Homebuilding picks up steam in Central Ohio, but can't keep up with demand:
Even though builders say activity is on the rise this year, they can't keep up with the demand from home buyers.
Topics Within:
- Miserable market for buyers
- An artificial high
- Builder build up
- Nationwide challenges
- A new way of building
- Less is more (but we need more)
Updated: Aug 10, 2017, 4:01pm EDT by JANET ADAMS
Home sales rose in central Ohio last month, but inventory stands at record low
Craig Tuckerman has been a custom home builder in Central Ohio for more than 25 years, so he knows all about the ebbs and flows of what can be a volatile market. These days, in a region that’s experienced 77 straight months of inventory declines in single-family homes and condominiums, “It’s a good time to be a builder in Columbus,” said Tuckerman, president of Tuckerman Home Group Inc.
“If I didn’t know what the numbers were, I’d have thought we were back at that 10,000 (building permits a year) level,” he said. “Everybody is busy.” The fact is, the building industry isn’t close to pre-Great Recession numbers. Data provided to Columbus Business First from Binns Real Estate Services show that since 2000, the peak of 11,266 permits for Franklin and surrounding counties occurred in 2003. That number hit a low of 2,119 in 2011. It grew to 3,197 permits in 2016.
Home building is making a comeback, industry experts and builders say. Activity is up 15 percent for this year’s first half, according to Robert Binns. It’s a development that can’t happen soon enough for home buyers and their Realtors.
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