St. George/Mesquite 2Q14 Survey: Rising Prices Keep Entry Level Buyers on the Sidelines

Posted in St. George - Mesquite Market | Posted on 08-22-2014 | Written by Metrostudy News

August 2014: According to Metrostudy’s quarterly survey, there were a total of 361 new homes – both attached and detached – started during 2Q14 in the St. George market, up 16% compared to 2Q13, and up 2% from 1Q14. New home closings totaled 319 during the second quarter, which is 13% more than last year at this time, however 10% fewer than last quarter. Annual new home starts have increased 33% compared to last year’s pace, for a total of 1,549 homes. Annual closings totaled 1,390 as of June, which is an increase of 27% compared to the pace last year.

The Mesquite market area started 41 new homes during the second quarter of 2014 which is up from 22 starts during 2Q13. Annual starts as of June totaled 210, which is an increase of 49% compared to this time last year when there were 141. Quarterly closings totaled 71 during 2Q14, up 97% from the 36 closings in 2Q13. Annual closings totaled 217, which is a 55% increase compared to the pace last year at this time.

“Escalating home prices are continuing to keep many entry level buyers out of the market, as fewer consumers are able to qualify for a home,” said Eric Allen, Director of Metrostudy’s Utah/Idaho Region. “Rising prices are keeping would-be buyers in a rental holding pattern. The median price for a new detached home in the St. George market is $349,400, up 16% from a year ago. The median price for an attached unit is $137,900, up 5% from last quarter. The median new home price in Mesquite is currently $211,100 which is up 5% from last year at this time.”

As of June, there is a 5.7 month supply of single family detached homes in the St. George market, which is up from 5.1 months recorded at this time last year. Under construction inventory for detached homes increased 25% compared to last year at this time, however dropped 3% from last quarter. This total calculates to a 3.8 month supply, which is down from 4.0 months recorded last quarter. There are 168 finished vacant homes on the ground, an 83% increase from 2Q13, and 30% above last quarter.

“Despite the increase in inventory, the supply remains healthy at 1.6 months, up from 1.1 months in 2Q13,” said Allen.  “So far, closings have kept pace with the market, resulting in a healthy level of finished vacant homes, however it will be imperative to monitor as we push into the second half of the year.”

New detached inventory in Mesquite increased 6% from a year ago, however down 4% from last quarter. The current total calculates to a 5.8 month supply, which is considered to be within equilibrium. Under construction inventory decreased from a 1.7 month supply recorded last quarter, to a current supply of 1.3 months. There are currently 25 finished vacant homes on the ground, which is a 1.2 month supply, down from 2.6 months in 2Q13.

Inventory of vacant developed lots (VDL), or finished lots, in the St. George market have increased 10% since last year and 1% from last quarter. Despite the slight increase in overall lot inventory, absorption (starts) has also increased, which has caused the supply to drop. Based on the current pace of absorption, there is a 42.8 month supply, down from 51.7 months recorded at this time last year, and down from 44.6 months last quarter. While the overall supply of lots is above healthy equilibrium levels, there are areas and specific projects in the market that continue to have a negative effect on this supply. There have been 2,054 new lots delivered to the market over the past year, while builders have absorbed 1,549, resulting in a net increase of 505 lots. Vacant developed lot inventory in Mesquite decreased -8% from last year. At the current pace of absorption, this calculates to a 90 month supply, which is down from 145.3 months recorded in 2Q13.

While we do not expect the St. George market to expand at the same pace as 2013, the momentum is expected to continue into the rest of 2014.

