Kingman housing boom continues
Kingman builders are put up new homes at a record pace during the first quarter of 2003.
This follows a record of 304 new homes constructed in 2002; the first time more than 300 houses were built in Kingman in a single year
Permits for 130 homes were issued by the Kingman Building Office through April 30, 2003 compared to 89 during the same time period in 2002.
That is a 40 percent increase that could lead to more than 400 new homes constructed in 2003.
Average value of the homes as measured by permit value has remained steady near $70,000 per unit.
The value of permits issued for new homes in 2003 totals $8,746,572 by the end of April compared to $6,140,434 in 2002.
The boom in home building has boosted city sales tax paid on construction and materials.
New home building has been strong all over Kingman with existing subdivisions continuing to build and open additions as needed.
Several new subdivisions have been approved and building started on most of them.
Resale home sales have been strong with 369 sold in the first four months at an average price of $81,577.
Top price paid this year was $293,000.
The resale numbers from the Kingman/Golden Valley Association of Realtors includes property in the city and surrounding area.
A local realtor said it has been a very busy year and the inventory of resale homes is shorter than normal.
It is a good time for sellers, she said.
Buyers are still coming from California, but buyers come from across the country.
The Internet allows potential buyers to look at the Kingman home inventory and make comparisons to other regions.
Kingman Financial Director Coral Loyd said the boom in construction is fueling the increase in sales tax collected in the current fiscal year.
The city remains conservative on estimates of sales tax revenue because construction is more volatile than sales tax on retail sales.
Five commercial permits for new construction were issued in the first four months of 2003.
The latest was for the Golden Corral restaurant at 3580 Stockton Hill Road.
The Holiday Express Motel rising three stories on Andy Devine Avenue is another major commercial project.
The Mohave County Sheriff Office construction continues in 2003 although the permit shows on the 2002 records.
"We have a lot of plans for commercial buildings in the review process," Kingman Building Official George Lutz said.
"Building sure hasn't slowed down."