Baldwin County, Alabama February 2008 Real Estate Statistics

Baldwin County MLSObservations:

After 7 straight months of declining dollar sales, February showed a slight uptick. While it’s not time yet to call a bottom, this uptick is consistent in all the markets we cover. Dollar sales in February improved 43.5% in to $56,764,637 from Januarys’ $39,563,439 (see page A-1). On a unit basis, unit sales of used houses improved by 35% to 201 vs. 149 last month. New house unit sales improved by 25% to 45 for the month of February from 36 in January (sect A p 17).

New listings for new houses increased in February to 109 from 88 in January. Reflecting the long lead time (and withdrawn and relisting by frustrated sellers) for some developments, new listings are running at well over 2 times the rate of sales of new houses in spite of the now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 p18). Used house new listing increased to 920 this month from 864 in January. Net active listings were slightly down for both new and used houses. See below.

Average sales prices for New units decreased to $221,773 from $252,743 last month. There were 4 New houses sold over $500,000 in February which is one less than last month, See page A-14. The average Used house price increased to $232,760 from $204,461 in January.

There were 5204 used houses active in February, a slight decrease from a 5240 in January. There were 1148 new houses active in February a decrease from 1256 in January. The Absorption rate for new houses 14.7 months of inventory for February vs. 15.3 in January.  The Absorption rate for used houses was 20.9 months of inventory for February vs. 20.8 in January. See section A page 17.

TWB 3/16/2008

*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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