Huntsville/North Alabama Area MLS Observations: Real Estate Market November 2013
November sales declined by 16% to $106,952,847 vs. October at $127,291,004. This was off 12% from last year’s $121,727,839. The twelve month moving average line on the total dollar sales chart is heading up. This month’s results were somewhat lower than expectations ( but, within 6%).
Total unit sales declined 13% to 691 in November vs. 796 in October, a decrease of 105. This was 4% lower than last year at 722.
Our projections for ACRE and Brander Real Estate for 2013 called for 734 sales in November with actual results 6% under that, and year to date volume is 1% 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). My preliminary work on next year’s projections is, as yet, indeterminate.
New sales increased to 120 this month vs. 143 last month, off 23.
Used sales decreased to 571 this month vs. 653 last month, off 82 (Sect E p.3).
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 historical highs.
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!).
August housing permits issued were 85 in October compared with 91 in September (chart on the web site). Note that the census dept has caught up from the shutdown.
Total Active listings decreased this month to 9,185 compared to last month’s 9,371, and above last year at this time at 8,437, with the reduction in the current month exaggerated due to month-end expirations. (Sect A p.4 and Sect E p.3).
Active New listings decreased to 1,359 this month from 1,543 in October, down 184. (Sect E p.3). Active Used listings decreased to 7,286 this month from 7,828 in October, down 542 and slightly above last year’s amount at this time of 7,167. (Sect E p.3).
Average Days on Market for Sold New homes was 157 vs. 155 days last month, with Used at 151 in November compared with 155 in October (Sect A p.18).
Average sales price for Sold New homes was $249,369 vs. $254,401 last month. (Sect A p.2)
Average sales price for Sold Used homes was $134,901 vs. $139,222 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.