Horton took out 332 permits compared to 259 for KB Home. Lennar was third with 195.
In the existing-home market, Las Vegas had 28,544 sales through the first six months of 2011 with a median price of $107,500.
That breaks down to 22,023 single-family homes with a median price of $120,000, SalesTraq said.
There were 4,089 town home and low-level condo sales for a median price of $62,000. About 1,440 apartment conversions were sold with a median price of $44,500.
In the condominium market, there were 491 high-rise sales with a median price of $180,000 and 193 mid-rise sales with a median price of 85,000.
Buyers bought 181 lots at a median price of $90,000 and 125 mobile homes at a median price of $39,100.
Sales that came in below $100,000 dominated the marketplace with 12,857 falling in that category, including 7,681 single-family homes.
There were 6,998 sales between $100,000 and $149,999 and 3,500 sales between $150,000 and $199,999.
There were 2,495 sales between $200,000 and $299,999; 760 sales between $300,000 and $399,999; 266 sales between $400,000 and $499,999; 117 sales between $500,000 and $599,999; 55 sales between $600,000 and $699,999; 42 sales between $700,000 and $799,999; 46 sales between $800,000 and $999,999; 37 sales between $1 million and $1.49 million; 14 sales between $1.5 million and $1.99 million; and 12 sales more than $2 million.