For information contact Eric Allen @ 801.571.7700 x424
email eallen@metrostudy.com

About Metrostudy

Metrostudy, a Hanley Wood company, is the leading provider of primary and secondary market information to the housing and related industries nationwide.  Established in 1975 in Houston, Metrostudy provides research, data, analytics and consulting services that help builders, developers, lenders, suppliers, retailers, utilities and others make investment and business decisions every day.  www.metrostudy.com

About Hanley Wood

Hanley Wood is the premier information, media, event, and strategic marketing services company serving the residential, commercial design and construction industries. Utilizing the largest editorial- and analytics driven construction market database, the company produces powerful market data and insights; award-winning publications, newsletters and websites; marquee trade shows and executive events; and strategic marketing solutions. To learn more, visit hanleywood.com.

Housing starts up strong, with some stand-out markets

Posted in Atlanta Condo Market, Charlotte Market, Inland Empire Market, Naples - Ft. Myers Market, Nashville Market, National Housing Market, Reno Market, Rio Grande Valley Market, Sarasota - Bradenton Market, Southern California Market, St. George - Mesquite Market | Posted on 08-19-2014 | Written by Brad Hunter

See Top 10 Markets for New Residential  Construction Here 

brad hHousing starts numbers out today surprised many observers with its strength (+15.7%), but we find it to have been in line with our actual counts, released earlier this month. As we predicted, last month’s Census estimate was revised upward, and now the numbers are back in line with the trends revealed by the Metrostudy roll-ups.

The last release of housing starts data from the Census Bureau caused undue alarm about a collapse of activity in the South.  The Census release had shown a 29.6% decline for total starts in the South, but as we pointed out at the time, this exaggerated the weakness in the south. As a matter of fact Metrostudy’s research shows that several markets in the south are up, both based on prior quarter results, and year ago. Raleigh was down 5% versus a year ago, but Charlotte, Atlanta, Texas, and South Florida showed increases.

Metrostudy’s data show that some of the most “beaten-down” markets are now doing better.  In Las Vegas, for example, housing starts were up 16% from 1st quarter 2014 to 2nd quarter 2014, and Phoenix showed a 12.3% increase quarter-on-quarter (though it is still down sharply year-on-year). Housing starts in Chicago were up 87% quarter-on-quarter, and up 30% year-on-year.  Naples Florida showed double-digit gains, both quarterly and annually.

Some significant trends were evident in Metrostudy’s data in California. Housing starts in the Riverside area rose 48.5% quarter on quarter, and are up 14% year-on-year.

We are seeing an increase in lot development in Riverside as lot shortages around the I-15 Corridor have intensified. The Inland Empire is developing its own economy, with 3% job growth, meaning that is it is no longer just a bedroom community for L.A.

Housing starts in Northern California rose 92% in the second quarter compared with the previous quarter, and are up 19% year-on-year. Starts there are at a record high since the boom. Contra Costa and Alameda County had particularly strong increases.

Also see, Brad Hunter discuss the promising increases in the Residential Remodeling Index and New Residential Construction this month on Bloomberg TV.

 

Lots of Catch-Up

Posted in Atlanta Market, Austin Market, Central Florida Market, Dallas - Ft. Worth Market, Denver - Colorado Springs Market, Houston Market, Inland Empire Market, Jacksonville Market, Las Vegas Market, Maryland Market, Naples - Ft. Myers Market, National Housing Market, Northern Virginia Market, Phoenix - Tucson Market, Raleigh - Durham Market, Sarasota - Bradenton Market, South Florida Market, Southern California Market, St. George - Mesquite Market, Tampa Market | Posted on 08-04-2014 | Written by Brad Hunter

brad hWe have been talking for years about the lot shortages that builders are facing.  Now, it’s time to talk about how many lots are being developed.  Builders and developers are now playing “catch-up,” with builders buying land and lots and developers/investors paving roads and putting in infrastructure to serve the builders’ needs at a frenetic pace.

The pace of lot delivery (completion, ready for the builder) has gone up 140% in the past two years, much faster than the pace of housing production has risen (+84%).  Despite this increased pace, lot development STILL lags the pace of home production nationwide.

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In some markets, the lot production machine is in full gear, and has caught up with demand.  This is a good sign for builders, and a vital turning point for home production in 2015 and beyond.

