Summerlin, the master-planned community on the westside of the Las Vegas Valley saw a surge in sales in 2017. There were only three other master plans in the entire country that also attained over 1,000 home sales. The Villages, Irvine Ranch, and Lakewood Ranch, as well as Summerlin captured over 1,000 net homes sales in 2017. Sales in a number of western US communities grew, while many communities in Florida and Texas saw fewer sales as they wind down or face more competition. Texas usually dominates the top 25 ranking, but only Riverstone in Houston and Paloma Creek in Dallas had enough sales this year to be included.
John Burns, a real estate consulting company, uses the following guide lines when compiling factors that make a community a master plan.
- Multiple builders selling
- Shared or reciprocal amenities
- Consistent entries, street names, lighting, etc.
- Community brand and marketing
The consulting company contacted 370 master plans—many of whom they advise on market, segmentation, amenity, and marketing strategies to arrive at the ranking. Together, the top 50 master plans in the country sold 28,329 homes, reflecting a 20% year-over-year increase from 2016. Their combined 2017 sales represent approximately 4.5% of all new home sales nationally.
There have been several notable trends this year. 2017 saw a regional shift to master plans in the Southwest region of the country – sales in master plans were up to 56 percent in top selling communities from last year’s 48 percent.
Strong Las Vegas sales gains in both Summerlin and Inspirada master plans in Las Vegas. Developers and builders report improved demand across the full spectrum of buyer types and submarkets. Steady job growth supports demand, with a boost from retirees in Phoenix and Californians relocating to Las Vegas. Las Vegas is still gaining traction in the recovery from the housing crisis several years ago.
Master plans want to appeal to a multitude of buyer groups, sometimes combining as many as 10 competing builders with varied product and price points. Proper product segmentation leads to strong sales thanks to housing communities that are differentiated. Summerlin is considered to be one of the best segmentation examples, with homes priced from the mid $300,000s to $2 million plus, attracting a wide variety of local and out-of-state buyers
If you own an existing home in the Las Vegas Valley and are looking for a newly built home contact the Nevada Builders Trade-In program operated by The Smith Team –Realtor-Keller Williams Las Vegas Realty. Our builder partners in the Nevada Builder Trade-In Program offer over 50 neighborhoods by Beazer Homes, CalAtlantic Homes, Century Communities, Pulte Homes and Woodside Homes. In Mesquite, our partner is Sun City Mesquite by Del Webb. We also work with other builders other than our builder partners that are sitting with standing inventory and we offer similar benefits as the Nevada Builder Trade-In Program.
Keep in mind that whether you are interested in buying a home or listing 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. I have thirteen years in New Home Sales and sixteen years in General Real Estate sales!
I Sell Las Vegas! www.iSellLasVegas.com
Thanks and make it a terrific day…………Robin