Huntsville/North Alabama Area MLS Observations: Real Estate Market September 2013
September sales declined by 12% to $139,568,716 vs. August at $159,339,428. This was up 16% from last year’s $120,579,612. The twelve month moving average line on the total dollar sales chart is heading up. This months’ results were in-line with expectations (within 3%).
Total unit sales declined 15% to 816 in September vs. 961 in August, a decrease of 145. This was 10% higher than last year at 740. (it is worth noting that we again had a larger number of past month’s reported sales than usual, resulting in changes in historical adjustments).
Our projections for ACRE and Brander Real Estate for 2013 called for 938 sales in September with actual results 3% under that, and year to date volume is 0.8% lower than our projection. See here http://goo.gl/nytW8 for an article sumarizing the projections. Here is the spreadsheet with month by month projections by area http://goo.gl/GEYWa (see the tabs on the bottom).
New sales decreased to 135 this month vs. 165 last month, down 30.
Used sales decreased to 681 this month vs. 796 last month, off 115 (Sect E p.3).
In-spite of increased sales, inventory levels remain stubbornly high. Used inventory levels remain high this month at 11 months (see the chart Sect C p.1), with the situation continuing to be particularly challenged in the higher price ranges. Used homes over $400,000 have more than two years of inventory. Looking at the overall absorption chart (Sect C p1) it appears that used home inventories (in units) are approaching the historical highs, although the months of inventory is not quite as concerning due to the increased sales level.
New home absorption is 9 months of inventory overall, and this has been climbing)(E-1). The New Home inventory level in the $300,000-$500,000 is approximately 5-6 months. (Not bad!).
Due to the Government shutdown we cannot report on number of housing permits issued (chart on the web site).
Total Active listings decreased this month to 8,838 compared to last month’s 9,424, and below last year at this time at 8,935, with the reduction exaggerated due to month-end expirations. (Sect A p.4 and Sect E p.3).
Active New listings decreased from 1,410 last month to 1,284 in September, down 126. (Sect E p.3). Active Used listings decreased from 8,014 last month to 7,554 this month, down 46 and slightly below last year’s amount at this time of 7,647. (Sect E p.3).
Average Days on Market for Sold New homes was 141 vs. 144 days last month, with Used at 156 in September compared with 144 in August (Sect A p.18).
Average sales price for Sold New homes was $246,938 vs. $246,904 last month. (Sect A p.2)
Average sales price for Sold Used homes was $155,994 vs. $148,995 last month. (Sect A p.2)
The average price line for Used homes is going up. New home average prices seems to be showing positive direction as well.