• 2020: Stable Housing Market Promising Sign

    for Economy and Commercial Property

    Published December 10, 2019

    INTERVIEW WITH:

  • What is the function of the Southern Nevada Home Builders Association? 

    SNHBA is dedicated to enhancing the quality of life by meeting the housing and community development needs of Southern Nevada. It is our mission to:

    • Promote community attitudes that will ensure the viability and success of the home building industry.
    • Combine individual talents and resources to provide leadership addressing challenges affecting our industry.
    • Implement programs to advance membership, education, and involvement in our association.
  • "SNHBA is a part of several discussions and strategic plans to enhance our workforce and to take part in solving southern Nevada’s affordable house crisis."

  • Part of SNHBA's mission is to tackle affordable housing

    and homelessness in the region.

    What are the biggest challenges that home builders are facing at the moment from a capacity, economic, and legislative standpoint?

    There is truly no one challenge that is bigger than the other. SNHBA is a part of several discussions and strategic plans to enhance our workforce and to take part in solving southern Nevada’s affordable house crisis. HomeAid Southern Nevada is the official outreach partner to SNHBA that supports non-profit organizations that serve the homeless population.

  • "In 2013 only 2% of the market consisted of attach products and it was reported in 2019, there was 15% of attached for sale product in the valley."

  • Are demographics changing the type of supply that homebuilders provide the market, and how so?

    Yes, demographics are changing the type of supply that homebuilders provide to the market. In recent years, many builders have been adding different options in their homes that can be centered around multigeneration living. In southern Nevada, we have also been seeing an increase in attached for sale product over the last few years. In 2013 only 2% of the market consisted of attach products and it was reported in 2019, there was 15% of attached for sale product in the valley.

    Attached homes are making up a larger portion of new builds.

  • "In a balanced resale market, the housing supply will be on the market for roughly 6 months, in southern Nevada, the average home has been on the market is less than 3 months."

  • GLVAR's October housing numbers show a stable residential market.

    Do you forecast 2020 as being a more or less active for homebuilders?

    The last year or so, the market has been very steady for homebuilders. In 2018, the industry was very active and could not keep up with the supply and demand. 2019 was a steady year for the builders, and 2020 is forecasted to be similar. In a balanced resale market, the housing supply will be on the market for roughly 6 months, in southern Nevada, the average home has been on the market is less than 3 months. These are all signs of a stable housing market.

  • "In our eyes, if commercial areas do not exist then residential homes would not exist and if residential areas do not exist then commercial areas would not be able to function."  

  • Residential and commercial real estate have a dependent relationship on one another, to the benefit of Southern Nevada's economic wellbeing.

    Why are the activities and the health of the homebuilding community so important to the entire (residential and commercial) property industry?

    The homebuilding industry is vital to a community. Without housing, the economy does not expand, people would not be able to move to the area and obtain job growth. Commercial and Residential construction work alongside of one another. In our eyes, if commercial areas do not exist then residential homes would not exist and if residential areas do not exist then commercial areas would not be able to function.

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