Category Archives: Baldwin

January Coastal Alabama Real Estate Off To A Robust Start

Baldwin County & Alabama Coastal MLS*: Observations for the Month of January 2017

Sales dollars decreased 27% in January to $113,455,164 from December $155,649,713. This is up 24% from last year’s record level of $91,143,759. (Sect A p.2). The 12 month moving average line of sales, after a pause during the summer months, has been heading up substantially.

Sales in most price categories show consistent improvement as do inventories. Check out the chart on page A-17 to fully appreciate the inventory trends. Still, inventory remains high, but improving, for anything over $500,000. Note that price ranges in inventories over a year are fewer, for instance, the price ranges of $600,000-$800,000 are at just 10-11 months, with the $500,000-$600,000 at 13 months. Amazingly, the over $900,000 category is now at 27 months with 158 active and 6 sold this month.

In concert with ACRE, The Alabama Center for Real Estate, we have projected expectations for 2016. We use the ACRE provided data for the projections, which differs slightly from the data in this report. The projection for 2016 located here expected projected home sales in 2016 of 5,139, which is a -1.74% difference from 2015 actual of  5,230. Full year actual sales are 8% above expectations. 5571 sales were recorded for the year which is 432 more than projected and 341 more than 2015.  New projections for 2017 will be out once all the January results are available statewide.

On a unit basis, sales of all houses were off 116 at 444 this month vs. last month at 560, which is up from last year’s healthy level of 380. Used Home sales decreased to 361 this month vs. 458 last month, which is up from last year’s 321 (Sect A p.18). New Home sales were 83 this month vs 102 last month and compared with 59 last year. New listings for New homes increased to 136 from 132 in December. Used homes New listings increased to 759 from 347 in December with net inventory down.

The absolute number of Used Active homes on the market, which had a slight peak mid-summer of ‘09, has been consistently improving. In January, there were 2,688 Active Used homes, a reduction from 2,995 in December and a new multi year low. New homes, which peaked in January 2006 at 2,144 Active, now sit at 597.

The Absorption rate for New homes was 6 months of inventory in January vs. 7 in December. The Absorption rate for Used homes was 6 months of inventory in January vs. 6 in December. Over the last four years the drop in months of inventory for Used homes has been steady and impressive from 25 months plus in December 2008 to 6 months this January. I have been expecting construction to begin to pick-up in the under $400,000 range, and this has happened. Sales have been keeping up, so we have not seen an increase in inventory.

Average sales price for all homes has been static for the past year. For New units, average price decreased to  $244,689 from $268,115 last month. (Sect A p.14). Average Used home prices were off this month, to $258,022 from $280,135 in December. Average Days On Market for New Sold properties in January was 201 vs last month of 183. Days On Market for Used was 158 vs. last month 156. In my opinion, the results point to a strong upcoming year.        
TWB 2/13/2017

Coastal Alabama Wraps Up 2016 In Great Style

Baldwin County & Alabama Coastal MLS*: Observations for the Month of December 2016

Sales dollars increased 21% in December to $155,437,713 from November $128,478,837. This is up 23% from last year’s record level of $126,001,010. (Sect A p.2). The 12 month moving average line of sales, after a pause during the summer months, has been heading substantially up.

Full Year summary:

All units New units Used Units Avg New Price Avg Used Price Avg All price Total dollars
2016 6723 1124 5598 $249,357 $255,065 $254,160 $1,712,999,817
2015 6324 823 5501 $250,329 $242,023 $243,098 $1,542,057,978
% ∆ 6.31% 36.57% 1.76% -0.39% 5.39% 4.55% 11.09%

Sales in most price categories show consistent improvement as do inventories. Check out the chart on page A-17 to fully appreciate the inventory trends. Still, inventory remains high, but improving, for anything over $500,000. Note that price ranges with inventories over a year are fewer, for instance, the price ranges of $600,000-$800,000 are at just 10-11 months. With the $500,000-$600,000 at 14 months. Amazingly, the over $900,000 category is now at 23 months with 156 active and 9 sold this month.

