Success is often the result of taking
a misstep in the right direction.
Al Bernstein
Pinal County housing market growth by construction permit year over year
Home starts across county up 35% in 1st quarter of this year
Posted: Saturday, May 28, 2016 8:07 am | Updated: 8:11 am, Sat May 28, 2016.
By BRIANNA BRADLEY, Staff Writer
FLORENCE — Housing construction has boomed in the last year in northern Pinal County, but that has also contributed to rising housing prices associated with a regional shortage in available lots, according to data in a recent study.
New home starts were up 35 percent in Pinal County, and as much as 60 percent in Maricopa County, in the first quarter this year in comparison to the same quarter in 2015, according to Metrostudy, a provider of market information to the housing industry.
David Brown, Metrostudy’s regional director in Phoenix, reported that the increase in production has caused a lot shortage and competition for future demand that would force builders to steepen housing costs.
“In the first quarter there was a slight growth in the median closed home pricing at 4 percent across the market, though it was stronger in some submarkets like Gilbert, Mesa and Chandler,” Brown said.
“Land pricing has appreciated slightly faster, which is going to push builders into higher prices.”
In Pinal County, builders are required to request permits for each model of a building that they plan to construct.
Christine Tucker, administrative manager of Pinal County community development, said the county measures both single-family residences and duplexes by requiring builders to request permits each time with some deviation depending on the residential communities.
Builders were only asked to request a permit for each particular model of the house once; however, the numbers reflect each address that received a permit to be constructed — even within housing developments where the same model of a house is built multiple times.
Permits for approval of home starts within the first quarter of 2015, from the beginning of January to the end of March, totaled 275.
Within the first quarter of 2016, 315 permits were given for construction starts within buildings classified as “standard” and “residential.”
For duplexes within Pinal County, throughout the year of 2015 San Tan Valley alone had 27 permits for construction and throughout the first quarter of 2016 San Tan Valley has already had 16 permits for construction of “standard” properties.
Florence also saw a 113 percent increase in permits attained for construction purposes. The building permits went from 16 in the first quarter of 2015 to 34 in the first quarter of 2016.
Development in Apache Junction slowed as the acquired permit number in the first quarter of 2015 was seven while in the first quarter of 2016 it was one.
San Tan Valley saw a jump in development as the permit number from the first quarter of 2015 was 178 while it was 219 this year.
Maricopa and Casa Grande saw very little development in the first quarter of 2015 and in the first quarter of 2016.
San Tan Valley, Oracle and Florence saw the most housing development and growth from 2015 to 2016.
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AZREIA Market Update | March 2016
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