Birmingham Area Real Estate Sales Strong In April

Birmingham Area MLS* Monthly Observations for April 2013

Dollar sales in April improved by 14% to $222,253,098 from March’s $195,775,825, up a healthy 14% from last April’s $195,717,473. The 12 month moving average line for total dollar sales continues to move up indicating improving market conditions. We are at the early part of the busy sales season and are seeing good gains.

Unit sales were up 10% to 1,264 in April from 1,149 in March, an increase of 115. This is up 4% from April 2012 at 1,219.This number will increase as late sales are reported. Our ABRE/ACRE Projections for 2013 projected 1,272 sales for April. For April, the projections are less than 1% higher than achieved for the month and 4% for the year. Please see here for a summary of the projections http://goo.gl/nytW8 and the spreadsheet with details and month by month projections by area http://goo.gl/GEYWa (see the tabs on the bottom).  New sales improved by 5 units to 128 homes this month from 123 in March and are up from 114 last year. Used sales improved 11% to 1,136 homes in April from 1,026 last month, an increase of 110,  and up 31 from 1,105 last year(Sect E p.3).

This month total inventory is 14% lower at 9,404 vs. 10,893 last year and 9,773 last month. The drop in the current month is caused by month-end expirations which should come back on the market shortly. Active New listings decreased to 786 in April from 1,068 in March, a decline of 282 units (Sect E p.3).  Housing permits went up in Jefferson County to 115 for March from 68 in February. Shelby County permits went up to 37 from 33 (see website for details).

Absorption rate for New homes is fairly steady. New homes are at 6 months supply this month which is  better than last year at this time at 7 months (Sect E p.3).There are 11 under $100,000 new homes active, a ten month supply. The New homes up to $700,000 price range have normal inventory levels in the 5-8 month range. The $700,000-$800,000r price range are twenty months of supply. The over $900,000 new inventory is at 6 months (only two homes). (Sect C p.1 and Sect E p.3.)

Absorption for Used homes in April shows 9 months, one month better than 10 months last year. Used Active listings at 8,618 are lower than the 10,018 last year (Sect E p.3). The number of homes listed in the over $400,000 price range has been climbing somewhat faster than sales, resulting in some upward drift in the months of sales.

Birmingham area Average Days on Market for New houses is 221 compared to last month at 193. The Used homes DOM was 135 in April, compared with 148 last month (Sect A p.18). NOTE: DOM for Used homes indicates that well priced homes are moving in less than 6 months.

Average sales price for Sold New homes decreased to $247,502 from $254,566 last month (Sect A p2). Average sales price for Sold Used homes increased to $167,758 from $160,297 last month (Sect A p2). The moving average price for Used Homes has been moving up steadily since the beginning of the year. The 12 month moving average line for New home prices has also been heading up quite nicely since the beginning of the year. Average Home prices, New and Used, are improving  (Sect A p2). The price of any specific home still remains under pressure.

TWB 5/11/13

Huntsville April Real Estate Sales A Bit Soft In April

Huntsville/North Alabama Area MLS Observations: Real Estate Market April 2013

April sales declined by .5% to $119,158,106 vs. March at $119,792,661. This was off 10% from last year’s $132,509,353. The twelve month moving average line on the total dollar sales chart is heading up but showing some weakness. I suspect that sequester fears and reality are affecting the Huntsville market.

Total unit sales improved .6% to 790 in April vs. 785 in March, an increase of 83. This was 5% worse than last year at 829.

Our projections for ACRE and Brander Real Estate for 2013 called for 817 sales in April with actual results 7% under that, and year to date volume is 4% lower than our projection. See here http://goo.gl/nytW8 for an article sumarizing the projections. Here is the spreadsheet with month by month projections by area http://goo.gl/GEYWa (see the tabs on the bottom).

New sales decreased to 126 this month vs. 137 last month, down 11.

