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

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

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

Birmingham December Sales Finish Well, Total Sales Up 8% For The Year

Birmingham Area MLS* Monthly Observations for December 2012

For 2012 Unit sales increased 8% to 13,472 from 12,468 last and are off 7% from our full year projection of 14,550. Total dollar sales for the year were up 15% to $2,307,752,868 from $2,002,963,782.

Sales in December declined by 9% to $163,401,188 from November’s $179,368,554, up a healthy 12% from last December’s $146,269,023. The 12 month moving average line for total dollar sales continues to move up indicating improving market conditions. This is the middle of the slowest three months of the sales season, so it is best not to try to read too much into these results.

Unit sales were down 10% to 941 in December from 1,048 in November, a decrease of 107. This is down 3% from December 2011 at 970. This is 14% unfavorable to our projection of 1,099 sales expected for December and 7% unfavorable year to date (this will improve as late sales are recorded). The complete monthly projections from ABRE, (a joint project between ACRE and Brander Real Estate) ,can be found here http://goo.gl/WFHrO along with the worksheets that show the methodology. New sales improved by one unit to 128 homes this month from 127 in November and off from 135 last year. Used sales declined 12% to 813 homes in December from 921 last month, a decrease of 108 (Sect E p.3).

This month total inventory is 16% lower at 8,519 vs. 10,174 last year and 9,943 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 below 10,000. Active New listings decreased to 736 in December from 997 in November, a decline of 261 units (Sect E p.3).  Housing permits went down in Jefferson County to 67 for November from 77 in October. Shelby County permits went down to to 23 from 28 (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 7 months (Sect E p.3). New home supply last month shows 8 months. Under $100,000 New homes is at 14 months supply. The New homes in the $100,000-$700,000 price range have normal inventory levels in the 4-8 month range. Higher price ranges are one to two years of supply. although over $900,000 the new inventory is at 8 months (only two homes). (Sect C p.1 and Sect E p.3.)

Absorption for Used homes in December shows 8 months, two months better than the 10 months last year. Used Active listings at 7,783 are lower than the 9,304 last year (Sect E p.3). Interestingly, the under $100,000 market with an average list price of $59,615, which makes up 33% of all listings, is at 7 months of inventory, which drags the overall months of inventory down for all homes. There are fewer homes in the over $900,000 price range listed since early 2007 although months of inventory is still high due to reduced sales levels.

Birmingham area Average Days on Market for New houses is 172 compared to last month at 201. The Used homes DOM was 141 in December, 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. If the home is not selling, reduce the price, particularly since we are in the slower sales season of the year.

Average sales price for Sold New homes increased to $262,386 from $233,626 last month (Sect A p2). Average sales prices for Sold Used homes decreased to $159,675 from $162,539 last month (Sect A p2). The 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. Just a note: Average prices are up slightly from 2007 levels.
TWB 1/12/13

Birmingham November Real Estate Sales Up 11% Year Over Year

Birmingham Area MLS* Monthly Observations for November 2012

Sales in November declined by 3% to $175,290,274 from October’s $180,739,461, up a healthy 11% from last November’s $158,075,509. The 12 month moving average line for total dollar sales continues to move up indicating improving market conditions. This is the beginning of slowest three months of the sales season. So it is best not to try to read too much into these results.

Unit sales were down 4% to 1,018 in November from 1,056 in October, a decrease of 38. This is up 5% from November 2011 at 972. This is 4% unfavorable to our projection of 1,055 sales expected for November and 7% unfavorable year to date. The complete monthly projections from ABRE, (a joint project between ACRE and Brander Real Estate) ,can be found here http://goo.gl/WFHrO along with the worksheets that show the methodology. New sales declined 9% to 124 homes this month from 126 in October, a decrease of 2 units. Used sales declined 4% to 894 homes in November from 930 last month, a decrease of 36 (Sect E p.3).

This month total inventory is 16% lower at 9,193 vs. 10,993 last year and 10,257 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 below 10,000. Active New listings decreased to 764 in November from 993 in October, a decline of 229 units (Sect E p.3).  Housing permits went up in Jefferson County to 77 for October from 67 in September. Shelby County permits went up to  to 28 from 18 (see website for details). Permits are (marginally)exceeding sales once again.

