LAS VEGAS – Southern Nevada’s residential real estate market showed significant signs of strength in 2017, with many including the Greater Las Vegas Association of Realtors (GLVAR), calling it one of the best years on record for local homes sales.
The trend appears to be just as strong in the new year. Home Builders Research, Inc. in its “Weekly Traffic/Sales Watch Report” shows demand for housing remains “very strong” through the transition between the fourth quarter of 2017 and into the first three weeks of January. Some home builders show a nearly 20 percent increase in traffic when compared to previous months.
Bank of Nevada is proud to be assisting a large number of home builders with financing aimed at increasing housing inventory. In fact, Bank of Nevada is working with more local home builders now than at any time in its history. In 2017, the Bank of Nevada helped finance the construction of approximately 285 homes in Southern Nevada.
Builders utilizing Bank of Nevada’s funding expertise and local decision-making ability include:
Christopher Homes – 30+ year custom and luxury home builder in Southern Nevada. Currently completing a high-end townhome project known as Vu in the exclusive McDonald Highlands master-planned community. Vu recently won two National Homebuilder awards including the Gold Award for Best Architectural Design for an attached community.
Pinnacle Homes – 25+ year luxury home builder focused on high standards of design, workmanship, attention to detail, and post-sale service.
Touchstone Living – This premier local homebuilder specializes in developing upscale enclaves with innovative new homes in the valley’s most desirable locations. The Touchstone Living team has built thousands of homes in the Las Vegas market while maintaining a commitment to giving back to the community.
Warmington Residential – The Warmington name has been recognized for excellence in home building for more than 90 years. Now in its fourth-generation, it offers new homes designed and built to accommodate modern tastes, trends and technology. In 1996 the company established a division office in Las Vegas, Nevada and has since built over forty new communities totaling more than 5,000 new homes and apartment homes in Southern Nevada.
StoryBook Homes – Principal has built more than 1,200 homes in Southern Nevada. The company focuses its neighborhood and home designs around first-time and move-up buyers’ features and takes pride in providing outstanding customer service.
SunRiver St. George – Resort-style living in an active-adult community located in Southern Utah featuring 18-hole golf course and several other recreational amenities. Developer has delivered over 2,200 homes to date.
“It’s encouraging to see Southern Nevada’s real estate market regain its strength and show continued signs of growth, month after month,” said Bill Oakley, Real Estate Manager, Bank of Nevada. “Bank of Nevada is helping to fuel this building activity, which allows construction to continue, workers to be employed and our community to grow.“
In its December Housing Statistics Report, the GLVAR said 2017 was one of the “best years on record” for local home sales. President of the GLVAR, Chris Bishop, also cited a housing supply of less than two months, which is not expected to increase in the near future. Bishop says a six-month supply of homes is desired to have a more balanced real estate market.
GLVAR December Housing Report
About Bank of Nevada
Bank of Nevada is a division of Western Alliance Bank, Member FDIC, the go-to bank for business in its growing markets. Founded in 1994, Bank of Nevada offers a full spectrum of deposit, lending, treasury management, international banking and online banking products and services, plus superior service to meet the needs of local businesses. With 10 offices in Las Vegas, Henderson, North Las Vegas and Mesquite, along with Western Alliance Bank’s robust national platform of specialized financial services, the banking division is a valued partner for Southern Nevada’s business, real estate, professional, municipal and nonprofit communities. Western Alliance Bank is the primary subsidiary of Phoenix-based Western Alliance Bancorporation (NYSE: WAL). One of the country’s top-performing banking companies, Western Alliance ranks #4 on the Forbes 2017 “Best Banks in America” list. For more information, visit bankofnevada.com.