Used sales decreased to 664 this month vs. 648 last month, down 16 (Sect E  p.3).

Used inventory levels remain high this month at 12 months (see the chart Sect C p.1), with the situation particularly challenged in the higher price ranges. Used homes over $400,000 have more than two years of inventory.

New home absorption is 10 months of inventory overall with last month at 11 months)(E-1). The New Home inventory level in the $300,000-$500,000 is approximately 5-6 months. (Not bad!).

There continue to be a large number of housing permits issued in Huntsville city given the market conditions. For March there were 100, up from 83 in February (chart on the web site).

Total Active listings decreased this month to 8,841 compared to last month’s 9,213, and below last year at this time at 8,961, with the reduction exaggerated due to month-end expirations. (Sect A p.4 and Sect E p.3).  The reduction in inventory is a positive thing. The inventory reduction has been good for the last 8 months; we are however seeing some signs of a spring increase.

Active New listings decreased from 1,651 last month to 1,409 in April, down 242. (Sect E p.3). Active Used listings decreased from 7,562 last month to 7,432 this month, down 130 and slightly below last year’s amount at this time of 7,620. (Sect E p.3).

Average Days on Market for Sold New homes was 165 vs. 200 days last month, with Used at 166 in April compared with 164 in March (Sect A p.18).

Average sales price for Sold New homes was $234,235 vs. $241,395 last month. (Sect A p.2)

Average sales price for Sold Used homes was $135,007 vs. $133,830 last month. (Sect A p.2)

The average price line for Used homes is going up but now showing some weakness. New home average prices seems to be showing positive direction as well.

TWB 5/11/13

Alabama Coastal Real Estate Healthy in April

Baldwin County & Alabama Coastal MLS*: Observations for the Month of April 2013

Sales dollars climbed 5% in April to $107,542,409 from March’s $102,236,048. This is a healthy 22% above April last year at $88,350,886. (Sect A p.2). This is the third highest April total after 2004 and 2005.This continues the great start to the main spring/summer selling season. The 12 month moving average line of sales has continued to point up steadily for two years now. Inventories are trending down.

On a unit basis, sales of all houses were up 1% at 481 this month vs. last month at 476, which is up 17% from last year’s 410. In spite of the substantially improved sales climate, it is important to point out that the inventories of homes over $300,000 remains at over a 12 month supply.

Used Home sales improved 3% to 445 this month vs. 431 last month, which is up 19% from last year’s 375 (Sect A p.18). New Home sales were 36 this month vs 45 last month compared with 35 last year. Increasing sales of New Homes is indicative of a recovering market.

New listings for New homes decreased to 61 from 67 in March. Used homes New listings decreased to 779 from 846 in March with net inventory down.

The absolute number of Used Active homes on the market, which had a slight peak mid-summer of ‘09, has once again been improving. In April, there were 3,447 Active Used homes, a reduction from 3,845 in March. The New home market, which peaked in April 2006 at 2,144 Active, now sits at 332.

The Absorption rate for New homes was 9 months of inventory for April vs. 10 in March. The Absorption rate for Used homes was 9 months of inventory for April vs. 11 in March. Over the last four years the drop in months of inventory for Used homes has been steady and impressive from 25 months plus in April 2008 to 9 months this April. As I observe above though, the inventory for higher priced homes remains high.

Average sales price for all homes have been improving modestly for the past year. For New units, prices increased to $247,198 from $229,031 last month. (Sect A p.14). Average Used home prices increased to $221,670 from $213,294 in March. The price trend is up for the year.

Average Days On Market for New Sold properties in April was 156 this month vs. 200 last month. Days On Market for Used was 166 this month vs. 180 last month.

We see improvement in the second home market, which is needed for the coastal area to gain strength. While there is still a lot of inventory particularly in the upper price ranges, sales are continuing to improve, I think the situation on the coast has turned quite positive.

