News & Opinions
The latest news and insights from Hanley Wood’s outspoken experts and key thought-leaders throughout the residential and commercial design and construction industry.
Top-10 Startling Changes of 2012/2013
Brad Hunter / Metrostudy / June 3, 2013
A year ago, if you made a list of residential real estate’s 10 most stunning developments and trends, few–if any–of Metrostudy chief economist Bradley Hunter’s observations would have made the list:
- Prices of “A” location lots in several markets are back to PEAK!
- Some submarkets in Atlanta have gone from 220 months of lot supply (“VDL”) to near equilibrium levels, and are now headed to shortage!
- Builders are deliberately slowing sales by raising prices, in popular neighborhoods!
- Buyers are voting with their pocketbooks that 15%-20% price increases are ok (in select submarkets)!
- The expected down-sizing of homes by builders has (at least for now) gone the other way!
- Mortgage rates finally edged up!
- More than 50% of buyers in many Irvine-area projects buy with cash!
- A dozen new condo towers are being developed in Miami!
- Buyers camped out overnight at two projects in Florida to be the first in line to reserve pre-construction homes…and that was a year ago!
- Phoenix. Just, Phoenix. ‘Nuff said. and… (Yes, my Top 10 List goes to 11)
- Las Vegas finished-vacant single-family home supply is down to 2 months!