In contrast to the weather this March, local builders kept the residential housing market on a stable track. The month remained virtually unchanged in single-family permitting, but did see an eight percent drop in total units from March 2012, all from the more volatile multi-family market. So far, permits are up about 1.5 percent and units up 20 percent over activity to date at this time last year.
According to data compiled by the Keystone Report for the Builders Association of the Twin Cities (BATC), there were 360 permits issued for a total of 482 units during four comparable weeks in the month of March, 2014. Year-to-date, there were 1,028 permits issued for a total of 2,011 units.
“Reports from builders in our Spring Parade of Homes have been very positive,” said Shawn Nelson, Builders Association of the Twin Cities 2014 president and president of New Spaces. “The month-long tour of new homes has been attracting big crowds, and more importantly, plenty of people looking to buy a home.
“Prospective buyers are seeing prices rise, inventories decline, and mortgage interest rates moving upward, all creating a sense of urgency for families to make the decision to buy now,” Nelson said.
Moundsview took over the top spot in permit activity for the month in activity, permitting 99 units in one multi-family building. Blaine and Plymouth both came in second with 30 units permitted, followed by Lakeville with 29 and Medina with 20.