If the first month of the year is any indication, 2013 is going to be a very good year for those involved in residential real estate and especially new home construction. Home sales in January were up 45% from 2012. That is the second best start in the company’s 11 year history. The 16 sales in January mark the second year in row for double digits sales. Only 2007 ranks as a better start to a new year.
An encouraging factor in this resurgence of home buying activity is that it was experienced by many different communities and full range of price points. Seven different neighborhoods had a home sale in January, with four different communities having at least two. Summerwood, the newest development project lead with five sales and Wyngate had four. The price points of the monthly activity ranged from the $250,000’s up to $600,000’s.
Another positive aspect of the recent activity was the stages of construction of each home when they were purchased. Three sales or almost 20% were build jobs, where the home buyers begin the construction process at the stake out stage. The other 13 sales ranged from being completed in 90 days all the way to a home ready for immediate occupancy.
There are plenty of stories from various media outlets about renewed consumer confidence in residential real estate. Based on the first month of 2013, it seems that optimism is well deserved.