The TOP TEN states for lot production in 2Q14 are:

State       2nd Q.   Starts        2nd Q. Lot       Deliveries
Texas 19,714 18,931
Florida 12,416 10,974
California 10,050 10,219
North Carolina 4,866 3,168
Georgia 4,489 1,270
Colorado 3,985 3,276
Arizona 3,519 4,596
Maryland 2,436 2,122
Utah 2,328 2,498
Virginia 2,198 1,850

Note that lot production has caught up with new home production in California, Arizona, and Utah.   Florida development is woefully far behind demand for lots, hence the skyrocketing cost of finished lots there.

Metrostudy defines “future lots” as those that are in the pipeline (some are pre-entitlement), and Florida has the deepest pipeline.   Below are the top 10 states ranked by known future lots.

State Future Inventory
Florida 1,597,055
California 1,378,299
Arizona 1,213,476
Texas 651,413
Colorado 406,613
Georgia 316,956
Illinois 281,054
Nevada 227,121
Maryland 194,829
Virginia 183,613

 

St. George – Mesquite housing market activity slows in the third quarter of 2013

Posted in St. George - Mesquite Market | Posted on 10-26-2013 | Written by Metrostudy News

(St. George – October 26, 2013) Consumer Confidence has taken a hit with the turmoil surrounding the government shutdown, which has affected buyer sentiment.  Also, with prices and interest rates increasing, purchasing power for potential home buyers will weaken, and some may be forced to look for homes at different prices, with fewer features, or delay purchasing altogether.   This is 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.

St. George:

According to Metrostudy’s quarterly survey, there were a total of 171 new homes started during 3Q13 in the St. George market (both attached and detached).  This total is down -41% compared to 3Q12.  Annual starts have decreased -14% compared to last year’s pace, for a total of 890 homes.  Annual new home closings totaled 867 as of September, which is a decrease of -1% compared to the pace last year.  Quarterly closings in 3Q13 totaled 195, which is a -24% decrease compared to 3Q12, and down another -11% from last quarter.

“While new home production (starts) decreased during the third quarter, the overall supply of new home inventory remains healthy,” said Eric Allen, Regional Director of Metrostudy’s Utah/Idaho Region.  Total new home detached inventory in the St. George market is nearly unchanged compared to last year at this time, however decreased  -3.7% from last quarter for a total of 448 homes.  The supply increased slightly from last quarter to 6.6 months, up from 6.3 months.  Under construction inventory totals 302 homes, which is a healthy 4.4 month supply.  While under construction inventory decreased -4.4% from last quarter, the number is 19% higher than last year at this time.  Finished vacant inventory remains below equilibrium with a 1.7 month supply, a total of only 114 homes.

The number of vacant developed lots in the    St. George market area has decreased for 19 consecutive quarters and now totals 5,167, which is 10% lower than 3Q12.  While lot inventory has decreased -2% from last quarter, the slowdown in production has increased the lot supply from 62.5 to 69.7 months currently. While the overall supply is above equilibrium (18-24 months), there is a need for replacement lots at certain price points and sizes in the market. There have been 348 new lots delivered to the market over the past year, while builders have absorbed 890 in the same time period.

Mesquite:

The Mesquite market area started 49 new homes during 3Q13 which is down from 66 starts during 3Q12.  Annual starts as of September totaled 115, which is a decrease of -23% compared to this time last year.  Quarterly closings totaled 34 during 3Q13, up 6% from 3Q12.  Annual closings totaled 141 for the third quarter, which is a -9% decrease compared to the pace last year at this time, however up 1.4% from last quarter.

New detached inventory in Mesquite increased from 88 homes recorded last quarter to 103 in 3Q13, which is an 8.8 month supply, and still considered to be within equilibrium.  However, total inventory is down -20% from last year at this time.  Under construction inventory increased from 21 homes, a 1.8 month supply from last quarter, to a current level of 36 homes, a 3.1 month supply.  There are 30 finished vacant homes on the ground, which is a 2.6 month supply, which is unchanged from last quarter.

