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Clovis Real Estate News
October 15th, 2009
Clovis Real Estate Market Heating Up?
Clovis Builders Buying Up Vacant Lots Again
The Clovis real estate market is back on the front pages of the Fresno Bee. This time, the Fresno Bee is reporting good news. Clovis builders are buying up vacant lots, another sign the Clovis housing market is warming up. We’ll tell you why Clovis builders buying new land is a sign the spring Clovis real estate market may be ready for a big comeback.
New Home Sales at Historical Lows
There rest of CA isn’t seeing positive signs in new home construction. In fact, new home sales in CA are currently at historical lows. According to the California Building Industry Association (CBIA), things could be a lot better in the building industry. “While there are some encouraging signs in California housing markets, activity remains low,” said CBIA President and CEO Liz Snow. “These reports are evidence that housing markets remain depressed and continue to hamper a broader economic recovery in California.” Read more here. But Fresno and Clovis seem to be ahead of the curve and the rest of California.
Clovis Home Builders
Despite CA’s new home construction woes, Clovis home builders are much more optimistic. According to Sanford Nax of the Fresno Bee, several of the largest Clovis builders are buying up vacant Clovis land because “they’re seeing early signs of a recovery: Prices are stabilizing, and the supply of homes for sale is shrinking.” That means Clovis developers are looking toward the very near future. For example, there’s now 10 applications for projects totaling 761 Clovis homes this year. Compare that to 2008 when Clovis home builders submitted half that many, said David Fey, deputy city planner.
In order to meet what they believe will be surging demand, Clovis builders are snatching up vacant lots. “We’re trying to time it so it is ready the minute we run out of lots,” said John Bonadelle, president of the Building Industry Association of the San Joaquin Valley. Bonadelle isn’t the only Clovis home builder buying vacant Clovis lots. “We think the worst is over, but you have to have the right product, priced correctly with the right amenities in the right community,” said Darius Assemi, vice president of Granville Homes. Wilson Homes, Lennar, and Wathen-Castanos are other Clovis builders who are now buying lots and preparing to build.
Spring and Summer Surge?
Why is this potentially good news for the Clovis real estate market? Traditionally, new home builders are about 6 months ahead of the rest of the Clovis real estate market. In other words, new home construction is a sign of what’s to come in the rest of the Clovis housing market. When new homes aren’t selling, traditional Clovis homes for sale follow the same pattern 6 months or so later. And the reverse is typically true. When Clovis new home construction is taking off, the rest of the Clovis housing market follows 6 months later.
If the Clovis new home construction indicator holds true like it has in the past, the Clovis real estate market may be primed for a big spring and summer. Don’t wait too long (home prices are expected to increase in 2010) and miss out on what some experts are calling the best time to buy a Clovis home in the past 20 years.
Clovis Real Estate
If you’re considering building your dream home, let us know. We’ll take you to meet the best tract, custom, or semi-custom builders in Clovis. Looking at Clovis lots for sale to build on? We can take care of that, too. Click here to search all current Clovis land for sale.
Whether you’re thinking about building from scratch, buying a bargain-priced Clovis foreclosure, or traditional sale, we’re here to help. We specialize in Clovis homes for sale and will help you get the best value for your money. Give us a call today and lets go land or house hunting!
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[...] now a good time to buy a Clovis home? If the Clovis new home construction indicator holds true like it has in the past, the Clovis real estate market may be primed for a big [...]