The new home market in Pahrump could see a boom if work begins on a pre-recession housing development and newer projects continue to build.
William Lyon Homes received approval on its final map for Area 7 in the Mountain Falls subdivision. The approval will bring 166 new homes to a more than 36-acre lot that sits at the end of Cassero Road and is adjacent to the Paradiso subdivision.
This is one of several approvals this year for William Lyon Homes. In June, the homebuilder had a tentative map approval for 145 lots and a tentative map was approved on 330 homesites in January.
On the other side of town, another project was reapproved with an extension of time in September by the Nye County Commission. The project is pegged to add 448 homes to the valley.
The project sits on 160 acres and is known as the Indian Road Subdivision, at Hafen Ranch and Turner roads. The site has yet to see any homes constructed and was initially approved before the recession hit.
The development agreement was set to expire at the end of 2017 and was narrowly reapproved with a 3-2 vote on Sept. 19.
Many locals voiced concerns about the availability of water in the future in the Pahrump area with hundreds of new residents potentially coming to the region.
The approved development agreement does adhere to conservation codes set out by the county.
Though some projects have yet to get going, others have been moving along.
Mountain Falls’ Series I, which saw its first homes go up in 2011, has seen 218 homes close, according to a quarterly Securities and Exchange Commission filing in August.
Series II has seen 41 home sales since it opened in 2014.
Home sales were up in both series for the quarter.
Series I saw 29 closings on new homes in the Mountain Falls subdivision for the quarter ending in July, with six closings in Series II.
That was well above the 12 closings in Series I noted in the quarterly SEC filing in May 2017 by William Lyon Homes. There were also three closings on Series II in that period.
Quarter over quarter, there was a more than a 100 percent increase in sales for both series inside Mountain Falls.
Prices on Series I in Mountain Falls were $173,500 to $206,150. Series II had sale prices ranging from $232,500 to $321,500 on new homes.
Existing single-family homes in Pahrump had a median price of $194,500 with 44 units sold in September. The median price is down compared to parts of the summer of 2017. In June, the median price on single-family homes was $198,300.
However, the median home price for single-family homes fell to $190,000 in July.
Contact reporter Jeffrey Meehan at jmeehan@pvtimes.com. On Twitter: @pvtimes