Las Vegas Valley sees increased condo, townhome construction

Las Vegas homebuilders notched another boost in sales last month, and condos and townhouses comprised a higher share of the total.

Builders closed 944 new-home sales in Clark County in June, up 11.7 percent from the same period last year, according to a new report from Home Builders Research.

That put the year’s sales tally through June at 5,156, up 19.4 percent year-over-year.

The median sales price of last month’s closings was $379,648, up 11.9 percent from a year earlier, the Las Vegas-based research firm reported.

The valley’s market is dominated by single-family houses, but condos and townhomes accounted for 11 percent of builders’ sales last month, up from just 3 percent in June 2017, according to Home Builders Research.

The firm’s president, Andrew Smith, and founder Dennis Smith said in the report to expect this share to climb as builders plans more attached-home projects, especially in the Henderson communities of Cadence and Tuscany and North Las Vegas’ Valley Vista.

Homebuilding also keeps ramping up despite a construction-labor shortage.

Home Builders Research counted 946 building permits in June, down 8.6 percent from June 2017, but that brought the year’s sum to 6,106, up 30 percent year-over-year.

“The industry is still moving forward at an incredible pace and the question continues to be will the subcontractors be able to continue to meet the demands placed on them by the builders?” the Smiths wrote. “The labor statistics seem to scream ‘NO!’ and yet here we are on pace for over 12,000 permits for 2018.”

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.