Quick Links
Follow us on:
 |
 |
 |
 |
 |
 |
Subscribe to News & Housing RSS
| 2011 gives Las Vegas market opportunity to secure long-term land positions |
| Latest News |
|
MetroStudy Report - (Las Vegas, NV– August 1, 2011) Job formation continues through 2Q11; Overall, the Las Vegas market continues to show signs of improvement through 2Q11, 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. Job growth has been elusive over the past three years but continues to improve through May. “Big gains in Leisure Services, Education and Health, Business Services and Retail Trade have off set losses in Construction, Real Estate and Government,” said Greg Gross, director of Metrostudy’s Las Vegas Region. “It’s been a long time since we have seen growth in these four sectors.” Overall employment is up about 1% from one year ago. Recovery in the broader national economy is a key issue for Las Vegas as the market is poised to be one of the early recovery markets. The unemployed population dropped below 13% in April and May, but jumped in June and now stands at 13.8%. Supply and production issues no longer plague the new home market. There were 974 starts and 1,004 closings in 2Q11. Production has bottomed and we are beginning to see prices stabilize. Annual closings for SFD housing will stabilize this year but with new inventory depleted, starts will begin to increase. Total Attached housing is 82% of all housing inventory this year. 74% of the attached inventory is Finished Vacant, down 5% since 1Q10. “2011 will likely be challenging for us as the market has grasped the idea of having ‘bottoming out,’” said Greg Gross. “The new normal will be steady absorptions, difficult lending standards and increased construction costs. While challenging for current business, 2011 will also be a year of opportunity to secure long-term land positions in the Las Vegas market.” For information contact: greg gross @ 916.873.7840 This e-mail address is being protected from spambots. You need JavaScript enabled to view it |
