Construction steady as market still tight - Tucson Local Media: Pima Pinal

Construction steady as market still tight

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Posted: Tuesday, September 2, 2008 11:00 pm

Marana construction permits rose during the second quarter of the year, in a time of uncertainty in the real estate market.

In the first quarter 2008, there were 463 construction permits issued by the town, compared with 616 over the following three months.

These permits range from single-family residential construction to swimming pool installation to permit revisions.

So far this year, Marana has issued an average 19 permits for new house construction.

Absorption rates in the greater Tucson area have fallen for the first two quarters over the same period last year.

Absorption measures the rate at which single-family housing units are filled.

In the first half of 2008, 2,415 dwellings entered the market, compared to 4,926 the previous year, reported Marshall Worden, director of the UA Office of Economic Development.

Worden presented the numbers at last month’s meeting of the Pima County Real Estate Research Council.

Housing is but one component of the real estate market.

Rental vacancies are up for this time of year, said Bob Kaplan, of PICOR.

“Overall there’s just fewer buyers and sellers in the market,” he said.

Tucson is not the go-go market it once was, Kaplan said, pointing out that the bright spot is the university market, where the student housing market is gaining, where there is a 2 percent vacancy rate within walking distance of the UA.

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