Builders closed on 11,854 homes in 2022, only 178 fewer sales, or a 1.6 percent decline, from 2021. Home Builders have a growing market share as compared with resale homes, according to Home Builders Research. The 1,071 closings of new homes in December exceeded 30 percent market share in a market that saw 2,050 resale closings.
The annual report on new home sales was released by Las Vegas-based Home Builders Research and due to the increase in rates, Builders saw 14 percent fewer new projects than in the last couple of years.
The northwest region of the valley took the top spot in sales with 27 percent, up from 20 percent in 2021, thanks to Skye Canyon, Skye Hills, Sunstone, and the new northern portions of Summerlin. Henderson held steady in new home sales, going to 22 percent, up from 21 percent. The southwest had a slight dip, going from 24 percent to 22 percent in 2022.
The median price for all new builds, including attached and detached homes, rose 17 percent in 2021. The median price in December was $498,220, a 13.75 percent increase over 2021. The price of single-family homes was $525,000, a 9.5 percent increase, while townhomes rose 15.6 percent to $389,589.
Even if you have purchased a newly built home in the past, it is advisable for you to have a Realtor for any new transaction. They can help you through all the processes of buying a newly built home, from assisting with the decision process regarding location to resale highlights. The assistance continues with design choices and what to expect through the entire process, all the way through the final walk-through.
The Smith King Team is very well-versed in this arena, as we have operated in this capacity for over 30 years. Always keep in mind that whether you are interested in buying a home or selling a home, a Realtor should represent you– this person is working for your benefit and will help you navigate through the buying or selling process. We have celebrated selling both New and Resale Homes for over thirty years and continue to assist hundreds in reaching their dream of Home Ownership.
We are here to answer any questions you might have – just email jennifer@smithteamlasvegas.com
Thanks, and make it a terrific day.