In concert with ACRE, The Alabama Center for Real Estate, we have projected expectations for 2016. We use the ACRE provided data for the projections, which differs slightly from the data in this report. The projection for 2016 located here expected projected home sales in 2016 of 5,139, which is a -1.74% difference from 2015 actual of  5,230. Full year actual sales are 8% above expectations. 5571 sales were recorded for the year which is 432 more than projected and 341 more than 2015.  New projections for 2017 will be out once all the December results are available (statewide).

On a unit basis, sales of all houses were up 72 at 559 this month vs. last month at 487, which is up from last year’s healthy level of 491. Used Home sales increased to 457 this month vs. 409 last month, which is up from last year’s 423 (Sect A p.18). New Home sales were 102 this month vs 78 last month and compared with 68 last year. New listings for New homes decreased to 130 from 137 in November. Used homes New listings decreased to 338 from 530 in November with net inventory down.

The absolute number of Used Active homes on the market, which had a slight peak mid-summer of ‘09, has been consistently improving. In December, there were 2,676 Active Used homes, a reduction from 3,403 in November and a new multi year low. New homes, which peaked in December 2006 at 2,144 Active, now sit at 609.

The Absorption rate for New homes was 7 months of inventory in December vs. 8 in November. The Absorption rate for Used homes was 6 months of inventory in December vs. 7 in November. Over the last four years the drop in months of inventory for Used homes has been steady and impressive from 25 months plus in November 2008 to 6 months this December. I have been expecting construction to begin to pick-up in the under $400,000 range, and this has happened. Sales have been keeping up, so we have not seen an increase in inventory.

Average sales price for all homes has been static for the past year. For New units, average price increased to  $268,115 from $258,127 last month. (Sect A p.14). Average Used home prices were up this month, to $280,284 from $264,902 in November. Average Days On Market for New Sold properties in December was 183 vs last month of 172. Days On Market for Used was 156 vs. last month 166. In my opinion, the results point to a strong upcoming year.         

TWB 1/15/2017

Alabama Coastal Real Estate Yet Another Record In November

Baldwin County & Alabama Coastal MLS*: Observations for the Month of November 2016

Sales dollars decreased 5% in November to $127,234,937 from October $133,794,557. This is up a remarkable 36% from last year’s record level of $93,511,408. (Sect A p.2). The 12 month moving average line of sales, after a pause during the summer months, appears to have resumed its upward trend. Lack of new construction now seems to be depressing sales somewhat. Inventories are continuing to trend down very consistently.

Sales in most price categories show consistent improvement as do inventories. Check out the chart on page A-17 to fully appreciate the inventory trends. Still, inventory remains high, but improving, at over a year for anything over $500,000. Note that inventories over a year is less and less, for instance the price ranges of $600,000-$800,000 are at just 12.7 months. With the $500,000-$600,000 at 15 months.

In concert with ACRE, The Alabama Center for Real Estate, we have projected expectations for 2016. We use the ACRE provided data for the projections, which differs slightly from the data in this report. The projection for 2016 located here expects projected home sales in 2016 of 5,139, which is a -1.74% difference from 2015 actual of  5,230. Year to date through October actual sales are 7% above expectations. 317 more units were sold through November than the 4,386 projected.

On a unit basis, sales of all houses were off 28 at 480 this month vs. last month at 508, which is up from last year’s healthy level of 400. Used Home sales decreased to 403 this month vs. 415 last month, which is up from last year’s 357 (Sect A p.18). New Home sales were 77 this month vs 92 last month and compared with 43 last year. New listings for New homes decreased to 135 from 202 in October. Used homes New listings decreased to 506 from 603 in October with net inventory down.

The absolute number of Used Active homes on the market, which had a slight peak mid-summer of ‘09, has been consistently improving. In November, there were 2,992 Active Used homes, a reduction from 3,417 in October and a new multi year low. New homes, which peaked in November 2006 at 2,144 Active, now sit at 618.