TWB 5/11/2013

Birmingham, Central Alabama Residential Real Estate Sales Continue To Improve In March

Birmingham Area MLS* Monthly Observations for March 2013

Dollar sales in March improved by 17% to $189,049,614 from February’s $161,712,660, up a healthy 8% from last March’s $174,568,674. The 12 month moving average line for total dollar sales continues to move up indicating improving market conditions. We are at the beginning of the busy months of the sales season and are seeing gains in dollars sales while unit sales are somewhat constrained.

Unit sales were up 17% to 1,122 in March from 960 in February, an increase of 162. This is down 1% from March 2012 at 1,133. Our ABRE/ACRE Projections for 2013 projected 1,277 sales for March. This number will increase as late sales are reported. For now, the projections indicated 12% higher than achieved for the month and 7% for the year. Please see here for a summary of the projections http://goo.gl/nytW8 and the spreadsheet with details and month by month projections by area http://goo.gl/GEYWa (see the tabs on the bottom).  New sales improved by 17 units to 119 homes this month from 102 in February and are off from 115 last year. Used sales improved 17% to 1003 homes in March from 858 last month, an increase of 145,  and down 15 from 1,018 last year(Sect E p.3). For the 1st Quarter, unit sales were up by 3% for the 1st quarter as compared with the 1st quarter last year to 2,943 from 2,855 units last year.

This month total inventory is 14% lower at 8,969 vs. 10,526 last year and 10,458 last month. The drop in the current month is caused by month-end expirations which should come back on the market shortly. Active New listings decreased to 765 in March from 1016 in February, a decline of 251 units (Sect E p.3).  Housing permits went down in Jefferson County to 68 for February from 96 in January. Shelby County permits went up to 33 from 16 (see website for details).

Absorption rate for New homes is fairly steady. New homes are at 6 months supply this month which is  better than last year at this time at 8 months (Sect E p.3). The New homes up to $700,000 price range have normal inventory levels in the 5-8 month range. Higher price ranges are one to two years of supply, although over $900,000 the new inventory is at 3 months (only one home). (Sect C p.1 and Sect E p.3.)

Absorption for Used homes in March shows 6 months, two months better than the 8 months last year. Used Active listings at 8,241 are lower than the 9,612 last year (Sect E p.3). The number of homes listed in the over $400,000 price range is beginning to climb somewhat faster than sales, resulting in some upward drift in the months of sales.

Birmingham area Average Days on Market for New houses is 193 compared to last month at 197. The Used homes DOM was 148 in March, compared with 147 last month (Sect A p.18). NOTE: DOM for Used homes indicates that well priced homes are moving in less than 6 months.

Average sales price for Sold New homes decreased to $253,169 from $268,189 last month (Sect A p2). Average sales price for Sold Used homes increased to $158,447 from $156,594 last month (Sect A p2). The moving average price for Used Homes has been moving up steadily since the beginning of the year. The 12 month moving average line for New home prices has also been heading up quite nicely since the beginning of the year. Average Home prices, New and Used, are improving  (Sect A p2). The price of any specific home still remains under pressure.

TWB 4/13/13

North Alabama Residential Real Estate Sales Heading Up For Spring

Huntsville/North Alabama Area MLS Observations: Real Estate Market March 2013

March sales improved by 8% to $117,434,431 vs. February at $108,565,461. This was up 4% from last year’s $113,401,148. The twelve month moving average line on the total dollar sales chart is heading up.

Total unit sales improved 12% to 768 in March vs. 685 in February, an increase of 83. This was 4% better than last year at 741.

Our projections for ACRE and Brander Real Estate for 2013 called for 825 sales in Marchwith  actual results 7% under that, and year to date volume is 4% lower than our projection. See here http://goo.gl/nytW8 for an article sumarizing the projections. Here is the spreadsheet with month by month projections by area http://goo.gl/GEYWa (see the tabs on the bottom). For the quarter, unit sales were up 6% to 2,019 vs last year 1,903.

