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Builders started construction on 1,492 single-family homes in the Sarasota-Bradenton market in the second quarter — the most since the third quarter of 2006.
The start rate, according to a new report from data firm Metrostudy, is up 17.6% compared to the second quarter of 2015. The annual start rate, the report adds, rose 32.6% to 5,406 annual starts.
More good housing news: Single-family quarterly closings totaled 1,447 units in the second quarter, 35.1% higher year-over-year and the best single quarter for closings since the recession, the report shows. And the annual closings rate was 4,875 units per year, 25.7% above the annual closings through the 2015 second quarter.
“Retiree demand should continue to drive growth in starts and closings in Sarasota over the next few years,” says Tony Polito, regional director of Metrostudy's Sarasota/Bradenton market, in a statement. “Potential road bumps include rising interest rates, affordability issues, public sentiment towards growth, the overall economy and the ability to sell homes 'up north.'”
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