Las Vegas Multi Family Unit Building Permits Up AGAIN for October!

First August, then September and now we have October!

Obvious anticipation for rental homes, or maybe just housing period is driving the amount of building permits for multi family buildings up for the third month in a row!

Amount of Multi-Family Unit Permits Pulled:

  • October 2007:  2733 
  • September 2007:  2296 
  • October 2006: 975
Up 19% from month prior and 180.3% from the year prior

For single family homes building permits pulled:

  • October:  1734 
  • September 2007:  587
  • August 2007:  794
  • October 2006: 868

Up 195.4% for the month prior and up 99.8 from one year prior.

I do expect new construction sales to rise from here until at least the beginning of 2008 as we are beginning to see prices slide back to pre-2004 levels!  Most major builders are not pulling permits until they have a contract.  Units sold for October were 1170.  I am thinking we are in for some bigger numbers come spring 2008!

Source for stats:  Home Builder's Research

 
Post is included in group: Market Updates

4 Comments on Las Vegas Multi Family Unit Building Permits Up AGAIN for October!

This does not suprise me at all!  With rents on the rise the investors are trying to capitalize! 

11/28/2007 02:38 PM by Rey Gallegos Home Loan Consultant Las Vegas, NV (A Mortgage Bank)

Rey:  I am wondering if it is too much !?!??!?!?!  I do think with projected population for the future that we could sustain but when mortgage products return, won't many want to buy again?

11/28/2007 10:58 PM by Renee Burrows - Las Vegas NV Real Estate (Nevada Realty Solutions)

Renee,

Great post about real estate data in your area of expertise. I think the fact that their still pulling permits for multi family units while the overall real estate market is slammed with inventory would indicate getting ready for renters. Let us know - keep us posted - great job.

Mike Lewis

12/01/2007 01:02 PM by Mike Lewis San Diego Realtor (Dawn Sells San Diego)

Mike:  Job growth is expected to stay really strong.  If there are no mortgage products for buyers here they have to do something like rent, right?  Unfortunately, we don't know how long mortgage products will be tightened up.  The amount of permits may be a bit too aggressive.  

12/02/2007 12:56 AM by Renee Burrows - Las Vegas NV Real Estate (Nevada Realty Solutions)

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Real Estate Agent: Renee Burrows - Las Vegas NV Real Estate (Nevada Realty Solutions)
Renee Burrows - Las Vegas NV Real Estate
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