Bonita Springs: WCI Communities says strong demand for new homes in the second quarter pushed the average selling price closer to the $500,000 mark. As a result, WCI reported net income of $9.8 million on revenues of $150.7 million in the second quarter ending June 30. That compares with net income of $4.3 million on revenues of $93 million in the same quarter in 2014.
“Demand for our homes and communities remains robust, supported by strong fundamentals in the attractive Florida real estate market. WCI Communities continues to scale and generate meaningful growth across our key operating metrics,” says Keith Bass, WCI’s president and CEO, in a statement.
The outlook is positive. As of June 30, WCI’s backlog contract value was $294 million, up 28% from the same time one year ago. The number of backlog homes totaled 627 at the end of the second quarter, a 45% increase from the prior year.
“In addition, we added over 1,000 home sites to our controlled home site inventory in the quarter to continue to position the company for sustained growth,” Bass says in the statement.