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According to the BATC (Builders Association of the Twin Cities), single family construction in the Twin Cities reached a ten year month to month high with a 22% increase in permits pulled when compared to 2015. Single family home construction increased by 2% for year to date. Data compiled by the Keystone Report for the Builders Association of the Twin Cities (BATC), showed there were 408 permits issued for a total of 615 units during four comparable weeks in the month of March 2016. Multi family home construction remained slow for the month of March, making up just 37% of total activity for the year.
The increase in single family construction may be due, in part, to record low inventory for pre owned homes.
“After a strong spring Parade of Homes, the permit numbers reflect the positive builder sentiment and show that new construction is picking up,” said Meg Jaeger, the Builders Association of the Twin Cities 2016 President. “With the Twin Cities existing housing market seeing one of the best starts to the year in more than a decade, and with extremely low resale inventory, we believe this trend will continue to spread to new construction.”
“We are seeing that first time homebuyers want to become homeowners, but the regulatory burden is still too steep, pricing many of them out of the market.” said BATC Executive Director, David Siegel.
For March, Golden Valley issued the most permitted units at 172, followed by Woodbury with 40. Blaine issued permits for 26 total units, rounding out the top five were Lakeville with 25 units and Plymouth with 23 units permitted.
If you’re looking to buy new or build new in the Western Twin Cities suburbs such as Plymouth and Orono then be sure to check out our current available homes for sale.
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