Las Vegas builders sold more homes and pulled more new home permits last year than in the year prior, according to a recent report by real estate consulting firm RCLCO. In particular, the North Las Vegas region has experienced extensive new construction of residential properties, including the neighborhoods of Skye Canyon’s master-planned community.
To give a historical look-back at how the market faired in southern Nevada over the last 12 years, nearly 39,000 new homes were sold in Clark County in 2005. Yet six years later in 2011—after the housing bubble burst causing the crippling collapse of the real estate market over that period, only 3,900 homes were sold.1
Jumping ahead to this past year, builders closed 7,035 new homes and pulled 6,999 permits in Clark County from January 1 through November 30, 2016–up 14.5% and 13.5%, respectively, from the same time period in 2015.
Moreover, the Las Vegas Valley has been experiencing a growing demand for homes located in active living communities like Skye Canyon, situated within a reasonable commute to both downtown Las Vegas and the great outdoors to the west—where hiking and winter recreational sports are popular. The Valley is home to two of the top 10 nationally recognized master-planned communities (MPCs)–ranked in order of home sales.2
In accordance with RCLCO’s report, Skye Canyon offers many of the top features found to be prevalent among the most successful master-planned communities in the U.S.:
“[A] common attribute of the most successful communities is the availability of various healthy community features, including fitness classes, active lifestyle activities, and easily accessible parks and multi-use or dedicated paths and trails that offer a variety of experiences depending of fitness level, use (biking, walking, running, hiking), and proximity to nature.”
Since launching its first neighborhoods in late 2015, Skye Canyon sold 200 homes in 2016 and 43 homes so far in Q1 this year. The climb in home sales is on par with recent trends, anticipated to continue rising upon subsequent builders signing-on for the second wave of neighborhoods for Phase 2 of construction.
Among the surge in real estate development this past year brought impressive sales by Pulte Homes and Pardee Homes – two of Skye Canyon’s homebuilders. Facing a strong market and growing demand,3 they’re both likely to continue to add value to the North Las Vegas area with modern home designs and energy efficient features.
In fact, Pardee Homes is currently preparing to launch its second neighborhood in Skye Canyon, ‘Cobalt,’ scheduled to open to the public this summer. Cobalt will be Skye Canyon’s seventh residential neighborhood—as well as the final neighborhood in Phase 1 of Skye Canyon’s master plan.
Pulte Homes has been a top-selling builder in Skye Canyon’s planned community, with sales by Pardee Homes just taking off with the recent launch of its ‘Keystone’ neighborhood and second one to follow this summer.
Pulte’s ingenuity allowed it to bounce back quickly after the historic housing crash, transitioning away from cookie-cutter suburbia and towards providing identifiable architectural styles, varying streetscapes and housing elevations, and integrating outdoor spaces into subdivisions.4
Pulte Homes’ Evergreen neighborhood in Skye Canyon includes 165 homes total, divided between seven different 2-story home designs. Other builders in Skye Canyon include Century Communities and Woodside Homes, which each stake claim on two of the neighborhoods in the community’s first phase of development.
Sources:
1 “2 Las Vegas Valley Communities Among Top 10 Nationally for Sales, Report Shows,” LV Review Journal. Published Jan. 4, 2017. Retrieved Mar. 22, 2017. http://www.reviewjournal.com/business/housing/2-las-vegas-valley-communities-among-top-10-nationally-sales-report-shows)
2Larue, Todd. “The Top-Selling Master-Planned Communities of 2016,” RCLCO. Published Jan. 4, 2017. Retrieved March 22, 2017. https://www.rclco.com/advisory-mpc-survey-2016-year-end-2017-01-04
3”Nevada Builders Struggle to Keep Up,” Builder. Published Feb. 13, 2017. Retrieved Mar. 22, 2017. http://www.builderonline.com/land/local-markets/nevada-builders-struggle-to-keep-up_c)
4Varinsky, Dana. “An American Cultural Revolution is Killing Cookie-Cutter Homes—Here’s What Homebuilders are Selling Instead,” Business Insider. Published Mar. 9, 2017. Retrieved Mar. 22, 2017. http://www.businessinsider.com/the-dream-of-owning-a-cookie-cutter-home-is-dying-heres-where-people-are-moving-instead-2017-2