New sales decreased to 132 this month vs. 138 last month, down 6.

Used sales improved to 636 this month vs. 547 last month, up 89 (Sect E  p.3).

Used inventory levels remain high this month at 12 months (see the chart Sect C p.1), with the situation particularly challenged in the higher price ranges. Used homes over $400,000 have more than two years of inventory.

New home absorption is 10 months of inventory overall with last month at 11 months)(E-1). The New Home inventory level in the $300,000-$400,000 is approximately 5 months. (Not bad!).

There continue to be a large number of housing permits issued in Huntsville city given the market conditions. For February there were 83, (estimate from census dept.), down from 111 in December (chart on the web site).

Total Active listings decreased this month to 8,558 compared to last month’s 8,823, and below last year at this time at 8,568, with the reduction exaggerated due to month-end expirations. (Sect A p.4 and Sect E p.3).  The reduction in inventory is a positive thing. The inventory reduction has been good for the last 8 months; we are however beginning to see some signs of a spring increase.

Active New listings decreased from 1,558 last month to 1,419 in March, down 139. (Sect E p.3). Active Used listings decreased from 7,265 last month to 7,139 this month, down 126 and slightly below last year’s amount at this time of 7,272. (Sect E p.3).

Average Days on Market for Sold New homes was 200 vs. 167 days last month, with Used at 164 in March compared with 163 in February (Sect A p.18).

Average sales price for Sold New homes was $241,846 vs. $247,828 last month. (Sect A p.2)

Average sales price for Sold Used homes was $134,451 vs. $135,951 last month. (Sect A p.2)

The average price line for Used homes is going up nicely. New home average prices seems to be showing positive direction as well.

TWB 4/13/13

Alabama Coastal Real Estate Has A Great Spring Start – March

Baldwin County & Alabama Coastal MLS*: Observations for the Month of March 2013

Sales dollars soared 52% in March to $101,946,048 from February’s $66,661,219. This is a healthy 27% above March last year at $80,546,300. (Sect A p.2). This is a great start to the main spring/summer selling season. The 12 month moving average line of sales has continued to point up steadily for two years now. Inventories are trending down.

On a unit basis, sales of all houses were up 37% at 475 this month vs. last month at 346, which is up 21% from last year’s 392. The year to year comparison remains encouraging.  At the high end, the $900,000 and over sales were 10 this month compared with 10 last year for the same month and up from 3 last month. Last month we reported a reduction in sales in the under $100,000 range (see page b-1). There was a dramatic reversal this month in this low price range. There were 123 sales this month compared to 78 last month and 106 last year, the most in over 4 years.

Used Home sales improved 38% to 430 this month vs. 312 last month, which is up 20% from last year’s 359 (Sect A p.18). New Home sales were 45 this month vs 34 last month compared with 33 last year. Increasing sales of New Homes is indicative of a recovering market.

New listings for New homes decreased to 67 from 73 in February. Used homes New listings increased to 841 from 732 in February with net inventory down.

The absolute number of Used Active homes on the market, which had a slight peak mid-summer of ‘09, has once again been improving. In March, there were 3,428 Active Used homes, a reduction from 3,803 in February. The New home market, which peaked in March 2006 at 2,144 Active, now sits at 324.

The Absorption rate for New homes was 9 months of inventory for March vs. 11 in February. The Absorption rate for Used homes was 9 months of inventory for March vs. 11 in February. Over the last four years the drop in months of inventory for Used homes has been steady and impressive from 25 months plus in March 2008 to 9 months this March.

Average sales price for all homes have been improving modestly for the past year. For New units, prices increased to $229,031 from $220,295 last month. (Sect A p.14). Average Used home prices increased to $213,115 from $189,651 in February. This was in the face of the large increase in sales in the under $100,000 category! The price trend is up for the year.

Average Days On Market for New Sold properties in March was 200 this month vs. 170 last month. Days On Market for Used was 180 this month vs. 179 last month.