The Absorption rate for New homes was 7 months of inventory in November vs. 8 in October. The Absorption rate for Used homes was 6 months of inventory in November vs. 7 in October. Over the last four years the drop in months of inventory for Used homes has been steady and impressive from 25 months plus in October 2008 to 6 months this November. The inventory of homes in the upper price range remains high with homes priced $500,000 and over at a year’s supply, but even here we are seeing improvement. For instance the $600,000-$800,000 has only 12.7 months of inventory. I have been expecting construction to begin to pick-up in the under $400,000 range, and this has happened. Sales have been keeping up, so we have not seen an increase in inventory.

Average sales price for all homes has been static for the past year. For New units, average price increased to  $258,702 from $244,530 last month. (Sect A p.14). Average Used home prices were virtually unchanged this month, $266,290 from $266,836 in October. Average Days On Market for New Sold properties in November was 172 vs last month of 188. Days On Market for Used was 166 vs. last month 153.

The results point to a strong upcoming year, I believe.

TWB 12/9/2016

October Another Record Month For Coastal Real Estate Sales

Baldwin County & Alabama Coastal MLS*: Observations for the Month of October 2016

Sales dollars decreased 6% in October to $133,246,557 from September $141,904,008. This is up 11% from October last year’s record level of $120,334,190. (Sect A p.2). The 12 month moving average line of sales, after a pause during the summer months, appears to have resumed its upward trend. Lack of new construction now seems to be depressing sales somewhat. Inventories are continuing to trend down very consistently.

Sales in most price categories show consistent improvement as do inventories. Check out the chart on page A-17 to fully appreciate the inventory trends. Still, inventory remains high, but improving, at over a year for anything over $600,000. Note that the point at which inventories are over a year has been going up constantly for the last year; last month it was $500,000.

In concert with ACRE, The Alabama Center for Real Estate, we have projected expectations for 2016. We use the ACRE provided data for the projections, which differs slightly from the data in this report. The projection for 2016 located here expects projected home sales in 2016 of 5,139, which is a -1.74% difference from 2015 actual of  5,230. Year to date through October actual sales are 7% above expectations. 317 more units were sold through October than the 4,386 projected.

On a unit basis, sales of all houses were off 67 at 504 this month vs. last month at 571, which is up from last year’s healthy level of 482. Used Home sales decreased to 411 this month vs. 473 last month, which is up from last year’s 415 (Sect A p.18). New Home sales were 92 this month vs 98 last month and compared with 67 last year. New listings for New homes increased to 201 from 121 in September. Used homes New listings decreased to 598 from 604 in September with net inventory down.

The absolute number of Used Active homes on the market, which had a slight peak mid-summer of ‘09, has been consistently improving. In October, there were 3,035 Active Used homes, a reduction from 3,573 in September and a new multi year low. New homes, which peaked in October 2006 at 2,144 Active, now sit at 633.

The Absorption rate for New homes was 7 months of inventory in October vs. 8 in September. The Absorption rate for Used homes was also 7 months of inventory in October vs. 8 in September. Over the last four years the drop in months of inventory for Used homes has been steady and impressive from 25 months plus in September 2008 to 7 months this October. The inventory of homes in the upper price range remains high with homes priced $600,000 and over at a year’s supply, but even here we are seeing improvement. I have been expecting construction to begin to pick-up in the under $400,000 range, and this has happened. Sales have been keeping up, so we have not seen an increase in inventory.

Average sales price for all homes has been static for the past year. For New units, average price increased to  $244,530 from $235,786 last month. (Sect A p.14). Average Used home prices increased to $268,099 from $251,156 in September. Average Days On Market for New Sold properties in October was 188 vs last month of 159. Days On Market for Used was 153 vs. last month 158.

It seems to be shaping up to be a strong fall season.

TWB 11/12/2016

September Yet Another Record Sales Month On The Alabama Coast

Baldwin County & Alabama Coastal MLS*: Observations for the Month of September 2016

Sales dollars decreased 18% in September to $140,078,483 from August $171,124,577. This is up 12% from September last year’s record level of $124,652,462. (Sect A p.2). The 12 month moving average line of sales, after a pause during the summer months, appears to have resumed its upward trend. Lack of new construction now seems to be depressing sales somewhat. Inventories are continuing to trend down very consistently.

