New housing permits are being taken out at a rapid clip, according to the Amherst building department.
As of Friday, 21 had been pulled. That puts the city on pace for the same fast residential growth rate seen in 2017, when 42 new homes were built.
Two major developments — The Preserve at Quarry Lakes and The Reserve at Beaver Creek — are responsible for a big chunk of the permits, said building inspector David Macartney.
Both are being developed by TJCO and sold by Ryan Homes. The Preserve is located off Cooper Foster Park Road just east of North Main and includes a roll-out of nearly 100 homes, while The Reserve is located on Cooper Foster next to Mercy Health and Recreation Center, where commercial development never took fire.
Together, they represent about $40 million worth of new homes.
Meanwhile, K Hovnanian Homes is building out the last phase of its Northpointe Estates on larger lots on Amherst’s south side.
Existing homes sales are also brisk and could be linked to construction of Amherst’s new Powers Elementary School, job expansion such as at the Nordson Corporation, or economic growth (Ohio is expected to increase its GDP by two percent this year).
In April alone, we counted about 20 residential transactions recorded by the Lorain County auditor’s office in the 44001 zip code.
Spring is the traditional home buying season and brings growing demand, according to the Ohio Realtors trade association.
The average home price was $166,261 in February, the last month for which data was available. President Tiffany Meyer said those sale prices were 8.5 percent higher than in February 2017, “an indication housing is a solid, long-term investment.”
A March confidence report from the association suggested a majority of realtors believe the market is strong and 70 percent expect home prices to rise by up to five percent this year.
We conducted an online search and found 57 active residential listings in Amherst with a median price of $215,990. The numbers show declining home inventory in response to high demand.
Jason Hawk can be reached at 440-775-1611 or @EditorHawk on Twitter.