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The first quarter of 2016 was the strongest quarter for new homes started in the Sarasota-Bradenton housing market since the third quarter of 2006.
In the quarter, 1,443 single-family units were started, a 61.6% increase over the first quarter last year, according to a statement from data firm Metrostudy. That total is the highest since the third quarter of 2006. The region also posted a 21.5% increase in new home starts compared to the fourth quarter of 2015, the statement says.
Single-family quarterly closings totaled 1,261 units, a near 38% increase year-over-year increase and a 22.7% increase over the fourth quarter.
“Typically fourth quarter closings are the highest each year, but this quarter showed an impressive increase from 4Q15,” says Tony Polito, regional director of Metrostudy's Sarasota-Bradenton market, in the statement. “The current new housing starts level is 116% of the average annual 20-year volume of 4,506 units.”
Because of retiree demand, Metrostudy projects continued growth in starts and closings in Sarasota over the next few years. “This does not mean 2003-2006 levels,” Polito says, “but demand should continue to grow.”
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