Home building soars 53% | Inside Real Estate News

Richmond Homes remains by far the largest builder in the Denver area.

Builders, from Boulder to Elbert counties, pulled 5,020 permits for single-family detached homes in the first 11 months of the year, a 53.5 percent jump from the same period in 2011.

A report by the Home Builders Association of Metro Denver showed that builders pulled 3,271 from January through November of 2011.

In November, builders pulled 439 permits for homes, compared with 311 in November 2011, a 41 percent increase. That marks more than 18 consecutive months of an increase in permit activity from the same month in the previous year.

The HBA report includes the counties of Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas, Elbert and Jefferson, as well as all the communities in the counties.

Through November, 808 permits had been issued in Denver, the most of any county. The 38.8 percent increase, on a year-over-year basis in Denver, however, lagged the overall percentage increase for the entire metro area.

Permits indicate future construction activity.

Two areas that have had an oversupply of luxury resales homes, Cherry Hills and Castle Rock, are showing signs of some building activity.

Through November, builders pulled 14 permits in Cherry Hills, more than double the six pulled during the same period last year. In Castle Pines, builders pulled three permits in the first 11 months of the year, while none were issued January through November of 2011.

The report also shows that Richmond American Homes of Colorado, continues to be the most active builder in the metro area. In the first 11 months of 2012, Richmond pulled 958 permits, compared with 444 in 2011. Richmond is owned by Denver-based M.D.C. Holdings Inc., one of the nation?s largest homebuilders.

Century Communities remains in second place, pulling 563 permits through November, compared with 275 in 2011.

Meanwhile, attached product, such as townhomes, rose only modestly. Builders were issued 822 permits for attached homes through November, a 4.7 percent increase from the 785 from the first 11 months of 2011.

Permits for apartment units, however, soared by 62.7 percent to 2,305 from 1,417, through November.

In total, 8,223 permits were issued so far this year, 50.4 percent than the 5,473 during the same period in 2011.

?That far exceeds what people had predicting for all of 2012, with still one more month to report,? said local housing consultant, S. Robert August. ?That bodes well for 2013.?

Despite the big percentage gains, there appears to be no chance of overbuilding, August said. He said reports indicate that sales and starts and permits ?are on par with each other. That means there is little or no new homes available in the inventory.? The same is true for resale homes, he added.

Interested in buying a new home? Please visit COhomefinder.com for a helpful guide by geographic area and by builders.

Have a story idea or real estate tip? Contact John Rebchook at JRCHOOK@gmail.com. InsideRealEstateNews.com is sponsored by Universal Lending, Land Title Guarantee and 8z Real Estate. To read more articles by John Rebchook, subscribe to the Colorado Real Estate Journal.

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Source: http://insiderealestatenews.com/2012/12/home-building-activity-rises-53/

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