NEW HOME STARTS IN SOUTHWEST FLORIDA MARKET CONTINUES STRONG GROWTH
New High End market is booming, as per Metrostudy's survey of the Southwest Florida (Gulf Coat) new construction starts. Home starts priced over $750,000 are up 129%. Starts in the $400,000-$500,000 are up 127%, while lower priced homes are down 53%. In Collier County which comprises Naples and Marco Island, the annual starts rates has risen for twenty-two straight quarters. With President's Day comes the traditional spring homebuying season. The national outlook for 2016 is for solid growth, as per Realtor.com. The new construction market will see more significant gaines in the coming year as new home starts increase nationally 12% year over year and new home sales grow 16% over year. Total sales for existing and new homes will reach 6 million for the first time since 2006, a result of a strong domestic product increase of 2.5% and continued job creation.
Jonathan Smoke, chief economist for Realtor.com states that we are entering a normal but healthy housing market. "The improvements we have seen over the last few years have enabled a recovery in the existing home market, but we still need to make up ground in new construction, which begin to see in 2016. New homes sales and starts will bring overall sales to levels we have not seen since 2006 and will help set the stage for a healthy new home market.
Big Island Builders, a Naples, Marco Island premier custom homebuilder has built inspired luxury homes for over a decade. A team of professionals with a common goal - dedication to the comfort and luxury of each client. For more information please call 239.262.6867, or visit www.bigislandhomebuilders.com