After months of declining dollar sales, February and now March are showing more normal seasonal improvement in the Alabama Coastal, Baldwin county markets. This uptick is consistent in all the markets we cover. Dollar sales in March improved 27.5% in to $75,030,677 from Februarys’ $58,857,637 (see page A-1).This is still 29% below last year. But this may be what a bottom looks like. Sellers still have a way to go in adjusting their expectations but here are buyer out there, very picky ones for sure. On a unit basis, unit sales of used houses improved by 25% to 259 vs. 207 last month. New house unit sales remained at to 46 for the month (sect A p 17).
New listings for new houses increased in March to 138 from 111 in February. Reflecting the long lead time (and withdrawn and relisting by frustrated sellers) for some developments, new listings are running at well over 2 times the rate of sales of new houses in spite of the now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 962 this month from 932 in February. Net active listings were slightly down for both new and used houses. See below.
Average sales prices for New units increased to $248,710 from $219,669 last month. There were 5 New houses sold over $500,000 in March which is one more than last month, (none of the 131 over $900,000 new houses sold) See page A-14. The average Used house price increased to $245,521 from $235,521 in February.
There were 5438 used houses active in March, a slight decrease from a 5468 in February. There were 1151 new houses active in March a decrease from 1202 in February. The Absorption rate for new houses 16.4 months of inventory for March vs. 15.3 in February. The Absorption rate for used houses was 21.8 months of inventory for March vs. 22.8 in February. See section A page 17.