Baldwin County January 2008 Comments


Observations

I stay away from evaluation. I present facts. I’d like to report better numbers but they are what they are. Dollar sales in January declined 31% in to $38,272,759 from Decembers’ $62,197,451 (see page A-1). On a unit basis, unit sales of used houses decreased by 23% to 145 vs. 188 last month. New house unit sales were down by 24 (42%) to 33 for the month of January from 57 in December (sect A p 17 ).

New listings for new houses decreased in January to 84 from 103 in December. Reflecting the long lead time (and withdrawn and relisting by frustrated sellers) for some developments, new listings are running at well over 2 times the rate of sales of new houses in spite of the now extended sales slump. (Chart section C page 1 And Table sect A p17). Used house new listing increased to 848 this month from 510 in December. Net active listings were slightly down for both new and used houses. See below.

Average sales prices for New units decreased to $261,993 from $265,101 last month. There were 5 New houses sold over $500,000 in January which is much less than last month, this month there were of 492 active listings over $400,000 including 84 new listings! See page A-14. The average Used house price decreased to $204,324 from $215,493 in December.

There were 5012 used houses active in January, a slight decrease from a 5143 in December. There were 1188 new houses active in January a decrease from 1406 in December. The Absorption rate for new houses 14.5 months of inventory for January vs. 16.4 in December.  The Absorption rate for used houses improved modestly to 19.9 months of inventory for January vs. 20.2 in December. See section A page 17.

TWB 2/14/2008

*All references to last month numbers are revised, to pick up late entries (made after our prior publication date) to the MLS system.

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