Your Naples Real Estate Expert
  • Home
  • Search Properties
  • Naples Information
  • For You

How long to expect your new home build to take

10/4/2017

0 Comments

 
Picture
The National Association of Home Builders recently published statistics for average home build times across the US based on 2016 Survey of Construction (SOC) ​. As this information is valuable, I wanted to share the actual article with you. Interestingly enough, Florida had one of the shortest average build times... Is that a good thing? I'll let you be the judge of that.
Artlicle with Graphics can be accessed at: http://eyeonhousing.org/2017/09/time-to-build-a-single-family-home-in-2016/

The 2016 Survey of Construction (SOC) from the Census Bureau shows that the average completion time of a single-family house is around 7.5 months, which usually includes almost a month from authorization to start and another 6.5 months to finish the construction. The timeline from authorization to completion, however, which is not consistent across the nation, depends on the housing category, the geographic location, and metropolitan status.
Among all the single-family houses completed in 2016, houses built for sale took the shortest time, 7 months to completion after obtaining building permits, while houses built by owners required the longest time, 13 months. Homes built for rent took 10 months from permit to completion, and those built by hired contractors normally needed around 9 months. A large proportion of single-family homes built for sale and custom homes built by contractors on owners’ land began construction within the same month after obtaining building authorizations. However, homes built for rent and custom homes built by owners serving as general contractors had a one-month lag between obtaining permits and construction start in 2016.
The average time from authorization to completion also varies across the nation. New England had the longest time of 10.5 months, followed by the Middle Atlantic division of 10 months, East South Central, East North Central, and Pacific of 8 months in 2015. These five divisions had average time from permit to completion exceeding the nation’s average. The shortest period, 6.5 months, is registered in the South Atlantic division.
The average waiting period from permit to construction start are different across the nine Census divisions. Pacific division registers the longest time of 35 days, while Mountain division shows the shortest time of 17 days form permit to start.

Houses in metropolitan areas, on average, took nearly 8.7 months to completion, which was 1.3 months shorter than those in non-metropolitan areas. This pattern was quite consistent across the nation, except for the Middle Atlantic division where the average time to completion in metropolitan areas was longer than in non-metropolitan areas in 2016.
The SOC also collects sale information for houses built for sale, including the sale date when buyers sign the sale contracts or make a deposit. Looking at single-family homes completed in 2016, 32% was sold before construction started, 34% sold while under construction, 11.5% sold during the month of completion, and 16.5% sold after completion. The percent of single-family houses completed in 2016 and remaining unsold as of the first quarter of 2017 was 6%.

0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

    NAPLES REAL ESTATE BLOG

    Picture

    Blog CATEGORIES

    All
    Home Improvement
    Naples Happenings
    Naples Information
    Real Estate News
    Tips For Buyers
    Tips For Sellers

    Access Renee Hahn Facebook Posts

    This section will not be visible in live published website. Below are your current settings:


    Current Number Of Columns are = 2

    Expand Posts Area =

    Gap/Space Between Posts = 7px

    Blog Post Style = card

    Use of custom card colors instead of default colors = 1

    Blog Post Card Background Color = current color

    Blog Post Card Shadow Color = current color

    Blog Post Card Border Color = current color

    Publish the website and visit your blog page to see the results

    RSS Feed

CONTACT US
ACCESS MY ACCOUNT
HOME VALUATION

Renee Hahn Logo

Chairman's Platinum & Elite Club
​Top 2% in closed sales volume 
out of 7813 real estate professionals 
​at Naples Area Board of Realtors

239.287.2576
Renee Hahn, William Raveis Luxury Brand
Picture
©2023 All Rights Reserved
​The source of this real property information is the copyrighted and proprietary database compilation of the © 2023 M.L.S. of Naples, Inc. and © 2023 Renee Hahn, Realtor, William Raveis Real Estate. Accuracy of this information is not warranted or guaranteed. Information should be independently verified if any person intends to engage in a transaction in reliance upon it.
​​Privacy Policy
Our Web site Accessibility: We are committed to providing an accessible web site. If you have difficulty accessing content, have difficulty viewing a file on the web site, or notice any accessibility problems, please contact us to specify the nature of the accessibility issue and any assistive technology you use. We will strive to provide the content you need in the format you require.
  • Home
  • Search Properties
  • Naples Information
  • For You