(Las Vegas, NV?October 30th 2012) As 2012 comes to a close, the Las Vegas housing market has stabilized and is beginning to improve, 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.
Annual job growth has remained positive through September, adding 5,100 jobs. Big gains in Leisure Services, Education and Health, Retail Trade have off-set losses in Construction, Real Estate and Government. Overall employment is up nearly 2% from January. ?If job growth continues, Las Vegas will remain a strong relocation destination into the future as in the past, especially with migration from California,? said Greg Gross, director of Metrostudy?s Las Vegas Region. Overall employment is up nearly 1% from one year ago and there are nearly 2% more people employed now than the January of this year. Recovery in the broader national economy is a key issue for Las Vegas.
We counted 1,816 new home starts during 3Q12 compared to 1,085 starts during 3Q11. That?s an increase of 66%. Annual new home starts increased 46% over 3Q11. Through 3Q12; annual single-family new home closings were 4,359. That?s 26% MORE than in 3Q11. The annual closing pace continues to increase, as does the quarterly start pace. ?The good news is that production in increasing and at the same time we are seeing price increases. Even the once burdensome Attached market has stabilized and new projects are beginning to appear,? said Gross.
Finished Vacant Attached housing makes up 40% of all housing inventory this year. ?The market continues to suffer with excessive mid rise and high rise projects that when conceived simply had no real occupancy demand,? said Gross. The Finished and Vacant attached product represents 67% of all attached inventory; which is 80MOS. .
?The last half of 2011 and the first three quarters of 2012 proved to be busier than 2010 which will help spur better confidence in the market. The new normal will be steady absorptions, difficult lending standards and increased construction costs. However, a thorough understanding of competitive framework, buyer segmentation and conducting crucial strategic planning will be vital for success,? said Gross.
For information contact:
greg gross @ 702-739-5855
email ggross@metrostudy.com
About Metrostudy
Metrostudy is the leading provider of primary and secondary market information to the housing industry and related industries nationwide. In addition to providing its own primary housing data for approximately 70% of the United States housing market, the company is recognized for its consulting expertise regarding real estate development, marketing and economic issues, and is a key source of research studies evaluating the marketability of residential and commercial real estate projects. Services are offered through an extensive network of offices located in major metropolitan areas throughout the U.S. For more information, visit www.metrostudy.com
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