RCLCO is out with its mid-year update, surveying Master-Planned Communities (MPCs) throughout the country to establish the 50 top-selling community rankings.
Home sales at the nation’s 50 top-selling MPCs were strong in the first half of 2017, with the top 20 showing an increase of 25% over sales by the top 20 in the first half of 2016. On average, communities experienced about 19% growth in sales. Texas, Florida, and California account for 68% of the 50 top-selling communities. Orange County, California’s Irvine Ranch sold 1,088 homes thus far in 2017, topping the list for the third consecutive time.
Las Vegas continues to recover from slow sales during the recession as both Summerlin and Inspirada are among the 10 top-selling communities in the nation. Summerlin sales in mid-year 2017 were 28% over mid-year 2016 sales, while Inspirada saw a 35% growth in sales over the same time period.
MPCs that achieved sales increases continue to credit successful market segmentation—the targeting of various age, income, and household segments with appropriately priced and designed residential product types and lifestyle amenities. In addition to product segmentation, “community connectedness” was a common attribute discussed by sales agents at the top-selling communities. They are reporting that consumers prefer to live in neighborhoods with meaningful connections to their surrounding environment, reflected in the increased use of shared public spaces in many MPCs that facilitate both serendipitous and planned interactions among neighbors.
Developers of communities that experienced slower sales typically cited a lack of moderately priced homes as a principal cause. A number of the top MPCs have reported stronger than usual sales in moderately priced housing options that could appeal to either first-time homebuyers or downsizing empty nesters, another indication that affordability has been a key factor for many MPC consumers in 2017.