With the low inventory of existing homes in Las Vegas and Henderson Nevada and the high demand for homes from people moving into the valley from states like California, pricing and new home construction is skyrocketing.
Last month, Southern Nevada homebuilders, saw the most new home transactions in the last 10 years as the market’s surprising hot streak gives no indications of cooling.
Developers detailed 1,304 net sales in February, the most noteworthy month to month count since May 2007, as per a report Wednesday from Las Vegas home tracker Andrew Smith, leader of Home Builders Research.
It can take months before a buyer completes a purchase with a builder after signing a sales contract. According to Smith, Las Vegas and Henderson homebuilders closed 1,580 sales this year through February, up 2.8 percent from the same two-month stretch in 2020.
In addition to consumer demand increasing the price of a new home in Las Vegas, lumber prices are up over 200% which can add an additional $20,000 to $30,000 to the cost of a new home. Covid shut down logging operations and lumber mills which are now coming back online
The Las Vegas Valley has received a boost during the pandemic from out-of-state homebuyers. Las Vegas and Henderson have long been a popular for people to move to, especially from neighboring California, but builders and other real estate pros say Californians in particular have been buying more homes than usual here. I know we have seen influx of buyers from California from high taxes, covid shut downs and a higher cost of living.
Why buying a new home it is important to have representation. Please reach out to us to help you find your new home.