(Las Vegas, NV– April 30, 2012) The Las Vegas economy continues to show signs of economic improvement through 1Q12, 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 remain positive through February, adding 2,200 jobs,” said Greg Gross, director of Metrostudy’s Las Vegas Region. Overall employment is up slightly from one year ago. Recovery in the broader national economy is a key issue for Las Vegas, as the market remains poised to be one of the early recovery markets.

“Even as weakness continues, Vegas remains much more diversified today than in years past, and if 2011 is any indicator, the job market should continue to improve through 2012,” said Gross. The unemployed population continues to improve and now stands at 12.1%.

Through 1Q12 annual single-family new homes closings were 3,665, which is 21% lower than in 1Q11. There were 858 new home starts during 1Q12 compared to 762 starts in 1Q11, which is an increase of 12%. “This means that inventory levels remain in check, if not a little low,” said Gross. “While the annual closing pace continues to slow, the quarterly pace continues to increase.”

Total attached housing is 75% 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 vacant attached product represents 76% of all attached inventory. The high end, high-rise market will remain depressed for years to come. Entry and mid-level product will be opportunistic as the market slide ends.

“As 2012 begins, the Las Vegas housing market has stabilized and is beginning to improve,’” said Gross. “The last half of 2011 and 1Q12 proved to be busier than 2010, which will help spur better confidence in the market.”

For information contact:
greg gross @ 925.826.3801
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.

As the Las Vegas area housing market continues to evolve and take new shape in the face of decreased demand, a tight credit market, and weak economy, new challenges continue to present themselves.  Join Greg Gross at our briefing where we will discuss the Las Vegas area housing market and the results of our lot by lot census of new home inventory and lot supply.

WHEN:  Tuesday January 31st, 2012 9:00 – 11:00 am

WHERE:  Doubletree Clug Las Vegas

INFO:  e-mail Greg Gross  ggross@metrostudy.com

(Las Vegas, NV– January 25, 2011) The Las Vegas economy continues to show signs of economic improvement through 2011, 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 November, adding 15,300 jobs,” said Greg Gross, director of Metrostudy’s Las Vegas Region. Overall employment is up nearly 2% 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.

“Even as weakness continues, Vegas remains much more diversified today than in years past, and if 2011 is any indictor, the job market should continue to improve,” said Gross. The unemployed population surpassed 14% and now stands at 12.5%.

Through 2011 annual single-family new homes closings were 3,493. There were 1,818 new home starts during 3Q11 and 4Q11 compared to 1,596 starts during the last quarters of 2010. That’s an increase of 14%. “This means that inventory levels remain in check, if not a little low,” said Gross.

Total attached housing is 75% 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 vacant attached product represents 75% of all attached inventory.

“As 2011 has demonstrated, the Las Vegas housing market has stabilized and is beginning to improve, albeit slowly,’” said Gross. “The last half of 2011 proved to be busier than 2010, which will help spur better confidence in the market.”

For information contact:
Greg Gross @ 925.826.3801
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.

As the housing market in Southern Nevada continues to evolve and take new shape in the face of decreased demand, a tight credit market, and a weak economy, new challenges continue to present themselves. Join us at our briefing where we will discuss the Las Vegas housing market and the results of our lot by lot census of new home inventory and lot supply.

WHEN: Tuesday November 1, 2011 9:00am – 11:00 am

INFO: e-mail Greg Gross ggross@metrostudy.com

(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
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.

(Las Vegas, NV– March 1, 2011) Overall, the Las Vegas market continues to show signs of improvement in 1Q2011, 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 has shown improvement in March. The unemployed population in Las Vegas continues to waver around 13%. However, if the first quarter is any indicator, the job market will continue to improve through 2011.

Supply and production issues no longer plague the Las Vegas market. Production has bottomed and prices are beginning to stabilize. There were 829 starts and 975 closings in 1Q2011. Annual closings for SFD housing will stabilize in 2011 but with new inventory depleted, starts will begin to increase.

In 1Q2011, Attached Housing makes up 76% of all housing inventory in the Las Vegas market. 78% of the attached inventory is Finished Vacant.

Lot inventory levels will begin to erode at a more aggressive pace towards the end of 2011. As we reach the end of 1Q11, there are currently 16,049 SFD lots and 9,100 lots under development. At lower prices, the overall supply of SFD lots is declining and development opportunities for delivery in 2011 must be considered today.

Planning for the future is the name of the game for 2011, as securing lots become the priority. “2011 will likely be as challenging for us as the market has grasped the idea of having “bottoming out”, said Greg Gross, director of Metrostudy’s Las Vegas Region. “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 and in some cases, survival.”

For information contact:
greg gross @ 925.826.3801
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.

(Las Vegas, NV– February 1, 2011) The Las Vegas market continued to “bump along the bottom” in 4Q10, according 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.

The unemployed population in Las Vegas continues to waiver around 14% and now stands at 14.3%. Job growth has been elusive the past three years and worsened slightly through November without any positive sectors in Las Vegas.

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.

“Las Vegas will remain a strong relocation destination into the future, especially with migration from California,” said Greg Gross, director of Metrostudy’s Northern California Region. “In previous recessions, California’s misfortune stimulated Nevada’s economy, and while California needs to significantly reform its budget, Nevada is specifically poised to draw dissatisfied Californian’s and their businesses across state lines.”

