Below is a RECAP of each speakers presentation.
Elliot Eisenberg, PhD
NAHB Senior Economist
Economic Impact of Homebuilding
1. Housing Creates JOBS. A critical component of our economy!
2. In 2011, 541 homes were built contributing approx $8 million in local income, and created 1,278 jobs with half of those jobs being construction related.
3.In 2009-2010, new home construction contributed almost $304 million in local income
4. Single Family Residential Construction employs 1,278 Full Time Jobs, making it one of the largest Private Local Employers
5. Over 15 years, every 541 SF units generates $67 million in revenue for local govt's, but only $45.3 million in costs.
Mark Krueger
Grubb & Ellis
Residential Land & Regional Overview
1.New Home Sales by Price Range <$250K = 68%, 250-300K = 27%, >350K = 5%
2.Top New Home Sales by Area
South Suburban 42%, West Reno 25%, Spanish Springs 27%
3. # of Active Communities: 31
4. New Home Unsold Inventory: 4Q11 = 134
5. Top 5 Builders: Lennar, KB Home, Ryder, DR Horton, Pulte/Silverado
6. Finished Lot Supply: 2,973 Homesites down from 3,407 from 2010
2012 Predictions: Demand for Land & Homes will stay the same, Land Prices will stay the same. New Home Standing Inventory will stay the same. Rental Market will increase.
For more information visit Grubb Ellis.
Tim Ruffin
Colliers International
Commercial Development Outlook
1. Vacancy Rate Q4 2011: Office: 19.7%, Retail 15.91%, Industrial 14.6%
2. Time to Balance Market: Office 12 yrs; Retail 7 years; Industrial 6.7 years
3. Industrial: Growth of internet fulfillment, On-shoring, Spec-to-Suit
4. Retail: Discount Retailers, Strong Independent Restaurants, Online Retailing, Fewer Closings, No Middle Market
OFFICE TRENDS
5. Flight to Quality, Less SF per Employee, GREEN Buildings; Fewer Private Offices; Pre-Recession Leases Expiring
Kevin Sigstad
President of the Board of Realtors, RE/MAX Premier Properties
Resale Overview
1- Unemployment = remains high, it is lowest it has been since 2009
2. Median Home Price is $150,000, the same as 2000.
At $150,000 price, down of $5,250 + closing costs, pymt = $716. A two income family of $10.00/hr each can qualilfy.
3. Active Inventory = 1,400 homes - 5 mos absorption rate and trending down toward a seller’s market. A balanced market is consider 5 – 7 months supply of inventory
4. Market Absorption = There are 37 months supply of inventory in the over $1M price range, but less than 6 MSI in the under $300,000 price range.
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