Birmingham Area MLS* Monthly Observations for April 2013
Dollar sales in April improved by 14% to $222,253,098 from March’s $195,775,825, up a healthy 14% from last April’s $195,717,473. The 12 month moving average line for total dollar sales continues to move up indicating improving market conditions. We are at the early part of the busy sales season and are seeing good gains.
Unit sales were up 10% to 1,264 in April from 1,149 in March, an increase of 115. This is up 4% from April 2012 at 1,219.This number will increase as late sales are reported. Our ABRE/ACRE Projections for 2013 projected 1,272 sales for April. For April, the projections are less than 1% higher than achieved for the month and 4% for the year. Please see here for a summary of the projections http://goo.gl/nytW8 and the spreadsheet with details and month by month projections by area http://goo.gl/GEYWa (see the tabs on the bottom). New sales improved by 5 units to 128 homes this month from 123 in March and are up from 114 last year. Used sales improved 11% to 1,136 homes in April from 1,026 last month, an increase of 110, and up 31 from 1,105 last year(Sect E p.3).
This month total inventory is 14% lower at 9,404 vs. 10,893 last year and 9,773 last month. The drop in the current month is caused by month-end expirations which should come back on the market shortly. Active New listings decreased to 786 in April from 1,068 in March, a decline of 282 units (Sect E p.3). Housing permits went up in Jefferson County to 115 for March from 68 in February. Shelby County permits went up to 37 from 33 (see website for details).
Absorption rate for New homes is fairly steady. New homes are at 6 months supply this month which is better than last year at this time at 7 months (Sect E p.3).There are 11 under $100,000 new homes active, a ten month supply. The New homes up to $700,000 price range have normal inventory levels in the 5-8 month range. The $700,000-$800,000r price range are twenty months of supply. The over $900,000 new inventory is at 6 months (only two homes). (Sect C p.1 and Sect E p.3.)
Absorption for Used homes in April shows 9 months, one month better than 10 months last year. Used Active listings at 8,618 are lower than the 10,018 last year (Sect E p.3). The number of homes listed in the over $400,000 price range has been climbing somewhat faster than sales, resulting in some upward drift in the months of sales.
Birmingham area Average Days on Market for New houses is 221 compared to last month at 193. The Used homes DOM was 135 in April, compared with 148 last month (Sect A p.18). NOTE: DOM for Used homes indicates that well priced homes are moving in less than 6 months.
Average sales price for Sold New homes decreased to $247,502 from $254,566 last month (Sect A p2). Average sales price for Sold Used homes increased to $167,758 from $160,297 last month (Sect A p2). The moving average price for Used Homes has been moving up steadily since the beginning of the year. The 12 month moving average line for New home prices has also been heading up quite nicely since the beginning of the year. Average Home prices, New and Used, are improving (Sect A p2). The price of any specific home still remains under pressure.