Eric Allen led the expansion of Metrostudy’s operations into the Greater Salt Lake market in 2001, later opening the St. George & Mesquite market area in 2005, and the Boise, Idaho market in 2006. Eric is responsible for the Utah / Idaho operations including research, consulting and managing client relationships, and therefore possesses a vast knowledge of local real estate and the home building community. Eric currently sits on the Board of Directors for the Salt Lake and Northern Wasatch Home Builders Associations, and was the Associate Vice President for the Northern Wasatch HBA in 2007 and 2008.
Eric oversees all operations for Metrostudy’s Utah and Idaho markets, including consulting with builders, developers and financial institutions regarding the housing and economic market conditions. He is in charge of compiling housing information and quantifying the data for clients by providing them with a better understanding of how their projects can succeed. He also takes part in writing market studies and preparing absorption forecasts. Eric spends much of his time discussing the best possible scenarios for clients’ current situations (being, housing projects, future development or lending opportunities). He is a frequent guest speaker at housing seminars and has been quoted in many articles focused on the local market conditions.
The market is experiencing rapid growth from many out of state buyers, allowing the local housing market and economy to expand. While production in the second half of 2016 is expected to level off some, expert expect the market to have one of its strongest years since prior to the recession.
The St. George-Mesquite market experienced a slight decrease in new home closings in the fourth quarter, and the median price also fell, which indicates the market is not gunning for an intense affordability squeeze this year.
Salt Lake City has become a magnet for millennials due to excellent job growth and an unemployment rate far below the national average. A tightened supply of existing homes has pushed some younger buyers into the new home market, but it has also upped prices.