When you continue to hear one anecdotal story after another, you start to believe there is a trend occurring. No existing residential inventory available and competing offers to purchase residential property has builders completing new residential construction at a pace in April that was 29% higher than April 2011. The implications are many, but as it relates to residential land, the market continues to heat up. Increased construction starts have builders seeking finished lots at a frenzied pace, most of the finished lot inventory has been gobbled up with many builders now looking at paper platted lots.
See the article below from CoStar Group for more information on where the residential market is headed and the implications on the available land in the commercial real estate market.