Vacant developed lot inventory in Mesquite decreased -7% from last year to a total of 1,671.  At the current pace of absorption, this calculates to a 174.4 month supply, which is up from 156.4 months recorded last quarter.

For information contact:
eric allen @ 801.571.7700 x424
email eallen@metrostudy.com

About Metrostudy

Metrostudy, a Hanley Wood company, is the leading provider of primary and secondary market information to the housing and related industries nationwide.  Established in 1975 in Houston, Metrostudy provides research, data, analytics and consulting services that help builders, developers, lenders, suppliers, retailers, utilities and others make investment and business decisions every day.  www.metrostudy.com

About Hanley Wood

Hanley Wood, LLC is the premier information, media, event, and strategic marketing services company serving the residential, commercial design and construction industries. Utilizing the largest editorial- and analytics-driven construction market database, the company produces powerful market data and insights; award-winning publications, newsletters and websites; marquee trade shows and executive events; and strategic marketing solutions. To learn more, visit hanleywood.com.

St. George – Mesquite market continues to stabilize in the second quarter of 2013

Posted in St. George - Mesquite Market | Posted on 08-09-2013 | Written by Metrostudy News

(St. George – August 9, 2013) New home construction has been driven by real demand as a result of job gains, population inflows, pent up demand and of course interest rates. This is 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.

As of the end of June, there have been approximately 1,100 new jobs created over the past twelve months within the St. George MSA.  While this total is down from the annual increase of 2,500 jobs created during this time last year, the economy has grown 2.2% ,” said Eric Allen, Regional Director of Metrostudy’s Utah/Idaho Region. Based on the most recent numbers released from the Bureau of Labor Statistics (BLS), there are currently 50,400 people employed in the St. George market. While the unemployment rate experienced a .7% increase from May to June, the rate continues to improve and now sits at 6.1%.

St. George: According to Metrostudy’s quarterly survey, there were a total of 230 new homes started during the second quarter of 2013 in the St. George market (both attached and detached).This total is down -1.7% compared to last year at this time. Annual starts on the other hand have increase 14% compared to last year’s pace, to a total of 994 homes. Annual new home closings totaled 921 as of June, which is an increase of +29% compared to the pace last year. Quarterly closings in 2Q13 totaled 219, which is a +38% increase compared to 2Q12, however down -8% from last quarter.

“New home inventory remains well within equilibrium levels throughout the market, with some areas below healthy levels, as builders struggle to keep up with demand,” said Allen.  As of June total new home inventory in the St. George market for detached homes, totaled 468. While the total number of homes increases +14% over last year, the supply has dropped from a 7.6 month supply to 6.4 months. Under construction inventory has increased +14% from last year, and another +15% from last quarter, however still remains healthy with a 4.4 month supply. Finished vacant inventory has decreased -2.5% from last year and -13% from last quarter, and remains at record low levels.  This is a low 1.6 months supply based on current absorption.

The number of vacant developed lots in the St. George market area has decreased for 18 consecutive quarters, to a level not seen since 2006, when development was going the opposite direction. Lot supply now sits at 64.3 months, down from 80.8 months at this time last year. While the overall supply is above equilibrium (18-24 months), there are noticeable lot shortages in the more desirable areas of the market. “There have been 441 new lots delivered to the market over the past year, while builders have absorbed 994 in the same time-period. This signals that the oversupply of lots, particularly those in desirable areas is becoming less of a concern, with the focus now turned to delivering lots for future demand,” said Allen.

Mesquite: The Mesquite market area started 19 new homes during the second quarter of 2013, which is down from 45 starts during 2Q12. Annual starts as of June totaled 132, which is an increase of +6% compared to this time last year. Quarterly closings totaled 36 during 2Q13, down -23% from 2Q12. Annual closings totaled 139 for the second quarter, which is a -23% decrease compared to the pace last year at this time, and down -7% from last quarter.