We see improvement in the second home market, which is needed for the coastal area to gain strength. While there is still a lot of inventory, I think the situation on the coast has turned quite positive.

TWB 4/16/2013

 

2nd Quarter Alabama Statewide Residential Real Estate Survey Outlook Optimistic

The survey projects expectations for the 2nd quarter of 2013. The scale ranges from 0-100 with 0 being much worse, 100 being much better, and 50 indicating no change expected.

The professional Real Estate community’s optimism soared this quarter. All of the overall indicators are at the highest levels we have seen since beginning the survey in 2010. Sales expectations are at 65 up 10 points from last quarter. Only availability of credit continues to be viewed somewhat negatively, now at 49, up five points from last quarter.

Market Indicators 2q 2013

The national score at 57, up 10 points from last quarter, indicates that respondents are more optimistic about the overall economic picture. The participants are more positive on the statewide conditions at 62 up nine points from last quarter. Inventory expectations improved to 55 up 6 points indicating continued reduction of supply expected. Sellers may see some improvement for the first time in several years with a score of 56 up six points from last quarter. Financing continues to be viewed negatively at 49 indicating that buyers may face tight financing conditions.

Regional Results:

The coastal region continued to remain the most optimistic in the state at 69. On an overall basis all areas sales expectations gained at least 8 points with the lowest being the Huntsville North Alabama area at 61 still, indicating expansion expected.

Regional Outlook 2q 2013

This quarter showed substantial change in expectations in all regions. The results are encouraging, with overall measures in the expansion zone.

Commercial market participants (the majority of the respondents are from the Birmingham market area) turned positive this quarter (Total Stat) at 55 this quarter a five point improvement and climbing 14 points to 60 for sales expectations. Price expectations improved 6 points 52 indicating improved pricing conditions. The score for credit availability is looking stronger, up 7 points to 53, the first over 50 reading for this segment.

North Region

All areas except North Alabama had the highest levels we have yet seen. It is likely that anxiety over the sequester cuts effect on the defense oriented industry, served to dampen expectations. Nonetheless scores were positive and improved over the prior quarter. The total score of 53, up by 6. The sales outlook is positive at 61 up by 8 but with pricing pressure neutral at 51 (up by 6).

North Central Region

The North Central Region overall score improved to 58 up 8 from last quarter. The sales score improved to 65 from 54. Inventory score improved to 55 from 50 with, pricing moving to 56 from 52, and credit at 52.

South Central Region

The South Central Region participants’ outlook for sales improved from 65 from 51.  The only sub-segment declining and in negative territory is the Montgomery, Central Alabama Rural segment with sales expectations at 42, our sample size here was quite small however. The Suburban areas show sales expectations of 69 up from 52.

South Region

The Southern Region sales score are at the highest regional level, 69,  up 8.  Price expectations jumped 7 points to 62.

About the Alabama Real Estate Confidence Index and Survey:

More than 400 professionals responded to the 2nd quarter 2013 survey which was conducted during the month of March 2013. The survey, conducted by the Alabama Center For Real Estate now has the largest participation of any real estate survey. It provides important market insights. Full history and scores for each market segment are located here on the web http://goo.gl/1ByP7

The ACRE Leadership Council  determined the need for a statewide industry confidence index and this was adopted as the Council’s first initiative. Tom Brander, Council Member, was selected by the Council and Grayson Glaze, ACRE Executive Director, to spearhead and work with the Center to conduct and produce its Alabama Real Estate Confidence Index (ARECI). The Council appreciates everyone who participated.

For further information contact Tom Brander at Tombrander@tombrander.com or Grayson Glaze at gglaze@cba.ua.edu

Birmingham Real Estate Sales Show Positive Trends in February

Birmingham Area MLS* Monthly Observations for February 2013

Dollar sales in February improved by 15% to $156,249,103 from January’s $136,050,964, up a healthy 11% from last February’s $141,182,366. The 12 month moving average line for total dollar sales continues to move up indicating improving market conditions. We are still in the slowest three months of the sales season, so it is best not to try to read too much into these results, although the year over year gains are meaningful.

