Housing permits jump in metro Indy
New homes in Central Indiana are becoming a hot commodity. The Builders Association of Greater Indianapolis is reporting a 43-percent increase in permits issued for November compared to last year.
In 2012, Central Indiana builders were issued almost 4,000 permits for new homes, a marked increase over last year.
In Noblesville, Ms. Wettle just bought a home with her sister and decorated for their first Christmas. "Having a house is wonderful," she said Tuesday.
Curtis Rector is the President of Arbor Homes, and says the momentum in new home construction started last year with consistent job growth in Indiana and renewed confidence with buyers. "It is everybody - the market as a whole is up 20-percent almost this year," Rector said. "We are up 25-percent. The market is up 20 percent."
Arbor homes is selling ten-to-twelve new homes every week, and those numbers are expected to increase in the coming months. Arbor and other builders are seeing consistent growth in Boone and Hamilton counties to the north. Rector is expecting new home growth to be even stronger to the south, "Our sales there in the past couple of years have just exploded."
Ms. Weddle is like most of her new neighbors - younger and looking for a solid investment and a place to call home. She told Eyewitness News she and her father were surprised by the houses going up around hers. "The economy is supposed to be down, with all the people building like they are...both of our neighbors moved in right around the same time we did, and so did the people directly behind us. It is really neat to watch how quick they built them."
If you are in the new home market, demand is up and prices are certain to follow. Realtors tell us there is also an increasing demand for older homes that are in move-in condition.
Here is a breakdown of permits issued through November of 2012, as reported by the Builders Association of Greater Indianapolis
Boone 331 $59,276,739 $13,456,803 1004
Hamilton 1580 $282,952,409 $64,234,887 4790
Hancock 184 $32,951,420 $7,480,518 558
Hendricks 576 $101,152,270 $23,417,275 1746
Johnson 458 $82,020,382 $18,619,986 1389
Madison 46 $8,237,855 $1,870,130 139
Marion 582 $104,226,774 $23,661,205 1765
Morgan 102 $18,266,548 $4,146,809 309
Shelby 48 $8,596,022 $1,951,439 146
Total 3907 $699,680,419 $158,839,052 11,845
County Permits Local income Local taxes Local jobs