New detached inventory in Mesquite has decreased -7.4% from last year at this time, and now sits at  7.6 months, a level considered to be within equilibrium. Under construction inventory currently has a low 1.8 month supply. There is a 2.6 month supply of finished vacant homes on the ground, which is down from 3.0 months recorded last quarter.

Vacant developed lot inventory in Mesquite has decreased -7.6% compared to this time last year. At the current pace of absorption, this calculates to a 156.4 months supply, which is down from 178.8 months recorded at this time last year.

For information contact:
eric allen @ 801.571.7700 x424
email eallen@metrostudy.com

About Metrostudy

Metrostudy, a Hanley Wood company, is the leading provider of primary and secondary market information to the housing and related industries nationwide.  Established in 1975 in Houston, Metrostudy provides research, data, analytics and consulting services that help builders, developers, lenders, suppliers, retailers, utilities and others make investment and business decisions every day.  www.metrostudy.com

About Hanley Wood

Hanley Wood, LLC is the premier media, event, information and strategic marketing services company serving the residential, commercial design and construction industries. Through its operating platforms, the company produces award-winning digital and print publications, Newsletters, websites, marquee trade shows and events, Market Intelligence data and strategic marketing solutions. The company also is North America’s leading publisher of home plans.

St. George – Mesquite market continues to grow in 2013

Posted in St. George - Mesquite Market | Posted on 04-25-2013 | Written by Metrostudy News

(St. George – April 25, 2013) Compared to the previous years, the St. George market is enjoying much stronger employment growth, which is also assisting the recovery of the housing market.  This is 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.

According to the revised numbers released by the Bureau of Labor Statistics (BLS), the St. George MSA has added 1,700 new jobs annually to the market as of March 2013, which is a 4.1% growth rate. While the total number of people employed in the St. George market has not fully recovered, the numbers are improving and gradually gaining momentum,” said Eric Allen, regional director of Metrostudy’s Utah/Idaho Region.  The unemployment rate in the St. George market continues to decline. While the market experienced a slight jump in the unemployment rate during January, which is a normal seasonal trend, the rate has begun decreasing again. As of February 2013, the unemployment rate sits at 6.6%, down from 8.2% recorded at this time last year.

St. George: According to Metrostudy’s quarterly survey, there were a total of 984 new homes started in the St. George market in the past 12 months, which is a +24% increase compared to the annual pace last year. During the first quarter of 2013 there were 248 new starts, which is down -32% compared to 1Q12. “The consistent increase in new home production demonstrates a strengthening confidence level in both builders and consumers,” said Allen.  Annual new home closings totaled 854 as of March, which is an increase of +18% compared to the pace last year. Quarterly closings in 1Q13 totaled 236, which is a -22 decrease compared to 1Q12.

Currently there are a total of 436 new detached homes in inventory throughout the St. George market, up +32% from last year. Despite the increase, new home inventory remains healthy at 6.5 months. “With new home closings picking up momentum, it has left the market in short supply of available homes, primarily in the more desirable areas. With home inventory at such low levels, builders have increased production in order to have homes available for quick move- in,” said Allen.  Finished vacant home inventory in the St. George market has increased +18% compared to last year, however down -11% from last quarter. At the current pace of absorption this translates to a 1.9 month supply, slightly below what we consider equilibrium. Under construction inventory has experienced a +49% increase compared to last year, which is a healthy 4.0 month supply.

Vacant Developed Lot (VDL) inventory for both attached and detached homes throughout the St. George market area declined again this quarter, and is down -7% from last year and -2% from last quarter. At the current pace of absorption, this translates to a 67.5 month supply, down from 90 months recorded in 1Q12. “While overall lot supply seems high, there are specific areas and product within the market that are in short supply and will need replacement lots soon.” said Allen. The market has delivered 577 new lots in the past year, while builders have absorbed 984 lots.

