Friday, December 13, 2013

SHORTAGE of LOTS, coming our way next!!!

Get ready Builders and Developers...a shortage of lots to build new homes on is coming our way.  I posted some stats below to prove my point.  Really, this is nothing new.  A shortage of lots is the normal trend after a housing slowdown.

-The economic challenges of the past five years have masked a strong
  underlying growth trend in Washington State and nearly all of its areas

-Pierce County still has a large inventory of available land for single family homebuilding and will remain
  a magnet for households seeking affordable homes.

-In the peak year of 2005, over 5,500 single family permits were issued in Pierce County, and this fell to just  1,200 by 2009.  Construction has begun to rebound, with over 1,550 single family permits issued in 2011,
  and a projected 2,000 single family permits in 2012

-King county has 2-3 months inventory of New homes to sell.  Pierce and Thurston counties have
  about 4 to 5 months inventory of New homes to sell.  Meaning that if we stopped building new homes
  today, we wouldn't have a new home to sell a Buyer in 4 to 5 months.  All the New homes would be
  bought up that quickly!

-The federal housing data in Figure 6, supported by sales data, indicate that prices have stabilized at
  2004 levels in Pierce County and at 2005 levels in King and Thurston Counties.

To read the full report Prepared by Michael Luis & Associates for Washington Realtors, go to this linl.....

Thanks for reading,  Larry

Designed by Bart Prince.
One of my favorite Architects