Heavy foreclosures, while painful, are having a positive impact on the market by forcing price adjustment across the board. Apartments will become more competitive through the year with lower rents and increased incentives.

“The market is on track for a better first quarter with more home starts and new projects opening,” states Gross.

Las Vegas has embraced the gravity of market conditions fully and the fruit of that decision is reflected in ongoing inventory and price reduction as the market sets the stage for the next phase of the cycle. “While we hold a cautionary view for the Las Vegas market as opportunities are competing with real risks,” said Gross, “the window is cracking open ever so slightly for considering new deals.”

For information contact:
greg gross @ 916.231.9370
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.

(Las Vegas, NV– November 1, 2010) The window is cracking for the Las Vegas market to consider new deals, 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.

The low end has been re-invented in Las Vegas with production under $200K representing 55% of all housing starts for the quarter. The average “offer to build” price is well below its peak down to $222K; 24% less than a year ago. “Lower prices equal lower margins,” said Greg Gross, director of Metrostudy’s Las Vegas Region. “Planning for the future is the name of the game for 2010 as securing lots becomes the priority.”

Lot inventory levels will begin to erode at a more aggressive pace towards the end of 2010. The $225 to $275K price range should receive extra “due diligence” as the numbers suggest that this sector reflects a new cap for velocity with big drops in performance once you leave that range. “Be wary of pricing that expects performance over $300K,” said Gross. “This band is not bad just make sure you don’t expect the market to expand. With 16,500 SFD lots and 9,500 lots under development, immediate production capacity is still healthy.”

Las Vegas has embraced the gravity of market conditions fully and the fruit of that decision is reflected in ongoing inventory reduction and price reduction as the market sets the stage for the next phase of the cycle. “Going forward, the problem won’t be the cost of the house, but instead the embedded cost of the land. Will land prices come down appropriately and in a sustained fashion?,” said Gross. “While we hold a cautionary view for the Las Vegas market as opportunities are competing with real risks, the window is cracking open ever so slightly for considering new deals.”

For information contact:
greg gross @ 925.826.3801
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.

(Las Vegas, NV– August 1, 2010) Supply and production issues continue to plague the Las Vegas housing market, 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 U.S. Housing market.

“The good news is that production has bottomed and we are beginning to see prices stabilize. More alarming today is the condition of the Attached market as the existing production of the last two years continues to demonstrate the folly of some of these projects,” said Greg Gross, director of Metrostudy’s Las Vegas Region. “Whatever heat developers took canceling projects in late 2006 and 2007…they look brilliant today.” Read the rest of this entry »

(Las Vegas, NV – May 6, 2010) Lot inventory levels will begin to erode at a more aggressive pace towards the end of 2010 for the Las Vegas market, according to Metrostudy’s quarterly survey.

“‘Class A’ positions will be in short supply later this year,” said Greg Gross, Metrostudy’s director of the Las Vegas division. “The $225 to $275K price range should receive extra “due diligence” as the numbers suggest that this sector reflects a new cap for velocity with big drops in performance once you leave that range.  The lot supply remains very robust but we continue to take down the desirable lots with net reductions for the last two years.”

Months of supply is has dropped for the first time in 6 years.  The net aborption of lots highlights the dearth of deliveries as we are depleting the supply. At lower prices, the overall supply of finished SFD lots is declining, though with 18,000 SFD lots and 10,000 lots under development, production capacity is still very healthy.

“Supply and production issues continue to plague the market,” said Gross. “Detached production came to a virtual halt during the first half of 2009, represented the peak of the “Credit Freeze” as entry level programs were eliminated and lenders generally avoided lending like the plague. Traffic conversions came to a halt and production evaporated in similar fashion.   The good news is that production is at the floor and we will see prices hit bottom over the next quarter or so.”

While the market is behaving seasonally appropriate, year over year performance remains dismal. Annual closings for SFD housing will decline over the next 2 quarters but should sufficiently assist in depleting our new inventory overhang.  The low end has been re-invented in Las Vegas with production under $200K representing 64% of all housing starts for the quarter.  The average “offer to build” price is well below it’s peak down to $239K. Lower prices equal no to lower margins.

Vegas will remain a strong relocation destination far into the future, especially with migration from California.  Recovery in the broader national economy is a key issue for Vegas as Vegas will be one of the early recovery markets. The unemployed population has skyrocketed and now stands at 13.8%. 2010 should end the year with a negative job growth profile. Even as weakness continues, Vegas remains much more diversified today than in years past, said Gross.

Vegas has embraced the gravity of market conditions fully and the fruit of that decision is reflected in ongoing inventory reduction and price reduction as the market sets the stage for the next phase of the cycle.  Competition will remain fierce as the weakest (least desirable) portions of the remaining closeable inventory is the final workout hurdle on the “new” construction side of the market, said Gross.

“Going forward, the problem won’t be the cost of the house, but instead the embedded cost of the land,” said Gross. “Will land prices come down appropriately and in a sustained fashion? While we hold a cautionary view for the Las Vegas market as opportunities are competing with real risks, the window is cracking open ever so slightly for considering new deals.”