Birmingham Sales Spurt in December up 11% from November


Birmingham Area MLS* Monthly Observations for December 2013

Dollar sales in December improved by a better than expected 11% to $206,142,852 from November’s $186,359,182, up by 21% from last December’s $169,625,116. The 12 month moving average line for total dollar sales continues to move up indicating continued improving market conditions.

Total $

%chg

Total Units

%chg

New Units

%chg

Used units

%chg

2012

2,320,890,295

13,542

1,525

12,046

2013

2,752,061,916

19%

14,793

9%

1,584

4%

13,227

10%

Note: The 19% increase in dollar sales vs 9% increase in unit sales is mostly due to higher priced properties picking up  in activity.

Unit sales were up 7% to 1,085 in December from 1,017 in November, a increase of 68. This is up 11% from December 2012 at 974.This number will increase as late sales are reported. Our ABRE/ACRE Projections for 2013 are 1,065 sales for December. For December, actual sales for the month were 2% worse than projections and 1% higher than year to date. Please see here for a summary of the projections http://goo.gl/nytW8 and the spreadsheet with details and month by month projections http://goo.gl/GEYWa (see the tabs on the bottom).

Birmingham Projection to Actual

Birmingham Projection to Actual

New sales increased by 15 units to 136 homes this month from 121 in November and are about even with 135 last year. Used sales improved 6% to 949 homes in December from 896 last month, a decrease of 53, and up by 110 units from 839 last year(Sect E p.3).

This month total inventory is 8% lower at 8,581 vs. last month at 9,870 and 9,224 last year. The drop in the current month is caused by month-end expirations which will come back on the market. We are seeing a seasonal downtick in inventory and which is slightly lower than prior years, although New home inventories are beginning to look a bit high. Active New listings decreased to 784 in December from 1,069 in November, a decline of 285 units (Sect E p.3).  Housing permits were down in Jefferson County to 53 in November ( the lowest level in quite some time) from 122 in October. Shelby County went from 28 to 24 in November.

Absorption rate for New homes is at 6 months supply this month which is even with last year at this time. Last month though, shows 8 months of supply (Sect E p.3). The New homes for the most part have normal inventory levels in the 1-7 month range. The  $700,000- $800,000 new inventory is at 12 months (7 homes). (Sect C p.1 and Sect E p.3.)

Absorption for Used homes in December shows 7 months,one month better than 8 months last year. Used Active listings at 7,797 are lower than the 8,404 last year (Sect E p.3). The market performance is highly area specific, so check the individual area charts. For instance, Mountain Brook has about three months of inventory except in the over $900,000 category, which has 7 months of inventory (26 homes) with nine sold in that price range last month . The average days on market for that category is 157. Birmingham area Average Days on Market for New houses is 213, same as last month.

The Used homes DOM was 135 in December, same as last month (Sect A p.18). Average sales price for Sold New homes increased to $281,589 from $274,239 last month (Sect A p2). Average sales price for Sold Used homes increased to $176,867 from $170,956 last month (Sect A p2). The moving average price for all Homes has been up steadily for the last year. (Sect A p2).

TWB 1/12/2014

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s