Pahrump area housing market on the rise

Activity in the local housing market in Pahrump has been on the rise in 2017—in the number of homes built, the number of homes sold and in sales prices.

“Yes, we’ve had more sales; yes, we’ve had a sales price increase,” said Lisa Bond of Lisa Bond Real Estate LLC.

Bond pointed to the increase in commercial activity as one reason for the rise in home sales and price gains in the area.

Activity on the commercial side includes construction of the 19,097-square-foot retail center for Tractor Supply Co. and the 58,000-square-foot medical center for HealthCare Partners.

Jack in the Box is also entering the Pahrump market with its new space at 640 S. Highway 160 and the Spring Mountain Motorsports Ranch is planning a commercial development as well.

Data from the Pahrump Building and Safety Department shows permits, on all types of building activity, from January 2017 through the end of June totaled 633, compared to 416 in the same time frame in 2016.

Overall, Pahrump saw an increase of 52 percent in that time frame.

Existing home market

The median sales price for existing single-family homes in Pahrump was $198,000 in May—an increase of over 7.5 percent from May 2015’s $184,000 median sales price for the Pahrump area, according to data from the Greater Las Vegas Association of Realtors (GLVAR).

“I think that we’re having good steady growth, nothing that is too fast,” said Bond.

The median price on single-family homes is the second highest level between January 2016 to the end of May. In July 2016, the median home price in Pahrump hit $204,000.

The local area also had an increase in the number of units sold in May when 68 single-family homes were moved, according to data from GLVAR. That’s an increase of 33 percent from May 2015 when there were 51 single-family homes sold in the local area.

The number of single-family homes sold in 2017 through the end of May put Pahrump on pace to be higher for 2017, over the number of homes sold in 2016. In 2016, 511 single family homes were sold, which is an average of 43 homes per month. Through May 2017, there were 234 homes sold in Pahrump, which is an average of 47 homes per month.

In 2015, there were 408 single-family homes sold.

New home sales and construction activity

Building activity on the residential side has increased over the past twelve months in Pahrump. From July 2016 to the end of June in 2017, the Pahrump Building and Safety Department issued 221 permits for single-family residences.

From July 2015 to the end of June 2016, the building department issued 107 permits. That’s an increase of roughly 107 percent.

Several residential developers restarted projects throughout 2016 and 2017.

William Lyon Homes is working its way through Nye County to bring more homes to Mountain Falls. The home developer is slated to get 145 new residential lots in the Mountain Falls area after gaining approval of its tentative subdivision map in June by the Pahrump Regional Planning Commission.

Beazer Homes Holding Corp. updated its development agreement for a residential subdivision in Burson Ranch at Tesora in November, which had expired in 2015. The project calls for 586 single-family homes and 13 acres of park and open space. Beazer is now selling three floor plans starting at $158,990 and up to just under $181,000.

Sales have increased in some of those communities.

Mountain Falls had an increase in closings during the first quarter of 2017. During that period, Mountain Falls sold 15 homes in its Series I and Series II editions, according to a Securities and Exchange Commission filing. In the same period in 2016, Mountain Falls moved 14 homes.

On an annual basis, Mountain Falls had 77 single-family homes sold throughout 2016, according to William Lyon’s SEC filing. At the end of 2015, William Lyon Homes moved 43 single-family homes—an increase of 79 percent.

Contact reporter Jeffrey Meehan at jmeehan@pvtimes.com. On Twitter: @pvtimes