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| 1Q11 brings signs of economic recovery for the Central California Market |
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Metrostudy Report - (Roseville, CA– May 1, 2011) The Central California Valley economy continues to show signs of an economic recovery in 1Q11, according to a recent report by Metrostudy, a national housing data and consulting firm that maintains the most extensive primary database on residential construction in the US housing market. “It’s been more than three years since we have seen job growth in any of the Central Valley markets, and in March we have had growth in seven of the 13 sectors we track,” said Greg Gross, director of Metrostudy’s Central California Region.However, the job increases have yet to positively impact the new home market. Annual Housing starts are down 31% from 1Q10 in the Central Valley, while closings are off by 23%. This has brought inventory levels closer to equilibrium and indicates stabilizing paces as we reach the bottom of the market. Finished inventory of homes has retreated impressively from the highs reached in 4Q06. The market currently has about 3 months of supply, with 1,172 Finished Vacant homes this quarter. Finished inventory in this market is right at equilibrium. Central Valley has been absorbing more lots than were delivered for the past two years, making a significant dent in the number of finished lots. There were 27,640 finished lots throughout the Greater Central Valley in 1Q11. Development is slightly higher than a year ago. “While there have been some brighter spots regionally with increased traffic in sales centers and resale activity has increased in some areas. It is uncertain if these increased will be sustainable throughout the year given the bleak employment picture,” said Greg Gross. About Metrostudy Contact: |
