Sarasota & Manatee Counties see increase in New Home Construction
Lakewood Ranch, Fl.-New residential building climbed last month due largely to an overwhelming demand for homes in an area that has seen inventory at one of it's lowest levels.Industry insiders predict a slowing in the fourth quarter related to rising land costs and the continuing labor shortage experienced in the region but a rebound is expected early in 2014.
Builders in Manatee/Sarasota applied for 285 permits to construct single family homes in August, an increase of 39 percent over July and up 40 percent over the same month last year.Applications for permits measure new construction due to start within 90 days. Increasing mortgage rates show little signs of slowing the trend in Southwest Florida.The real estate selling season typically starts in October as the first snowbirds return to the State.
New Construction in LWR
The inventory of available homes stands at 3.1 months, which means that at the current selling rate it would take that amount of time for everything on the market now to sell if no new properties were added. A healthy market would have 6 months of available inventory.
Builders in Lakewood Ranch have sold a total of 418 homes this year, up 5.3% from last year's numbers.At present there are only 102 active listings on the ranch, leading more hopeful home buyers to look at new construction on Lakewood Ranch.