February hot month for Manteca housing starts
New home buying activity made February the strongest month for single family housing starts in Manteca in nearly four years.
Builders were issued 47 permits for single family homes last month. That compares to 13 in February of 2010.
At the same time the value of the construction is up almost 10 percent per home reflecting buyers that are able to afford more square footage and upgrades.
The average value of the actual construction of homes issued permits last month was $157,469. That compares to $144,778 a year ago. That figure does not reflect the cost of the lot, various growth and connection fees or the cost of the infrastructure to serve the house that the developer installed or grading improvements.
Manteca has now started 69 homes in the first two months of 2011
If the current pace continues Manteca could end up building just over 400 new homes by the time the year ends.
Manteca for the last two years has built more than 300 new homes annually making it the Northern San Joaquin Valley new housing leader. February marked the 27th straight month Manteca topped all of San Joaquin County jurisdictions for new housing starts.
Three different developers are preparing to work ground to create additional lots to meet the increasing demand in Manteca.
Manteca is among those jurisdictions bucking the national trend for anemic housing starts in the first two months of this year.
By Dennis Wyatt
Managing Editor
dwyatt@mantecabulletin.com
209-249-3532
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