Pelham housing market on upswing
By BRIANA HARRIS / Staff Writer
PELHAM – The number of building permits issued in Pelham for new homes and residential remodels and additions for the first nine months of 2016 have surpassed the city’s 2015 numbers, while the commercial sector is failing to keep pace with last year’s figures.
From Jan. 1 to Oct. 21, the city issued 123 new residential permits with a total valuation of $27.4 million – a notable improvement from the 85 new residential permits issued from Jan. 1, 2015 to Oct. 21, 2015 that had a valuation of $18.5 million.
The number of residential additions and remodels have also increased. The number of permits jumped from 122 from Jan. 1, 2015, to Oct. 21, 2015, to 151 permits during the first nine months of 2016.
But although the number of residential additions and remodels have increased, the value of those projects from year to year saw only a slight increase from $1.07 million in 2015 to $1.38 million in 2016.
In the commercial sector, the number of new commercial permits from 2016 are lagging behind the city’s 2015 numbers. From Jan. 1 to Oct. 21, there were 12 new commercial permits issued compared to 18 from Jan. 1, 2015, to Oct. 21, 2015.
However, the monetary value of the projects in 2016 more than double the 2015 figures. The projects during that time period in 2016 have a valuation of $36.5 million, compared to $15.7 million in 2015.
That means that although fewer permits have been issued, business owners are investing more money into their businesses and the community.
Commercial additions and remodels are slightly trailing 2015 numbers. From Jan. 1 to Oct. 21 there were 75 permits issued with a valuation of $2.7 million, compared to 77 permits during the same time period in 2015 with a valuation of $3.4 million.