Construction of new houses picked up this year in Hailey, while the number of new homes built in Ketchum decreased.
The increase in housing starts could be due to increased confidence in the overall economy, and a lack of low-end housing inventory in the south valley.
“What people consider a new house is now 10 years old,” said David Lloyd, president of Lloyd Construction, based in Ketchum. “There are quite a few speculative homes being built in Woodside, Northridge and on River Street in Hailey. A lot of them are pre-sold.
“People have been able to pick up affordable land in the last few years,” Lloyd said. “Also, the low-end inventory has been bought up, which means the market is trying to build its way up.”
According to data supplied by Hailey Community Development Coordinator Kristine Hilt, the total value of home construction projects in Hailey during the first nine months of 2013 was three times the total value in 2012.
“The number of new single-family homes has doubled since 2012,” Hilt said.
In 2012, Hailey issued 117 new home and building-remodel permits for construction projects valued at $4.7 million, which brought $113,000 in fees to the city.
Since January 2013, the city has issued 126 permits, representing more than $12 million in investments and bringing in $204,000 in fees to the city.
According to data supplied by Ketchum Building Department employee Marta Thompson, Ketchum issued 98 building permits in 2012, totaling $16.5 million in value. Since Nov. 1, 2013, Ketchum has issued 87 permits totaling $26.2 million in value.
Seven new singl- family and duplex homes were built in Ketchum in 2012, and eight new houses so far in 2013.
The valuations were considerably more in 2013 due to the fact that there were more higher-end homes built this year, Thompson said.