Alabama Coastal Sales Continue Strong In May

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

Sales dollars climbed 19% in May to $131,734,194 from April’s $110,343,519. This is a healthy 8% above May last year at $122,483,885. (Sect A p.2). This is the third highest May 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 15% at 568 this month vs. last month at 493, which is up 11% from last year’s 511. 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 12% to 511 this month vs. 456 last month, which is up 10% from last year’s 463 (Sect A p.18). New Home sales were 57 this month vs 37 last month compared with 48 last year. Increasing sales of New Homes is indicative of a recovering market.

New listings for New homes increased to 63 from 61 in April. Used homes New listings increased to 511 from 456 in April 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 May, there were 3,439 Active Used homes, a reduction from 3,994 in April. The New home market, which peaked in May 2006 at 2,144 Active, now sits at 322.

The Absorption rate for New homes was 9 months of inventory for May vs. 10 in April. The Absorption rate for Used homes was 9 months of inventory for May vs. 11 in April. Over the last four years the drop in months of inventory for Used homes has been steady and impressive from 25 months plus in May 2008 to 9 months this May. 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 decreased to $222,465 from $245,923 last month. (Sect A p.14). Average Used home prices increased to $232,982 from $222,027 in April. The price trend is up for the year.

Average Days On Market for New Sold properties in May was 201 this month vs. 156 last month. Days On Market for Used was 168 this month vs. 166 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 6/15/2013

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

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

 

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

Coastal Alabama Real Estate Starts Strong In January

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

Sales dollars decreased 25% in January to $59,876,728 from December’s $80,189,682. This is a remarkable 23% above January last year at $48,473,756. (Sect A p.2). This is a solid performance in the normally slowest 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 off 16% at 303 this month vs. last month at 362, which is up 10% from last year’s 276. The year to year comparison remains encouraging.  At the high end, the $900,000 and over sales were 4 this month compared with 5 last year for the same month.

Used Home sales declined 14% to 278 this month vs. 323 last month, which is up 14% from last year’s 244 (Sect A p.18). New Home sales were 25 this month vs 39 last month compared with 32 last year. Increasing sales of New Homes is indicative of a recovering market.

New listings for New homes declined to 33 from 66 in December. Used homes New listings jumped to 739 from 414 in December 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 January, there were 3,131 Active Used homes, a reduction from 3,420 in December. The New home market, which peaked in January 2006 at 2,144 Active, now sits at 299.

The Absorption rate for New homes was 8 months of inventory for January vs. 10 in December. The Absorption rate for Used homes was 9 months of inventory for January vs. 10 in December. Over the last four years the drop in months of inventory for Used homes has been steady and impressive from 25 months plus in January 2008 to 9 months this January.

Average sales price for all homes have been improving modestly for the past year. For New units, prices decreased to $221,042 from $263,796 last month. (Sect A p.14). Average Used home prices decreased to $195,506 from $216,414 in December.

Average Days On Market for New Sold properties in January was 205 this month vs. 143 last month. Days On Market for Used was 171 this month vs. 181 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 2/9/2013

Alabama Coastal Sales Finish the Year Up

Baldwin County & Alabama Coastal MLS*: Observations for the Month of December 2012

For 2012 sales increased 16% to $1,032,887,586 from $891,031,102 last year. Unit sales increased by a more modest 4% to 4,595 from 4,413 last year.

Sales dollars increased 10% in December to $79,681,282 from November’s $72,554,282. This is remarkable 35% above December last year at $59,210,303. (Sect A p.2). This is a solid performance in a normally seasonally slow month. The 12 month moving average line of sales is continuing to point up. Inventories are continuing to come down.

On a unit basis, sales of all houses were up 10% to 358 this month vs. last month at 326, which is up from last year’s 308. The year to year comparison remains encouraging.  At the high end, the $900,000 and over sales were 6 this month compared with 4 last year for the same month.

Used Home sales improved 8% to 320 this month vs. 296 last month, which is up 13% from last year’s 283 (Sect A p.18). New Home sales were 38 this month vs 30 last month which compares favorably with 25 last year. Increasing sales of New Homes is indicative of a recovering market.

New listings for New homes remained about the same at 66 and 59 in November. Used homes New listings remain constrained at 396 from 487 in November 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 December, there were 3,085 Active Used homes, a reduction from 3,596 in November. The New home market, which peaked in December 2006 at 2,144 Active, now sits at 323.

The Absorption rate for New homes was 9 months of inventory for December vs. 10 in November. The Absorption rate for Used homes was 9 months of inventory for December vs. 11 in November. Over the last four years the drop in months of inventory for Used homes has been steady and impressive from 25 months plus in December 2008 to 9 months this December.

Average sales price for all homes have been improving modestly for the past year. For New units, prices increased to $267,225 from $234,679 last month. (Sect A p.14). Average Used home prices decreased to $217,271 from $221,331 in November.

Average Days On Market for New Sold properties in December was 143 this month vs. 136 last month. Days On Market for Used was 181 this month vs. 161 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 1/12/2013

November Alabama Coastal Real Estate Sales Improve in a Slow month

Baldwin County & Alabama Coastal MLS*: Observations for the Month of November 2012

Sales dollars decreased 22% in November to $72,269,421 from October’s $81,845,796. This is 23% above November last year at $58,976,063. (Sect A p.2). This is a solid performance in a normally seasonally slow month. The 12 month moving average line of sales is continuing to point up. Inventories are continuing to come down.

