More than 200 people attended the October 20th Housing Summit & Residential Forecast with Joe Zanola of the Zanola Company. Zanola provided his third housing market research update for 2009 and, utilizing specialized MARKETGRAPHICS research tools, offered his forecast for 2010.Highlights of the presentation included real estate sales updates from the Greater Springfield Board of Realtors and the Tri-Lakes Board of Realtors. In his presentation, Joe Zanola reviewed portions of the substantial market research he conducts in the five county area including permit data, developed lot supply over 12-month demand, historical new home supply vs. projected demand, and a forecast of total homes and lots needed by area by year through 2014. Zanola pointed out that the local market's net inventory trajectory is moving in a healthy direction.
Zanola highlighted the fact that the region's projected 7% population growth over the next five years, in combination with a continued relatively healthy employment picture, gives southwest Missouri's housing market a resilience that many others in the nation do not enjoy. Key in this observation, however, was examining the population ranges in which the area will grow the most. This information is critical to residential development and new home construction because while much of the industry has been building a home traditionally appealing to a young family (3-4 bedrooms, 3-car garage, basement, etc.,) Zanola noted that this is not the demographic projected to experience the largest growth here. For example, the age range with the largest increase in projected growth over the next five years was ages 60-64, which should grow by 23%; ages 65-74 was the next largest with nearly 20% growth.
The MARKETGRAPHICS "real time" data will be strategically important in helping our communities plan for the future, as well as helping builders/developers assess needs and gaps in the market. Zanola's information highlights the areas for opportunity in a complex housing market and demonstrates that this data is a critically important tool in demonstrating which residential projects will be wise investments. Understanding who to build for and the home/amenities that will accommodate those customers is critical to success.
Zanola announced near the end of his presentation that The HBA of Greater Springfield has agreed to terms that will make this essential complete MarketGraphics data available locally three times per year. HBA members, by virtue of their membership, will have access to limited data and analysis. Those who need the complete picture of the local housing/residential construction sector of the economy may subscribe to receive the full data set through the HBA of Greater Springfield. Inquiries should be directed to HBA of Greater Springfield CEO Matt Morrow.
HBA MEMBERS: To download selected excerpt slides from Zanola's MarketGraphics presentation, click here.
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