New Construction Homes Las Vegas Q2 2025 UPDATE

Hey everyone, Kristen with The Thomas Group and Real Broker here to bring you your Q2 2025 Las Vegas new build update. There's been a lot going on and we've seen a slowdown in the market so it's a really good time to buy. Now stick around till the end because I'm going to do a deep dive into all of the exciting new construction in Lake Las Vegas. And if you are thinking about buying new construction here in Las Vegas, don't forget to bring yours truly with you to the builder on that first visit. I would love to help. You can find all my contact information here on the screen and I am extension two for Kristen. All right, let's take a look at the statistics. So although I'm filming this in Q2, this data is for Q1. So when we're comparing month over month, we're comparing Q1 of this year to the end of last year. So let's take a look at net sales. Net sales were up 17% quarter over quarter. However, we're comparing Q4, which is traditionally a very slow time of the year for sales to Q1 where things start to pick up. So that's not unusual to see that jump up. I think the more telling number is that sales are down 20% year over year. So this is the start of the slowdown that I was talking about. Again, the data only goes through March. We've been seeing everything continue to slow down a little bit more and more. Traffic, very similar. It's up 16% quarter over quarter, and the traffic's down 15% year over year. So I thought it was interesting that sales were down more than traffic. That shows that there still is interest here, but maybe some people are taking a pause to see what happens with the market before they buy. And you might say, what is causing this slowdown? There's just been uncertainty in the market around tariffs, what's going on. We really saw everything start to pause around then. And as it becomes more clear what's happening and people are starting to feel more comfortable, we are starting to see things pick up a little bit more. So I really think that if you're looking for a good deal, the builders are really, really desperate to get their sales in to meet their quotas. They don't want to see sales down year over year. So they're giving out great closing cost incentives, rate incentives. So if you're considering buying within the next year, I think now's a really, really good time to jump in and get new construction. So let's get you guys a really good deal. Okay, let's move on and take a look at the top builders in the last quarter. Once again, we have Lenar at the very top, they sold 540 homes. I really expect to see Lenar keep growing and growing. They're buying up a lot of land. I mean, people love them because they have a certain product that looks nice. They don't offer a ton of options, but you've got a really nice product for a great price and they have a lot of incentives. So I can see why they're really popular. Next up is D.R. Horton. Again, they're an affordable builder. So I can see why they're selling a lot. Following them, we have KB Homes. Again, a nice affordable builder. And then finally, Pulte Group, which, you know, Pulte, I would say is more mid-level properties, mid to higher end, but they have a lot of homes all throughout the valley. They bought up American West, so they have all that product too. All the builders under there aren't really contenders with these top four. I mean, those guys are really dominating the market here. Let's talk about the top selling neighborhoods in Las Vegas. Pretty much the same as last quarter. It's the more affordable communities that are selling. We have Watercolor by Touchstone. That's like a condo townhome product. Canyon Trails by D.R. Horton, townhomes, and again, another Touchstone product, Independence. Very affordable, all of these around the 300s or maybe even a little bit less. Let's talk about where these sales are happening in the valley. I haven't seen a big shift in where sales are happening. The Northwest, Southwest, and Henderson all make up about 25% of those sales. And the Northwest includes the northern part of Summerlin, and then obviously everything up in the Northwest. And the Southwest includes South Summerlin. So I'm not surprised to see those being really, really strong markets. There's a lot of inventory, a lot of options that are out there in all of those communities. North Las Vegas slowed down slightly, which again, I'm not surprised because as affordability goes down, I would say that people that are shopping for lower priced homes are affected more. So not surprised to see that go down a little bit. So overall, the Las Vegas Valley is headed into a buyer's market, and we're seeing that in the new construction market as well. Now, when we look at the data, again, we're comparing Q4 to Q1, and Q4 traditionally has a very high months of inventory. So as an example, Henderson, the Northwest, the Southwest all saw a decent decrease in months of inventory, but they're still showing a buyer's market at around five to six months of inventory. Now, what I found was really interesting was that the East side went from 8.6 months of inventory, which is already a market, right? Up to 21.7, which really, really means they have a ton of inventory sitting. So if you are looking to buy on the East side, there are some really good deals to be had over there. Let's do a deep dive now into all the new construction happening in Lake Las Vegas, because there's been so much. So I wanted to start by telling you about one of the projects that I'm most excited about, and that is TriPoint Homes. They are building a community called La Cova. South Shore is a really, really cool... I think, again, people look for views when they're coming here, and they also want to see a little greenery, and we are in the desert. Greenery is hard to find, but South Shore, because it's an older community, it has a privately owned golf course, it is so lush and beautiful when you're driving in there. It feels like you're not in Las Vegas at all, and you're right on the water, waterfront homes. And TriPoint, it seems like recently they've been focusing more on lower price, $500,000 properties, but I feel like they really shine in their really super higher end homes, and that is these. So these properties will range from about 2.5 to 3 million when they're all built out. They're from 2,800 to 4,000 square feet, just really beautiful modern floor plans with updated finishes. The other one that I'm really excited about is Toll Brothers in Contalago. Now, I've done a video on this, so make sure you check that out. But really quick, what I really love about it is there's incredible views. So I think when people reach out to me, one of the most important things to them are views, views, views, and that's really actually very hard to get in Las Vegas unless you're spending 10 million to be up on the side of the mountain. So this is really exciting because these homes start at about 1 million. They'll probably end up at about 1.5 once you build everything into it. So I think it's a really great opportunity to get those views, get that luxurious Toll Brothers build. And then continuing on with Toll Brothers, they're closing out their Bella Strada community out in Lake Las Vegas. I believe at this time they've sold one model. So if you're a big Toll Brothers model fan, there's one of those still available. Let's negotiate you a great deal on that. And they have a few lots left. And I have a little inside talk with the manager. They feel like they kind of over-upgraded that product. I mean, you have these incredible vaulted ceilings throughout. They maybe over-upgraded and struggled to sell. So I feel like you can benefit from this on the back end when they're just trying to close out and get out of the community. Next up, we have Lenar that it has opened, is opening up four different communities in Lake Las Vegas. Again, you can see why they're number one builder here in Las Vegas right now. So they have a huge range starting from Riviera Vista that is two-story homes from around 500,000. And what's cool about these is you're really close to the village. You're like just right across the way. Downside, they're close to Powerline. So pros and cons to that for sure. What's really exciting is that they're bringing their single-story product up to the other side of Lake Las Vegas, like above South Shore. And I think Lenar's single-story product is actually really where they excel and differentiate themselves from the other builders. So what am I talking about here? That means that you have options for a next-gen suite, for an RV garage, a four-car garage. And again, these are all single-story, which I think very much appeals to the buyer demographic for Lake Las Vegas. And you also have some really great opportunities for views up there. They are selling fast. So if you are interested in these, again, reach out. Let's get you in. And then one community that has not opened yet, but that's up and coming that I'm really excited about is Richmond American is building in the guard gate of South Shore. I'm really excited about those homes, see what they look like. All we really know right now, there'll be a single-story and three two-story options. Pricing will definitely be over a million, but to be determined on the specifics. So with that slowdown in the market that I've been telling you about, we can get you some really great deals, interest rate incentives, closing costs. There's incredible inventory to pick from. So let's work together. I specialize in new construction. I love this. I know all the communities have relationships with the builders and I would love to introduce you to them. With that, you can find all my contact information here on the screen. I'm extension two for Kristen. You can also go to our website, the thomasgrouplv.com. Thank you so much for watching. And I look forward to hearing from you. Bye-bye.