As noted earlier this month, building permits are down in the Albemarle County region. Now, the Third Quarter Building Report has been released.
The market needs to work its way through the excess inventory. Not adding to that pile is a good start.
Two notable conclusions can be drawn:
1) The plan to drive development into the growth areas seems to be working (27% of permits issued were in the White Hall district in Western Albemarle)
2) Fewer building permits means that the market’s focus may turn to existing housing inventory – which is a very good thing.
Thanks to Brian Wheeler for putting this report together.
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