Sales in most price categories show consistent improvement as do inventories. Check out the chart on page A-17 to fully appreciate the inventory trends. Still, inventory remains high, but improving, at over a year for anything over $500,000.

In concert with ACRE, The Alabama Center for Real Estate, we have projected expectations for 2016. We use the ACRE provided data for the projections, which differs slightly from the data in this report. The projection for 2016 located here expects projected home sales in 2016 of 5,139, which is a -1.74% difference from 2015 actual of  5,230. Year to date through September actual sales are 6% above expectations. 233 more units were sold through September than the 3,981 projected.

On a unit basis, sales of all houses were off 63 at 566 this month vs. last month at 629, which is up from last year’s healthy level of 545. Used Home sales decreased to 469 this month vs. 528 last month, which is up from last year’s 463 (Sect A p.18). New Home sales were 97 this month vs 101 last month and compared with 82 last year. New listings for New homes decreased to 119 from 143 in August. Used homes New listings decreased to 588 from 778 in August with net inventory down.

The absolute number of Used Active homes on the market, which had a slight peak mid-summer of ‘09, has been consistently improving. In September, there were 3,127 Active Used homes, a reduction from 3,728 in August and a new multi year low. New homes, which peaked in September 2006 at 2,144 Active, now sit at 576.

The Absorption rate for New homes was 7 months of inventory in September vs. 8 in August. The Absorption rate for Used homes was also 7 months of inventory in September vs. 8 in August. Over the last four years the drop in months of inventory for Used homes has been steady and impressive from 25 months plus in August 2008 to 7 months this September. The inventory of homes in the upper price range remains high with homes priced $500,000 and over at a year’s supply, but even here we are seeing improvement. I have been expecting construction to begin to pick-up in the under $400,000 range, and this has happened. Sales have been keeping up, so we have not seen an increase in inventory.

Average sales price for all homes has been static for the past year. For New units, average price decreased to  $235,747 from $253,920 last month. (Sect A p.14). Average Used home prices decreased to $249,917 from $275,528 in August. Average Days On Market for New Sold properties in September was 159 vs last month of 161. Days On Market for Used was 158 the same as last month 158.

It seems to be shaping up as a strong fall season.

TWB 10/12/2016

August Baldwin Coastal Real Estate Up From Last Year

Baldwin County & Alabama Coastal MLS*: Observations for the Month of August 2016

Sales dollars increased 11% in August to $169,814,271 from July $153,027,746. This is 36% up from August last year’s record level at $124,886,172. (Sect A p.2). The jump was fueled by an increase in the $700,000 and over $900,000 price ranges, in other words the upper end had a much healthier than expected month. Incidentally, the increase was predominantly in the Orange Beach area. The 12 month moving average line of sales, after a pause of three months, appears to be resuming its upward trend. Lack of new construction now seems to be depressing sales somewhat. Inventories are continuing to trend down very consistently.

Sales in most price categories show consistent improvement. Inventories are also improving. Check out the chart on page A-17 to fully appreciate the inventory trends. Still, inventory remains high, but improving, at over a year for anything over $500,000.

In concert with ACRE, The Alabama Center for Real Estate, we have projected expectations for 2016. We use the ACRE provided data for the projections, which differs slightly from the data in this report. The projection for 2016 located here expects projected home sales in 2016 of 5,139, which is a -1.74% difference from 2015 actual of  5,230. Year to date through August actual sales are 5.5% above expectations. 194 more units were sold through August than the 3,561 projected.

On a unit basis, sales of all houses were off 1 at 622 this month vs. last month at 623, which is up from last year’s healthy level of 556. Used Home sales increased to 526 this month vs. 521 last month, which is up from last year’s 489 (Sect A p.18). New Home sales were 96 this month vs 102 last month and compared with 67 last year. New listings for New homes increased to 136 from 117 in July. Used homes New listings increased to 751 from 676 in July with net inventory down.