Unit sales were up 7% to 920 in February from 857 in January, an increase of 139. This is down 2% from February 2012 at 936. Our ABRE/ACRE Projections for 2013 projected 1020 sales for February and of course the reported number will increase as late sales are reported. For now, the projections indicated 10% higher than achieved for the month and 6% for the year. Please see here for a summary of the projections http://goo.gl/nytW8 and here is the spreadsheet with details and month by month projections by area http://goo.gl/GEYWa (see the tabs on the bottom).  New sales improved by 8 units to 99 homes this month from 91 in January and are off from 116 last year. Used sales improved 7% to 821 homes in February from 766 last month, an increase of 55,  and up 1 from 820 last year(Sect E p.3).

This month total inventory is 14% lower at 9,028 vs. 10,458 last year and 9,410 last month. The drop in the current month is caused by month-end expirations which should come back on the market shortly. It is encouraging to see total inventory remaining below 10,000. Active New listings decreased to 765 in February from 1016 in January, a decline of 251 units (Sect E p.3).  Housing permits went way up in Jefferson County to 96 for January from 62 in December. Shelby County permits went down to 16 from 17 (see website for details).

Absorption rate for New and Used homes is fairly steady. New homes are at 6 months supply this month which is  better than last year at this time at 8 months (Sect E p.3). New home supply last month shows 8 months. Under $100,000 New homes is at 11 months supply. The New homes in the $100,000-$700,000 price range have normal inventory levels in the 5-8 month range. Higher price ranges are one to two years of supply, although over $900,000 the new inventory is at 3 months (only one home). (Sect C p.1 and Sect E p.3.)

Absorption for Used homes in February shows 8 months, two months better than the 10 months last year. Used Active listings at 7,999 are lower than the 9,487 last year (Sect E p.3). Interestingly, the under $100,000 market with an average list price of $59,571, which makes up 33% of all listings, is at 7 months of inventory which drags down the overall months of inventory for all homes. The number of homes in the over $900,000 price range is beginning to climb from a low level but the months of inventory is still high  (14 months) due to reduced sales levels.

Birmingham area Average Days on Market for New houses is 197 compared to last month at 201. The Used homes DOM was 147 in February, compared with 146 last month (Sect A p.18). NOTE: DOM for Used homes indicates that well priced homes are moving in less than 6 months.

Average sales price for Sold New homes increased to $266,885 from $225,344 last month (Sect A p2). Average sales price for Sold Used homes increased to $158,133 from $150,842 last month (Sect A p2). The moving average price for Used Homes has been moving up steadily since the beginning of the year. The 12 month moving average line for New home prices has also been heading up quite nicely since the beginning of the year. Average Home prices, New and Used, are improving  (Sect A p2). The price of any specific home still remains under pressure.

TWB 3/9/13

North Alabama February Sales Slightly Ahead of Last Year

Huntsville/North Alabama Area MLS Observations: Real Estate Market February 2013

February sales improved by 19% to $103,565,733 vs. January at $87,011,244. This was up 16% from last year’s $89,518,072 The twelve month moving average line on the total dollar sales chart is heading up.

Total unit sales improved 16% to 652 in February vs. 564 in January, an increase of 88. This was 5% better than last year at 623. Our projections for ACRE and Brander Real Estate for 2013 called for 690 sales in February so we are 5% under that, and year to date volume is 4% lower than our projection. See here http://goo.gl/nytW8 for an article sumarizing the projections. Here is the spreadsheet with month by month projections by area http://goo.gl/GEYWa (see the tabs on the bottom).

New sales improved to 121 this month vs. 102 last month, up 20.
Used sales improved to 531 this month vs. 462 last month, up 69 (Sect E  p.3).

