Baldwin County MLS* Observations for the month of December 2009: Real Estate Statistics for the Baldwin County, Alabama Coastal Areas:
Sales in December were lackluster, increasing 6% to $58,103,104 from November’s $54,830,780 (Sect A p.2). Unit sales were almost even with the prior month. I’d still say that the situation on the coast is showing signs of leveling out in spite of the last three month’s poor results. The 12 month moving average line of total dollar sales has “flattened” out, and is no longer pointing straight down, but this last three months has made it look slightly sicker. The total number of Active home listings continues to trend down. The inventory of Used homes remains at a high level. New construction has slowed dramatically, and is no longer adding to the glut. There are still big risks ahead, but there is also the possibility that things won’t be getting a lot worse from here. ALL of the statistical improvement is related to lower priced homes. I wonder when we will begin to see trickle up from the lower priced properties to the higher priced ones!
Our new chart in Section A p.19, shows the historical trends for absolute units of inventory and months of inventory for New and Used units. This chart shows that there is a pronounced drop in inventory levels, which while still high, have a favorable trend.
Daphne/Montrose area and Orange Beach continue to show nice unit sales.
The 12 month moving average line of unit sales for Used homes has a slight upward slope. This is far better that the bottomless drop which has been the case for a while. On a unit basis, sales of all houses remained even at 277 vs. 283 last month. Used house unit sales were down, 245 vs. 249 last month. New house unit sales decreased to 32 from 34 last month (Sect A p.18).
New listings for New houses remained low at 38 in December from 37 in November. Used houses New listings decreased to 518 this month from 587 in November. These are some of the lowest numbers for new listings we have seen for the last 6 months.
The absolute number of Used Active homes on the market which had a slight peak mid-summer, has once again started to level out or even decline slightly. In December, there were 4,596 Active Used homes, a 12% reduction from 5202 in November. The New house market which peaked in December 2006 at 2,144 active, now sits at 466.
The Absorption rate for New houses was 14 months of inventory for December vs. 14 in November. The Absorption rate for Used houses was 18 months of inventory for December vs. 20 in November. (Sect A p.17).
Average sales price for New units decreased to $187,317 from $201,824 last month. Life is still very difficult for those trying to sell higher priced homes, and inventory continues to climb. See the tables for details. (Sect A p.14). The Average Used house price increased to $212,690 from $192,646 in November.
Average days on market for Sold properties in December was New, 208 and Used, 162.