Friday, December 14, 2012
A Corner Turned for the Real Estate Market in 2012
After 2011, Real Estate was looking for any signs of improvement in 2012 and it looks like some relief is sight.
The relief came in the form of minor jumps in multiple areas in the Real Estate Industry. Forbes reported a drop in Vacancy Rates from 3.0 to 2.1 percent, which is much closer to our average of 1.5 percent. New Construction had its largest gains in the month of October since July of 2008. New Construction units built in 2011 came in around 600,000 and now in 2012 analyst show a jump to 750,000 units built. Forecasters for the economy expect that 2013 New Construction will reach above 1,000,000 units built.
Forbes stating that the New Construction is the best news to come out of 2012. However, we need about 1.5 million new units to match population growth. New Construction is important because it creates an average of three jobs per new unit for a year and $90,000 in tax revenue. Some of the factors noted to helping the Real Estate market, our economy that is improving slightly, number of people looking for homes and the inventory dropping.
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