north Las Vegas In the past two years, new home sales tripled, becoming the No. 1 market in 2020, surpassing the Southwest Valley, which along with the former No. 2 Henderson, had been the dominant player in southern Nevada for years.
North Las Vegas is well on the way to becoming the dominant player in the valley this decade, building on the city’s current population of 258,000.
North Las Vegas captured just 11 percent of the market share of new homes sold in the first half of 2018.
However, new data from Las Vegas Home Builders Research showed that North Las Vegas grew to 27 percent of the market share of southern Nevada in 2020 and exceeded its 20 percent market share in 2019. While North Las Vegas sales have tripled since 2018, it’s 49 percent higher than in 2019.
There were 776 sales in 2016; 939 sales in 2017; 1,202 sales in 2018; 1,986 sales in 2019; and 2,952 sales in 2020.
The southwest valley, which had reached 36 percent in the first half of 2018 and was 28 percent in 2019, fell to 23.5 percent in 2020.
Henderson, which was 24 percent for the first half of 2018 and 22.3 percent for the twelve months of 2019, fell to 20.3 percent in 2020.
The northwest valley remained constant at 19.6 percent in 2019 and 2020. In the first half of 2018 it was 19 percent.
The North Las Vegas trend line shows in the raw numbers.
The rise of North Las Vegas is due to the launch of the newest planned churches. Valley Vista, a DR Horton project with 378 sales in 2019, had 1,073 sales in 2020, Home Builders Research reported.
National research firm RCLCO ranked Valley Vista number 6 in the nation in 2020 after not being ranked in 2019. It opened in September 2018.
The last time a North Las Vegas congregation was included in the national top 10 was Aliante in 2005, ranked 4th according to the RCLCO.
North Las Vegas was also backed by Villages at Tule Springs with 543 sales in 2020, up from 512 in 2019. Tule Springs opened in February 2018 with KB Home, Lennar and Tri Pointe Homes, formerly Pardee Homes, as builders.
Sedona Ranch, a Beazer, Pulte, and Century Communities project that opened in October 2018, had 165 sales in 2020, after posting 196 sales in 2019.
There is more to come.
Taylor Morrison’s Palmer Ranch near VA Hospital opened in 2020. Touchstone Village recently opened its watercolor community at 215 Beltway and features townhouses, maisonettes, and single-family homes. Prices start as low as $ 200,000.
North Las Vegas has much of the arable land for residential use in the valley. For years she has tried to overcome a stigma of crime and aging infrastructure associated with her older departments.
Numerous renovations and revitalizations were carried out in the city center, as well as new developments with new retail and trading centers throughout the city.
Jobs are being created by Amazon, the French cosmetics company Sephora and various manufacturers in the Apex Industrial Park. The Nellis Air Force Base is being expanded. Downtown North Las Vegas is revitalized and the VA Medical Center is attracting residents.
North Las Vegas Mayor John Lee said the involvement of businesses and jobs has fueled the housing estate. The city has been determined over the years to be what it has become – a self-contained community that contains all of the elements – rather than a Las Vegas and Strip bed-sharing community.
Nobody has to leave North Las Vegas any longer to get any amenity, Lee said. The city’s focus on charter schools, restaurants, and job creation has paid off.
“I can promise that if nothing happens in the economy, we will be a leader every year for the next five years,” said Lee. “If people on the north end of town want to work, they don’t want to live in Henderson and go back and forth every day. The convenience of North Las Vegas for the new industries makes this possible. The VA Hospital was a big magnet for us. “
For those who grew up in the valley, Lee said their view of north Las Vegas is old downtown. For those new to the area, they see the new housing development and cheaper prices that give people what they need.
“Those days are long gone,” Lee said of the past stigma. “North Las Vegas is the new growth area for this valley. Around 50 percent of North Las Vegas has not even been developed. “
The biggest factor in North Las Vegas’ success has been land availability and the price of land, said Andrew Smith, president of Home Builders Research. He also credits the city for being farmer-friendly in order to process developments quickly.
