In our last email, we compared the total residential lots in the entitlement pipeline to the number of lots we believe will actually be built upon (“Market Entry Date”) in the next 24 months.
The numbers were eye opening – roughly only 10% of entitled lots within West Riverside County will be built upon in the next 24 months within select cites (Menifee, Riverside, Temecula, Moreno Valley, and Corona).
Now let’s take a look at housing demand and how it will affect the supply of lots. Based on our housing demand projections, over half of the cities within West Riverside County will be undersupplied in the next 24 months. Yes, you read that right…over half.
Provided below is a list of the top 5 most undersupplied markets:
If you are looking to acquire, invest, or sell residential land, this is the kind of information that will help guide your decision making process. Lot Inventory, Lot Supply, and Housing Demand are just a few of the many topics we cover in our new Residential Land Entitlement and Sales Metrics report.
Next week we will be releasing our Residential Land Entitlement and Sales Metrics report covering the West Riverside County market. Market InSite has teamed up with Land Advisors, a national land brokerage with more than 20 years’ experience, to ensure the most comprehensive and current data available in the industry.
We are very excited to share it with you. Look for an email from us next week.