Birmingham May Sales Very Strong and A Positive Outlook

Birmingham Area MLS* Monthly Observations for May 2013

Dollar sales in May improved by 29% to $296,177,850 from April’s $230,177,850, up a healthy 31% from last May’s $226,665,171. The 12 month moving average line for total dollar sales continues to move up indicating improving market conditions. We are in the main sales season and seeing impressive gains.

Birmingham May Projection to Actual

Increases in sales over our projections indicate a strengthening market. The greater increase in dollar sales than unit sales indicates an increase in the sales of higher end homes proportionally as well as a general strengthening in average prices.

Unit sales were up 14% to 1,504 in May from 1,315 in April, an increase of 189. This is up 16% from May 2012 at 1,294.This number will increase as late sales are reported. Our ABRE/ACRE Projections for 2013 projected 1,399 sales for May. For May, actual sales were 8% higher than projections and 0.2% 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 138 homes this month from 132 in April and are even with 138 last year. Used sales improved 15% to 1,366 homes in May from 1,183 last month, an increase of 183,  and up 18% and 210 units from 1,156 last year(Sect E p.3).

This month total inventory is 14% lower at 9,419 vs. 10,993 last year and 10,122 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 785 in May from 1,098 in April, a decline of 313 units (Sect E p.3).  Housing permits went down in Jefferson County to 104 for April from 115 in March. Shelby County permits went down to 25 from 37 (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). The New homes up to $700,000 price range have normal inventory levels in the 5-8 month range, except for the $400,000-500,000 price range which is at 10 months of supply. The $700,000-$800,000 price range are 14 months of supply. The over $900,000 new inventory is at 2 months (only one home). (Sect C p.1 and Sect E p.3.)

Absorption for Used homes in May shows 8 months, one month better than 10 months last year. Used Active listings at 8,634 are lower than the 10,131 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. The market performance is highly area specific, so check the area charts.

Birmingham area Average Days on Market for New houses is 180 compared to last month at 221. The Used homes DOM was 135 in May, compared with 135 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 $277,308 from $248,111 last month (Sect A p2). Average sales price for Sold Used homes increased to $188,806 from $167,349 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).

TWB 6/15/13

May Huntsville Real Estate Sales Strong

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

May sales improved by 27% to $152,023,248 vs. April at $119,573,006. This was up 6% from last year’s $142,987,716. The twelve month moving average line on the total dollar sales chart is heading up. It is good to see sales pick up in the main selling season..

Total unit sales improved 15% to 916 in May vs. 795 in April, an increase of 121. This was 5% better than last year at 874.

Huntsville May Projections to Actual

Our projections for ACRE and Brander Real Estate for 2013 called for 927 sales in May with actual results 1% under that, and year to date volume is 2% 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 121 this month vs. 127 last month, down 6.

Used sales increased to 795 this month vs. 668 last month, up 127 (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 9 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 April there were 83, up from 100 in March (chart on the web site).

Total Active listings decreased this month to 8,864 compared to last month’s 9,527, and below last year at this time at 9,006, 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 summer increase.

Active New listings decreased from 1,667 last month to 1,364 in May, down 303. (Sect E p.3). Active Used listings decreased from 7,860 last month to 7,500 this month, down 360 and slightly below last year’s amount at this time of 7,706. (Sect E p.3).

Average Days on Market for Sold New homes was 160 vs. 165 days last month, with Used at 166 in May compared with 166 in April (Sect A p.18).

Average sales price for Sold New homes was $241,249 vs. $233,622 last month. (Sect A p.2)

Average sales price for Sold Used homes was $154,506 vs. $134,585 last month. (Sect A p.2)

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

TWB 6/15/13

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

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

 

January Birmingham Residential Sales Up 14% from Last Year

Birmingham Area MLS* Monthly Observations for January 2013

Sales in January declined by 21% to $132,100,460 from December’s $167,858,938, up a healthy 14% from last January’s $115,485,241. 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, although the year over year gains are meaningful.

Unit sales were down 14% to 824 in January from 963 in December, a decrease of 139. This is up 7% from January 2012 at 768. Our ABRE/ACRE Projections for 2013 are not yet complete but should be shortly and will be forwarded as soon as completed. The January results are roughly in line with what we expect from the preliminary work on the forecast. New sales declined by 44 units to 87 homes this month from 131 in December and are off from 91 last year. Used sales declined 12% to 737 homes in January from 832 last month, a decrease of 95,  but up 42 from 695 last year(Sect E p.3).

This month total inventory is 15% lower at 8,781 vs. 10,384 last year and 9,086 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 solidly below 10,000. Active New listings decreased to 782 in January from 953 in December, a decline of 171 units (Sect E p.3).  Housing permits went down in Jefferson County to 62 for December from 67 in November. Shelby County permits went down to to 17 from 23 (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 10 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 January 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 $59,233, which makes up 33% of all listings, is at 7 months of inventory which drags down the overall months of inventory for all homes. There are fewer numbers of homes in the over $900,000 price range listed any time 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 201 compared to last month at 172. The Used homes DOM was 146 in January, compared with 141 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 $227,836 from $262,835 last month (Sect A p2). Average sales prices for Sold Used homes decreased to $152,346 from $160,370 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. Just a note: Average prices are up slightly from 2007 levels.

TWB 2/9/13

North Alabama January Real Estate Sales In-Line with Last Year

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

January sales declined by 3% to $80,412,866 vs. December at $117,434,180. This was even with last year’s $80,657,398 The twelve month moving average line on the total dollar sales chart is heading up.

Total unit sales declined 21% to 524 in January vs. 669 in December, a decrease of 145. This was 3% lower than last year at 539.

Our projections for ACRE and Brander Real Estate for 2013 are not yet complete; we will send them shortly. Early work looks quite encouraging for a continuation of the positive trends experienced last year.

New sales declined to 82 this month vs. 159 last month, down 77.
Used sales decreased to 442 this month vs. 510 last month, down 68 (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 10 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 December there were 59, down from 64 in November (chart on the web site).

Total Active listings decreased this month to 7,969 compared to last month’s 8,509, and below last year at this time at 8,339, 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 7 months; hopefully, spring will not bring a dramatic change.

Active New listings decreased from 1,536 last month to 1,329 in January, down 207. (Sect E p.3). Active Used listings decreased from 6,973 last month to 6,640 this month, down 333 and slightly below last year’s amount at this time of 6,986. (Sect E p.3).

Average Days on Market for Sold New homes was 168 vs. 150 days last month, with Used at 162 in January compared with 160 in December (Sect A p.18).

Average sales price for Sold New homes was $239,861 vs. $257,564 last month. (Sect A p.2)
Average sales price for Sold Used homes was $137,430 vs. $149,964 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 2/9/13

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