Mesquite: The Mesquite market area started 30 new homes during the first quarter of 2013 which is up from only 7 starts during 1Q12. Annual starts as of March totaled 158, which is an increase of +25% compared to this time last year. Quarterly closings totaled 47 during 1Q13, up significantly from the 11 closings during1Q12, and up +95% from last quarter. Annual closings totaled 150 for the first quarter, which is an -11% decrease compared to the annual pace last year at this time; however, the annual pace is up +32% from last quarter.

New detached inventory in Mesquite has increased +11% from last year, which is an 8.5 month supply and currently within equilibrium. Under construction inventory has a low 2.4 month supply.  Currently there is a 3.0 month supply of finished vacant homes on the ground, which is down from 4.7 months recorded last quarter.

Vacant developed lot inventory in Mesquite decreased -7% from last year. At the current pace of absorption, this calculates to a 132.1 month supply, however down from 178.2 months recorded at this time last year.

For information contact:
eric allen @ 801.571.7700 x424
email eallen@metrostudy.com

About Metrostudy

Metrostudy, a Hanley Wood company, is the leading provider of primary and secondary market information to the housing and related industries nationwide.  Established in 1975 in Houston, Metrostudy provides research, data, analytics and consulting services that help builders, developers, lenders, suppliers, retailers, utilities and others make investment and business decisions every day.  www.metrostudy.com.

About Hanley Wood

Hanley Wood, LLC is the premier media, event, information and strategic marketing services company serving the residential, commercial design and construction industries. Through its operating platforms, the company produces award-winning digital and print publications, Newsletters, websites, marquee trade shows and events, Market Intelligence data and strategic marketing solutions. The company also is North America’s leading publisher of home plans.

The St. George economy and housing market continues to gain strength in 3Q12

Posted in National Housing Market, St. George - Mesquite Market | Posted on 10-25-2012 | Written by Metrostudy News

(St. George, UT–October 25, 2012)The St. George market area continues to recover and gain momentum as we near one of the best years since 2009, 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 St. George MSA has sustained positive job growth since 2010, with the exception of July
2012, when there was a slight loss; however the overall economy appears to be slowly gaining momentum. Job growth in the market has increased 1.1% when compared to September 2011, or +500 jobs. The unemployment rate in the St. George MSA has been on a relatively steady decline since the peak of 11.5% in February 2010. “With job growth on the rise, the unemployment rate now sits at 6.8% as of August, which is down from 9.4% recorded last year at this time,” said Eric Allen, director of Metrostudy’s St. George Division

Over the past 12 months there have been 1,014 new homes started in the market, which is an 82%increase compared to the annual pace one year ago. Of this total, 277 starts occurred during 3Q2012, which is a 123% increase over 3Q2011, when starts only reached 124. Annual new home closings are also on the climb, with a total of 865 as of the end of 3Q2012. This is an increase of 44% compared to last year’s annual pace. Quarterly closings totaled 248 in the third quarter, which is a 15% increase over last year at this time.

The St. George market area currently has a 6.5 month supply of new detached homes in inventory, a total of 429. As of 3Q2012, there are 244 detached homes under construction, which is up 55% over 3Q2011. While this inventory has grown significantly over the past year, it remains within equilibrium, with a supply of 3.7 months. New detached inventory in Mesquite has decreased -2.3% from last year at this time to a total of 129, which is a 10.1 month supply. Under construction inventory has increased over the past year to 53, which is up 33% compared to the 40 homes counted in 3Q2011.

“This year has been filled with much stronger buyers and real growth, contrary to that in 2009, when sales were bolstered by the tax credit. The fundamentals are beginning to fall in place for the market to continue its road to recovery; however the upcoming election could place many would be buyers on the backburner again, waiting for a more stable direction from the leaders of our nation,” said Allen.

