With a low inventory of residential real estate for sale in the Miami Valley, many buyers are turning to contractors to build their dream homes instead of settling for one already on the market.
Area builders say they’re the busiest they’ve been since before the Great Recession in 2008. This year’s Dayton Homearama that begins Friday will feature some of the area’s newest houses of all sizes, as home builders continue to reap the benefits of a hot market for residential construction.
The home tour, hosted by the Home Builders Association of Dayton and presented by Vectren, has eight homes that range in style, size and price, according to organizers. The houses range from a historic remodel priced at $85,000 to an estate home valued more than $1 million. Many of the homes have already been sold, and are situated in urban, rural and suburban environments.
Last year’s Homearama ticket sales surpassed the past two years, and organizers expect solid attendance figures again this year, said Kathleen Unger, executive director of Dayton’s HBA. With a wide range of different houses, Unger said she hopes the tour will inspire lookers who are already energized to build in the region.
“It’s a great time to build,” she said. “I think people again are looking for stability and they want a place more permanent than an apartment.”
» Photos inside Dayton Homearama home: 3 things to know about event
Unger said there’s not just one demographic looking to build right now — from new families to couples looking to downsize as empty-nesters, builders are being inundated with interested customers.
An analysis by this media outlet shows more homes are being built in the region right now compared to any year in the past decade. Builders in local counties are on track to pull more residential single-family housing building permits than past years.
Montgomery County saw an increase from 280 permits in 2015 to 335 single-family housing building permits in 2016. For 2017, there have already been 181 permits granted to date. Greene County saw an increase from 253 permits in 2015 to 262 in 2016, and has already issued 192 this year. Miami County also saw an increase, issuing 132 permits in 2015, 152 in 2016, and 77 so far this year.
Warren County has for years been where the most new homes have been built. The growing county south of Dayton has seen 582 homes already built this year, compared to 653 in 2015 and 806 last year.
» GALLERY: 2017 Dayton Homearama Touring Edition
Justin Doyle, owner of Justin Doyle Homes, said his team currently has about 30 homes under construction ranging from prices of $400,000 to $3 million. Doyle builds in the Cincinnati market, and has recently started expanding more within the Miami Valley. Hot areas for building include Springboro, Bellbrooke and Centerville areas, he said.
“Those areas are certainly thriving right now,” he said.
Justin Doyle Homes’ newly built, $1.1 million, 5-bedroom home in Springboro’s Country Brook subdivision will be showcased in the Dayton Homearama tour. He said people interested in building a new home should invest in quality installation, windows and building products, rather than paying for replacements down the line.
Nationally, single-family production increased 6.3 percent to a seasonally adjusted annual rate of 849,000 units from a below-trend May reading of 799,000, while multifamily starts rose more than 13 percent to 366,000. Single-family production was at its second-highest rate this year, according to the National Association of Home Builders.
“We are seeing housing production return to trend after a softer reading last month,” said NAHB Chief Economist Robert Dietz. “The gradual growth in single-family starts in 2017 is in line with our forecast, and we should see this sector continue to strengthen throughout the year as consumers show interest in the housing market.”
The Home Builders Association of Dayton will kick off its Homearama Touring Edition kicks off on Friday, and runs through Aug. 6. The houses will be available to tour Monday through Thursday from 4 p.m. to 7 p.m. and Friday through Sunday from noon to 7 p.m.
FIVE FAST BUSINESS READS
Thank you for reading the Dayton Daily News and for supporting local journalism. Subscribers: log in for access to your daily ePaper and premium newsletters.
Thank you for supporting in-depth local journalism with your subscription to the Dayton Daily News. Get more news when you want it with email newsletters just for subscribers. Sign up here.