Used inventory levels remain high this month at 11 months (see the chart Sect C p.1), with the situation particularly challenged in the higher price ranges. Used homes over $200,000 are still over 12 months of inventory and over $500,000 have more than two years of inventory.

New home absorption is 9 months of inventory overall with last month at 11 months)(E-1). The New Home inventory level in the $300,000-$400,000 is approximately 5 months. (Not bad!).

There continue to be a large number of housing permits issued in Huntsville city given the market conditions. For January there were 111, (estimate from census dept.), up from 59 in December (chart on the web site).

Total Active listings decreased this month to 8,262 compared to last month’s 8,543, and below last year at this time at 8,389, with the reduction exaggerated due to month-end expirations. (Sect A p.4 and Sect E p.3).  The reduction in inventory is a positive thing. The inventory reduction has been good for the last 8 months; we are however beginning to see some spring increase.

Active New listings decreased from 1,549 last month to 1,337 in February, down 212. (Sect E p.3). Active Used listings decreased from 6,994 last month to 6,925 this month, down 69 and slightly below last year’s amount at this time of 7,082. (Sect E p.3).

Average Days on Market for Sold New homes was 167 vs. 168 days last month, with Used at 163 in February compared with 162 in January (Sect A p.18).

Average sales price for Sold New homes was $253,783 vs. $239,108 last month. (Sect A p.2)
Average sales price for Sold Used homes was $137,209 vs. $135,546 last month. (Sect A p.2)

The average price line for Used homes is going up nicely. New home average prices seems to be showing positive direction as well.

TWB 3/9/13

Alabama Coastal Sales Slightly Ahead of Last Year

Baldwin County & Alabama Coastal MLS*: Observations for the Month of February 2013

Sales dollars increased 9% in February to $65,936,643 from January’s $60,544,028. This is a modest 2% above February last year at $64,850,320. (Sect A p.2). This is reasonable performance in a slow month. The 12 month moving average line of sales has continued to point up steadily for two years now. Inventories are trending down.

On a unit basis, sales of all houses were up 11% at 341 this month vs. last month at 307, which is up 10% from last year’s 309. The year to year comparison remains encouraging.  At the high end, the $900,000 and over sales were 3 this month compared with 11 last year for the same month. There is a pronounced reduction in sales in the under $100,000 range (see page b-1). Perhaps, this is due to recovering prices and reduced inventory and declining relative values in this price range?

Used Home sales improved 9% to 307 this month vs. 282 last month, which is up 13% from last year’s 272 (Sect A p.18). New Home sales were 43 this month vs 25 last month compared with 37 last year. Increasing sales of New Homes is indicative of a recovering market.

New listings for New homes increased to 60 from 36 in January. Used homes New listings decreased to 712 from 767 in January with net inventory down.

The absolute number of Used Active homes on the market, which had a slight peak mid-summer of ‘09, has once again been improving. In February, there were 3,243 Active Used homes, a reduction from 3,534 in January. The New home market, which peaked in February 2006 at 2,144 Active, now sits at 327.

The Absorption rate for New homes was 9 months of inventory for February vs. 10 in January. The Absorption rate for Used homes was 9 months of inventory for February vs. 10 in January. Over the last four years the drop in months of inventory for Used homes has been steady and impressive from 25 months plus in February 2008 to 9 months this February.

Average sales price for all homes have been improving modestly for the past year.For New units, prices decreased to $220,295 from $221,042 last month. (Sect A p.14). Average Used home prices decreased to $190,380 from $195,099 in January. The price trend is still up for the year.

Average Days On Market for New Sold properties in February was 170 this month vs. 205 last month. Days On Market for Used was 179 this month vs. 171 last month.

We see improvement in the second home market, which is needed for the coastal area to gain strength. While there is still a lot of inventory, I think the situation on the coast has turned quite positive.

TWB 3/9/2013