For information contact:
eric allen @ 801.571.7700 x424
email eallen@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

St. George’s expectations for a strong year remain positive in 2Q12

Posted in In The News, St. George - Mesquite Market | Posted on 08-06-2012 | Written by Metrostudy News

(St. George, UT–August 6, 2012) While we have not fully recovered from the recession, the fundamentals are falling into place, and expectations for a stronger year remain positive, 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.

According to the BLS, the St. George MSA created 900 jobs in the past twelve months as of the end of June, which is a growth rate of 1.9%. “While the overall number of new jobs is not exceptionally high, there is a definite improvement, with results now visible in the increased consumer confidence,” said Eric Allen, director of Metrostudy’s St. George Division. The unemployment rate currently sits at 7.1%. This rate is down from 9.1% recorded at this time last year.

Over the past 12 months there have been 877 new homes started in the market, which is a 51% increase compared to the annual pace of 581 in 2Q11. New home starts during the second quarter 2012 totaled 239, which is a 46% increased compared to 1Q11, however -35% fewer than 1Q11. New home closings saw a -2.9% decrease in annual closings when compared to last year, for a total of 730 homes. Of this total, 165 occurred during the second quarter 2012, which is the same as 2Q11, however down 46% from 1Q12.

Overall inventory for new homes in St. George now totals 502, an 8.3 month supply. Currently, there are 163 finished vacant new homes in the market, a 2.7 month supply, which is slightly below a healthy equilibrium of 3 to 3.5 months. “This total increased from 134 last year at this time, and is nearly unchanged from the 164 homes recorded last quarter,” said Allen.

“With the recent improvement in jobs, along with a stabilizing housing market, the St. George market is making its way into recovery mode and appears to be gaining strength,
“said Allen.

For information contact:
eric allen @ 801.571.7700 x424
email eallen@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.

St. George housing market holds steady

Posted in St. George - Mesquite Market | Posted on 04-23-2012 | Written by Metrostudy News

(St. George, UT– April 23, 2012) The St. George MSA market is performing similar to the national economy with gradual improvement in 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.

Annual job formations as of February 2012 in the St. George market totaled 800, up from the 100 jobs that were created last year at this time. “While the economy has not fully recovered from the job loss during the recession, it is apparent that the recovery is progressing and jobs are becoming easier to find and fill,” said Eric Allen, director of Metrostudy’s St. George Division. “The economy is benefiting from companies moving or expanding operations to the St. George market area, therefore new jobs are expected to be created in the near term and for many years to come,” said Allen.

The St. George market area started a total of 373 new homes during the first quarter of 2012. This is a 110% increase when compared to 1Q11, and 150% more than last quarter. Over the past 12 months there have been 810 new home starts, which is a 25.2% increase over the annual pace in 1Q11. “Demand for new homes appears to be picking up,” said Allen. New home closings totaled 311 during 1Q12, up 45% compared to last year at this time and 94% more than last quarter.

The St. George market area currently has 334 new detached homes in inventory, which is a 5.9 month supply. With the increase in home starts during the past 2 quarters, the supply of new home inventory has increased from a 4.7 month supply in 1Q11. Finished vacant home inventory has also increased from 2.6 months in 1Q11 to a 3.2 month supply as of 1Q12, however is still within equilibrium.

“While the market still faces headwinds, new home production is expected to increase throughout the year,“ said Allen.

For information contact:
eric allen @ 801.571.7700 x424
email eallen@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.

02/07/2012 – Metrostudy speaks at Southern Utah Home Builders Association Luncheon

Posted in Events, St. George - Mesquite Market | Posted on 01-30-2012 | Written by Eric Allen

Eric Allen, Director for Metrostudy – Utah / Idaho Region will present an Economic and Housing market overview for the ST. George market area.
The presentation will be at the SUHBA monthly meeting on Tuesday, February 7, 2012.
The meeting begins at 11:45am at the Abbey Inn, 1129 S. Bluff St., St. George, UT.