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 15 months supply. The New homes in the $100,000-$700,000 price range have normal inventory levels in the 4-8 month range. Higher price ranges are one to two years of supply (Sect C p.1 and Sect E p.3.)

Absorption for Used homes in November shows 9 months, three months better than the 11 months last year. Used Active listings at 8,429 are lower than the 10,051 last year (Sect E p.3). Interestingly, the under $100,000 market with an average list price of $59,256, which makes up 33% of all listings, is at 7 months of inventory, which drags the overall months of inventory down for all homes.

Birmingham area Average Days on Market for New houses is 201 compared to last month at 181. The Used homes DOM was 148 in November, compared with 143 last month (Sect A p.18). NOTE: DOM for Used homes indicates that well priced homes are moving in less than 6 months. If the home is not selling, reduce the price, particularly since we are in the slower sales season of the year.

Average sales price for Sold New homes decreased to $234,210 from $247,711 last month (Sect A p2). Average sales prices for Sold Used homes increased to $163,589 from $160,783 last month (Sect A p2). The 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. Just a note: Average prices are up slightly from 2007 levels.

TWB 12/15/12

 

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

 

Birmingham October Sales up 19% From Last Year

Birmingham Area MLS* Monthly Observations for October 2012

Sales in October declined by 5% to $175,248,097 from September’s $184,208,759, up a healthy 19% from last October’s $147,669,623. The 12 month moving average line for total dollar sales continues to be tilted upward.

Unit sales were down 4% to 1,021 in October from 1,068 in September, a decrease of 47. This is up 2% from October 2011 at 998. This is 5% unfavorable to our projection of 1,085 sales expected for October and 8% unfavorable year to date. The complete monthly projections from ABRE, (a joint project between ACRE and Brander Real Estate) ,can be found here http://goo.gl/WFHrO along with the worksheets that show the methodology. New sales declined 9% to 120 homes this month from 132 in September, a decrease of 12 units. Used sales declined 4% to 901 homes in October from 936 last month, a decrease of 35 (Sect E p.3).

This month total inventory is 15% lower at 9,692 vs. 11,369 last year and 10,476 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 below 10,000. Active New listings decreased to 765 in October from 1,010 in September, a decline of 245 units (Sect E p.3).  Housing permits went down in Jefferson County to 67 for September from 90 in August. Shelby County permits went down to 18 from 27 (see website for details). First time in a while that it seems that sales are exceeding permits, which is a good sign.

Absorption rate for New and Used homes is fairly steady. New homes are at 6 months supply this month, and 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 13 months supply. The New homes in the $100,000-$700,000 price range have normal inventory levels in the 4-6 month range. Higher price ranges are one to two years of supply (Sect C p.1 and Sect E p.3.)

Absorption for Used homes in October shows 9 months, three months better than the 12 months last year. Used Active listings at 8,927 are lower than the 10,393 last year (Sect E p.3), (Sect E p.3). Interestingly, the under $100,000 market with an average list price of $59,242, which makes up 31% of all listings, is at 7 months of inventory, which drags the overall months of inventory down for all homes.

Birmingham area Average Days on Market for New houses is 181 compared to last month at 173. The Used homes DOM was 143 in October, compared with 145 last month (Sect A p.18). NOTE: DOM for Used homes indicates that well priced homes are moving in less than 6 months. If the home is not selling, reduce the price, particularly since we are in the slower sales season of the year.

Average sales price for Sold New homes decreased to $246,255 from $267,803 last month (Sect A p2). Average sales prices for Sold Used homes increased to $161,706 from $159,037 last month (Sect A p2). The 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. Just a note: Average prices are up slightly from 2007 levels.

The differences between our numbers and the Board of MLS numbers are  due to our taking in all the data in the MLS system while they report on a more concentrated area picked from the whole; therefore we have more of the surrounding rural areas, which are not as volatile.

TWB 11/10/12

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