VOL. 129 | NO. 74 | Wednesday, April 16, 2014
March Building Permits Drop 35 Percent
By Amos Maki
Homebuilding declined significantly in March compared to a year ago, with builders filing 35.2 percent fewer permits than last year.
Builders pulled 57 permits in March, down from 88 permits in March 2013, according to real estate information company Chandler Reports, www.chandlerreports.com. The 57 permits filed by builders in March was down from 67 permits filed in February.
The March permits averaged 3,299 square feet and $261,459, compared with 3,311 square feet and $231,172 in March 2013.
Regency Homes was the most active builder in March as tracked by permits, with 25 permits averaging 2,783 square feet and $207,934. Grant Homes pulled the second-highest number in March, with six permits averaging 2,593 square feet and $198,027. Karen Garner of Magnolia Homes pulled four permits, averaging 3,645 square feet and $372,500.
The Fountain Brook subdivision in Cordova North’s 38016 ZIP code saw the most permit activity, with nine averaging 2,685 square feet and $179,764. The Walker Homes subdivision in Arlington/Lakeland’s 38002 ZIP code recorded eight permits averaging 2,660 square feet and $204,121.
Builders sold 44 new homes in March, down 29 percent from 62 new homes sold last March. The average sales price for a new home was $273,033, up 8.2 percent from $252,239 a year ago.
Regency Homebuilders LLC led the way in sales, with eight averaging $235,857. Grant Homes sold four homes averaging $218,878, and Charles Morgan of Vintage Homes sold three homes averaging $153,443.
Chandler Reports is a division of The Daily News Publishing Co. Inc.