On a unit basis, sales of all houses were down 9% to 324 this month vs. last month at 358, which is unchanged from last year’s 325. The year to year comparison remains reasonable.  At the high end, the $900,000 and over sales were 7 this compared with 11 for the prior two month, compared with 4 last year.

Used Home sales declined 10% to 294 this month vs. 325 last month, which is down 4% from last year’s 306 (Sect A p.18). New Home sales were 30 this month vs 33 last month which compares favorably with 19 last year. Increasing sales of New Homes is indicative of a recovering market.

New listings for New homes remained about the same at 59 and 57 in October. Used homes New listings decreased to 496 from 667 in October 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 November, there were 3,283 Active Used homes, a reduction from 3,641 in October. The New home market, which peaked in November 2006 at 2,144 Active, now sits at 311.

The Absorption rate for New homes was 9 months of inventory for November vs. 9 in October. The Absorption rate for Used homes was 10 months of inventory for November vs. 11 in October. Over the last four years the drop in months of inventory for Used homes has been steady and impressive from 25 months plus in November 2008 to 9 months this November.

Average sales price for all homes has been stable for the past year. For New units, prices decreased to $234,678 from $247,980 last month. (Sect A p.14). Average Used home prices decreased to $221,868 from $226,654 in October.

Average Days On Market for New Sold properties in November was 136 this month vs. 216 last month. Days On Market for Used was 161 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 12/15/2012

 

Alabama Coastal Real Estate 15% Better Than Last October

Baldwin County & Alabama Coastal MLS*: Observations for the Month of October 2012

Sales dollars increased 2% in October to $81,448,878 from September’s $79,669,696. This is 15% above October last year at $70,294,761. (Sect A p.2). A solid performance in a normally seasonally slow month. The 12 month moving average line of sales is continuing to point up. Inventories are continuing to come down.

On a unit basis, sales of all houses were virtually unchanged 355 this month vs. last month at 357, which is 3% down from last year’s 344. The year to year comparison remains reasonable.  At the high end, the $900,000 and over sales remained 11 sales both this and last month as compared with 8 last year.

Used Home sales improved 2% to 323 this month vs. 317 last month, which is up 2% from last year’s 316 (Sect A p.18). New Home sales were 32 this month vs 40 last month which compares favorably with 28 last year. Increasing sales of New Homes is indicative of a recovering market.

New listings for New homes remained about the same 58 from 57 in September. Used homes New listings increased to 661 from 542 in September 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 October, there were 3,287 Active Used homes, a reduction from 3,634 in September. The New home market, which peaked in October 2006 at 2,144 Active, now sits at 283.

The Absorption rate for New homes was 8 months of inventory for October vs. 9 in September. The Absorption rate for Used homes was 10 months of inventory for October vs. 11 in September. Over the last four years the drop in months of inventory for Used homes has been steady and impressive from 25 months plus in October 2008 to 10 months this October.

Average sales price for all homes has been stable for the past year. For New units, prices increased to $250,201 from $189,984 last month. (Sect A p.14). Average Used home prices decreased to $227,376 from $227,446 in September.

Average Days On Market for New Sold properties in October was 216 this month vs. 236 last month. This indicates that older inventory is selling, which is a good sign. Days On Market for Used was 179 this month vs. 172 last month.

We see strength 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 11/14/2012

Alabama Coastal Market Review 4th Quarter 2012

This material was presented at the meetings at the Baldwin County Realtors and Mobile county Realtors on October 23 and 25th.

Alabama Coastal Real Estate September Sales, Normal Seasonal Slow Down

Baldwin County & Alabama Coastal MLS*: Observations for the Month of September 2012

Sales dollars decreased 18% in September to $79,194,195 from August’s $96,833,343. This is 3% above September last year at $77,092,161. (Sect A p.2). The 12 month moving average line of sales is continuing to point up. Inventories are continuing to come down.

On a unit basis, sales of all houses declined 13% to 355 this month vs. last month at 408, which is 5% down from last year’s 373. The year to year comparison remains healthy.  At the high end, the increase in over $900,000 sales eased, with 11 sales this month vs. 20 last month.

Used Home sales declined 2% to 316 this month vs. 372 last month, which is down 5% from last year’s 340 (Sect A p.18). Sales in the under $200,000 range that we noted over the last several months accounted for 192 for September, accounted for 61% of all sales. New Home sales were 39 this month vs 36 last month which compares favorably with 33 last year. Increasing sales of New Homes is indicative of a recovering market.

New listings for New homes decreased to 58 from 80 in August. Used homes New listings decreased to 540 from 573 in August 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 September, there were 3,290 Active Used homes, a reduction from 3,692 in August. The New home market, which peaked in September 2006 at 2,144 Active, now sits at 282.

The Absorption rate for New homes was 8 months of inventory for September vs. 10 in August. The Absorption rate for Used homes was 10 months of inventory for September vs. 11 in August. Over the last four years the drop in months of inventory for Used homes has been steady and impressive from 25 months plus in September 2008 to 10 months this September.

Average sales price for all homes has been stable for the past year. For New units, prices decreased to $190,548 from $191,414 last month. (Sect A p.14). Average Used home prices decreased to $227,098 from $241,781 in August.

Average Days On Market for New Sold properties in September was 236 this month vs. 164 last month. This indicates that older inventory is selling, which is a good sign. Days On Market for Used was 172 this month vs. 181 last month.

We see strength 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 10/13/2012