Let the building commence!
Market data shows that across the U.S., the number of new home builds and permits has finally come back around to reflect numbers similar to those that predate the market crash.
CNBC covered the news in their online real estate section noting, “U.S. housing starts jumped to their highest level in nearly 7-½ years,” and “permits soared, hopeful signs for an economy that is struggling to regain strong momentum.” This year groundbreaking increased by 20.2 percent, estimating an adjusted annual output of 1.14 million units. That’s the highest number of builds since November 2007 and the largest percentage increase since February 1991.
We’re seeing this locally too. New construction starts on the few remaining lots on Sanibel Island are up significantly. On top of more builds, last month was also a significant indicator of increased sales across the state of Florida. [Read more about Florida real estate advancements in our previous post: Sanibel Real Estate: Florida Housing Market Continues to Grow].
President of John R. Wood Properties, Joe Mondelli, commented, “It’s been amazing to see and experience the housing market growth on our islands since we opened our doors in 2008.” To us at John R. Wood Properties, entering the Sanibel Island real estate market at the onset of the recession meant that eventually, things could only go up. And they have been––locally and nationally as the industry and economy both continue to stabilize and grow.
Momentum surely is building, and amidst the shifts and changes, Sanibel Island remains a gem in the sand. Whether it’s a well-loved home, new build, or renovation––Sanibel Island real estate is built on a solid foundation.
