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New Home Values Double In Visalia in 2013

McMillin Homes offering in Visalia

McMillin Homes offering in Visalia

Home building is back in Visalia. The number of new homes permitted jumped 70% in 2013 compared to 2012 and valuation more than doubled to 109%. Valuation topped $109.7 million vs $51.2 million in 2012.

Total permit valuation climbed to $177.5 million from $112.9 million the year before, the best performance since 2008.

Boosting this year’s home building mini-boom, in December builders took out permits for 60 new homes in what is typically a slow time of the year. December of 2012 saw only 10 home permits issued.

For the year 2013 the 429 new home permits is the highest since  2008 when we built 496 new homes. The 2012 number was a decade low 252 units.

City statistics show the average new home in Visalia cost $248,853 – up from $203,157 in 2012. Visalia saw no new apartments built in town for the second year in a row with only 21 multi-family units built in town over the past four years.

Top Builders

Top single family home builders showed the return of the out-of-town builder to the marketplace with number one McMillin Homes permitting  81 new homes followed by Lennar Fresno at 73. Next was Fresno’s Woodside Homes at 69 units. Centex built 62 new homes and Bonadelle, also from Fresno, permitted 26. Fresno’s Wathen Castanos permitted 15 and Woodside Homes of Fresno permitted 12. Visalia’s  Mangano Homes built 6 new homes in 2013 with the builder now concentrating on the San Luis Obispo market.

One new player is San Joaquin Valley Homes who opened for business on July 1, 2013. They have 2 open subdivisions (Hanford and Tulare) and plan to open 3 more in the spring (Tulare, Corcoran and Visalia). Their staff has now grown to 11 says partner Jm Robinson.Their office is in downtown Visalia.

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