New home starts jump 20% in Sarasota-Bradenton

New single-family home starts in the Sarasota-Bradenton market rose 20.4% in the third quarter over 2013.

In total, there were 1,032 homes started in the third quarter, according to a new report from real estate data firm Metrostudy. This was the third time out of the last four quarters with starts that surpassed 1,000 units. The annual start rate is now up 15.1% over the first three quarters of 2013, to a total of 3,975 starts, the report states.

Even the model home inventory is on the rise, up 40 units from the third quarter in 2013, to a total of 212 models. The increased model count, states the report, “is a clear sign of builder confidence.”

Other housing data for the Sarasota-Bradenton market, according to the report, include:
• Single-family quarterly closings totaled 821 units, up 5.8% over the third quarter of 2013;
• The annual closings rate was 3,585 units per year. That's an increase of 18.1% above the annual closings rate in the same quarter last year.
• Total inventories increased 21.7% compared to the third quarter of 2013, and construction inventory rose 316 units to 1,638.