Observations May 2008:
These extracts are from our monthly 100 page report, contact me to obtain.
Real Estate statistics for the Baldwin County, Alabama coastal areas for the month of May:
May sales increased 27% To $88,850,774 from $69,907,845 in May, 21% below last year. See these charts, which show the data two ways, sequentially and years with Same months stacked on top of each other so you can see the monthly variation. Click on them for a larger version. This may be what a bottom looks like. Sellers still have a ways to go in adjusting their expectations but there are buyers out there, very picky ones for sure. This does not mean a rebound, but perhaps a halt in the freefall. On a unit basis, sales of used houses improved by 30% to 305 vs. 235 last month. New house unit sales improved to 48 from 41 last month (Sect A P 17).
New listings for new houses increased in May to 107 from 84 in April. Reflecting the long lead time for some developments, (and withdrawn and relisting by frustrated sellers) new listings are running at 2 times the rate of sales of new houses in spite of the now extended sales slump.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 houses new listings decreased to 823 this month from 895 in April. Net active listings were slightly down for both new and used houses. (See below).
Average sales price for new units increased to $285,566 from $278,228 last month. There were 5 New houses sold over $500,000 in May which is the same as last two months. One of the 111 over $900,000 new houses sold. (See Page A-14). The average Used house price decreased to $246,372 from $248,938 in April.
There were 5,615 used houses active in May, a slight decrease from a 5,844 in April. There were 1,025 new houses active in May, a decrease from 1,129 in April. The Absorption rate for new houses was 16.3 months of inventory for May vs. 17.1 in April. The Absorption rate for used houses was 22.3 months of inventory for May vs. 22.9 in April. (See Section A Page 17).
*All references to last month numbers are revised, to pick up late entries (made after our prior publication date) to the MLS system.