The absolute number of Used Active homes on the market, which had a slight peak mid-summer of ‘09, has been consistently improving. In August, there were 3,320 Active Used homes, a reduction from 3,707 in July and a new multi year low. New homes, which peaked in August 2006 at 2,144 Active, now sit at 588.

The Absorption rate for New homes was 7 months of inventory in August vs. 8 in July. The Absorption rate for Used homes was also 7 months of inventory in August vs. 8 in July. Over the last four years the drop in months of inventory for Used homes has been steady and impressive from 25 months plus in July 2008 to 7 months this August. The inventory of homes in the upper price range remains high with homes priced $500,000 and over at a year’s supply, but even here we are seeing improvement. I have been expecting construction to begin to pick-up in the under $400,000 range, and we have seen a pick-up in New homes, New listings where sales seem to be keeping up so net inventory of new home remains low in these price ranges.

Average sales price for all homes has been static for the past year. For New units, average price increased to  $258,309 from $239,135 last month. (Sect A p.14). Average Used home prices increased to $275,697 from $246,902 in July. Average Days On Market for New Sold properties in August was 161 vs last month of 163. Days On Market for Used was 158 compared to last month 165.

TWB 9/10/2016

Alabama Coastal Real Estate Sales Continue To Set New Records

Baldwin County & Alabama Coastal MLS*: Observations for the Month of June 2016

Sales dollars increased a better than expected 4% in June to a new record high of $172,625,514 from May $166,243,265. This is 5% better than June last year at $164,150,466. (Sect A p.2). The 12 month moving average line of sales, after a pause of three months, appears to be resuming its upward trend. Lack of new construction now seems to be depressing sales somewhat. Inventories are continuing to trend down very consistently. But, in spite of reducing inventories and generally healthy sales levels, average prices look fairly flat.

Sales in most price categories show consistent improvement. Inventories are also improving. Check out the chart on page A-17 to fully appreciate the inventory trends. Still, inventory remains high, but improving, at over a year for anything over $500,000.

In concert with ACRE, The Alabama Center for Real Estate, we have projected expectations for 2016. We use the ACRE provided data for the projections, which differs slightly from the data in this report. The projection for 2016 located here expects projected home sales in 2016 of 5,139, which is a -1.74% difference from 2015 actual of  5,230. Year to date through May actual sales are 1% above expectations. 26 more units were sold year to date than projected.

On a unit basis, sales of all houses were up at 649 this month vs. last month at 651, which is up from last year’s healthy level of 646. Used Home sales decreased 4% to 533 this month vs. 553 last month, which is off 6% from last year’s 565 (Sect A p.18). New Home sales were 116 this month vs 98 last month and compared with 81 last year. New listings for New homes decreased to 144 from 170 in May. Used homes New listings declined to 733 from 803 in May with net inventory down.

The absolute number of Used Active homes on the market, which had a slight peak mid-summer of ‘09, has been consistently  improving. In June, there were 3,249 Active Used homes, a reduction from 3,834 in May and a new multi year low. New homes, which peaked in June 2006 at 2,144 Active, now sit at 530.

The Absorption rate for New homes was 7 months of inventory in June vs. 8 in May. The Absorption rate for Used homes was also 7 months of inventory in June vs. 8 in May. Over the last four years the drop in months of inventory for Used homes has been steady and impressive from 25 months plus in May 2008 to 7 months this June. The inventory of homes in the upper price range remains high with homes priced $500,000 and over at a year’s supply, but even here we are seeing improvement. I have been expecting construction to begin to pick-up in the under $400,000 range, and we have seen a pick-up in New homes, New listings where sales seem to be keeping up so net inventory of new home remains low in these price ranges.

Average sales price for all homes has been static for the past year. For New units, average price increased to  $271,548 from $255,080 last month. (Sect A p.14). Average Used home prices increased to $264,777 from $255,417 in May. Average Days On Market for New Sold properties in June was 167 vs last month of 161. Days On Market for Used was 141 compared to last month 154.

TWB 7/9/2016