“As the supply of land continued to decline and prices rose, builders will look for the cheaper land,” said Smith. “That happened to be in North Las Vegas. You saw builders go in there five to ten years ago who you would think would never go to north Las Vegas. “
Smith said most of the new development is in the city’s north plain near the 215 Beltway from Aliante Parkway to Interstate 15. There is a lot of empty land for this development to be supported by job creation in the region, he said.
“The other master plans in town have land, but they’re a lot more expensive,” said Smith. “You can stretch your dollar in North Las Vegas compared to other parts of the city.”
The average base price home builders charge for homes in north Las Vegas is just under $ 340,000, or $ 169 per square foot, Smith said. This compares to $ 497,000 or $ 202 per square foot in the Southwest Valley, he said.
“In the size and price of the starter home – there are three bedrooms and 2½ baths, two stories, and 1,500 square feet to 2,200 square feet – and a great choice in North Las Vegas for that buyer,” said Smith.
Nat Hodgson, CEO of the Southern Nevada Home Builders Association, said he wasn’t surprised.
“The land is here,” said Hodgson. “North Las Vegas probably has more vacant land than any other. We knew this was coming. I thought it would happen about a year ago. I see that this hasn’t changed for a long time. I think it would be bigger right now if COVID didn’t happen. “
Hodgson recognized North Las Vegas as being farmer-friendly when it comes to handling projects, which makes it easier to move developments faster. He credits Mayor Lee.
“We have worked on many of the barriers that previous executives and builders have in the way of how to build there,” said Hodgson.
“I see North Las Vegas in the same direction (as Henderson is),” said Mark Fine, a longtime Las Vegas developer. “It is just a question of the right leadership and the further improvement of the quality of life. So much of the free land is in north Las Vegas that the growth will be there. It will be equal to all others. “
Fine, who was responsible for developing Green Valley and Summerlin in the 1990s in 1975 and playing a role on Inspirada in Henderson, Mountain’s Edge, Providence, and Queensridge, said he wasn’t surprised what happened in north Las Vegas.
He said Henderson also had a “negative brand” at one point – known as Hendertucky at one point – but over the years it had become a dominant player in the real estate market. He said North Las Vegas was way ahead of Henderson 40 years ago and is well on the way.
North Las Vegas continues to evolve its brand like Henderson, but it doesn’t happen overnight, Fine said. It gets better every year.
“It’s branding and takes a long time,” said Fine. “You won’t discriminate against any of the units in five to ten years. Scars are moving targets. North Las Vegas will attract a lot of people and I think they will create a quality of life. Will there be golf courses and high-end amenities? Who would have thought Henderson would have them 25-30 years ago? There are many opportunities. “
Fine said it was key for North Las Vegas to continue building infrastructure, parks, and community facilities that all appeal and make them comparable to other parts of the valley. The city needs to ensure that not only entry-level housing is built, but also rise, second rise, middle price and even higher price ranges, including luxury, he said.
“It just can’t all be entry-level homes,” said Fine. “People want to move up, but they want to move up in the neighborhood in which they live. Cities need to be aware that they are incentivizing builders to build all of these different types of segments. A good community must be rounded. You did it with Aliante. “
Research rankings for builders
Summerlin remained the # 1 planned community in Las Vegas with 1,349 sales, down from 1,341 in 2019, according to Home Builders Research data. It was number 3 in the nation, reported RCLCO.
Valley Vista was # 2, followed by Cadence in Henderson with 701 sales, up from 612 in 2019.
Inspirada was number 4 with 630 sales, up from 646 in 2019.
Tule Springs ranked 5th, followed by Skye Canyon at 495, up from 463 in 2019.
Lake Las Vegas rose to number 7 with 265 sales from 156 in 2019.
Sedona Ranch was number 8, followed by Southern Highlands with 151 sales, compared to 179 in 2019.
Mountain’s Edge in the West Valley was number 10 with 144 sales compared to 131 in 2019.
