March Real Estate & Construction Update
Residential units permitted thru March trail each of the last three years by number of units permitted, however, residential permit value is about equal to 2021, halfway between the $42 million in Q1 2022 and the $22 million in Q1 in 2019 and 2020.
Commercial permit value was off to a slow start in January and February. Thanks to $54 million in March alone, however, Commercial permit value is now closer to the Q1 high from 2022 than the preceding 3 years.
Finally, Government permit value in Q1 2023 is down 75% from the average Q1 value in 2019-2022.
Although 2023 has not been as tight as 2022, the supply of homes for sale remains about 1/3 what it was prior to the pandemic.
March also saw the return of incredible sales relative to listings (sales = 85% of listings) after closer to normal sales in January (48%) and February (66%).