Category Archives: MLS

June Birmingham Residential Real Estate Market Robust

Birmingham Area MLS* Monthly Observations for June 2016

This year seems to be unfolding almost identically to last as far as sales levels go. Inventories are down, and prices seem to be level with last year as well.This report has corrected the historical data for last month. Total dollar sales for June were $396,590,711 up 3% from $386,637,588 last year, and down slightly (.3%) from last month at $397,646,781.

Total Unit sales were off 9% to 1,706 in June from 1,884 in May, a decrease of 178. This is off by 80 from last June at 1,786. New sales were off at 155 homes this month, and 169 in May, and off by 35 from 190 last year. The low inventory levels of new homes suggest a good environment for builders, even with prices trending steady. Used sales were 1,551 homes in June, off 10% from 1,715 last month, a decrease of 164, and off by 45 units  from 1,596 last year (Sect E p.3).

ACRE numbers are slightly different from those we report. With ACRE, we released our month by month 2016 forecast which can be seen here: ACRE. For Birmingham, the full year projection for 2016 = 13,460, a 1.25% difference from 2015 actual of 13,294.  May overperformed the projection. The cumulative error is plus 8.6% year to date, that is, actuals are running ahead of projections (through May).

Housing permits, the census bureau section, that supplies this data has been restored. Based on the new data, housing permits are up modestly, as I would expect. For Jefferson County, in May there were 123 permits compared with 108 last year. Similarly, Shelby County has been running about double last year’s level (see the web site).

Total inventory is slightly higher this month at 9,818 vs. last month at 9,400 and less than 10,617 last year. Active New listings increased to 1,154 in June from 1,052 in May (Sect E p.3). Absorption rate for New homes is at 7 months supply this month, which is even with 7 months last year. (Sect E p.3). The New homes have normal inventory levels in the 4-6 month range depending on area and price range. However, the $700,000-$800,000 range has 13 months of supply (94 houses) (Sect C p.1). The level of inventory, both in months of inventory and housing units has been continuing to improve for the year.

Absorption for Used homes in June shows 7 months, which is less than the 8 last year. Used Active listings at 8,764 are up from last month of 8,284, and quite a bit less than 9,588 last year (Sect E p.3). Inventory levels have continued to trend down from prior years. Market performance is highly area specific, so check the individual area charts. For instance, Mountain Brook has between 1 and 5 months of inventory except in the over $900,000 category, which has 16 months of inventory (61 homes), with 10 sold in that price range last month. There are a number of MLS areas showing similarly low levels of inventory, including Homewood (only 4 months of inventory).

Birmingham area Average Days on Market for New houses is 205 compared with last month at 203. The Used homes DOM was 110 in June vs 111 last month, (Sect A p.18). Average sales price for Sold New homes increased to $304,770 from $299,472 last month (Sect A p2), and prices seem to be increasing slowly compared to last year. Average sales price for Sold Used were $225,243 this month compared to $202,353 last year. (Sect A p2).

All in all, the market looks quite healthy.
TWB 7/9/2016

May Birmingham Residential Real Estate Market A Bit Ahead of Last Year

Birmingham Area MLS* Monthly Observations for May 2016

This year seems to be unfolding almost identically to last as far as sales levels go. Inventories are down, and prices seem to be level with last year as well.  Total Unit sales were up 14% to 1,832 in May from 1,609 in April, an increase of 223. This is up by 207 from last May at 1,625. New sales were up at 162 homes this month, and 140 in April, and off by 16 from 146 last year. The low inventory levels of new homes suggest a good environment for builders even with prices trending steady. Used sales were 1,670 homes in May, up 14% from 1,469 last month, an increase of 201, and up by 191 units  from 1,479 last year (Sect E p.3).

ACRE numbers are slightly different from those we report. With ACRE, we released our month by month 2016 forecast which can be seen here: ACRE. For Birmingham, the full year projection for 2016 = 13,460, a 1.25% difference from 2015 actual of 13,294.  April overperformed the projection. The cumulative error is plus 5% year to date, that is, actuals are running ahead of projections (thru April).

Housing permits, the census bureau section that supplies this data, has been down for three months now. They have made data available in a different format, and I’m not entirely sure that the data is comparable, but it seems to be. Based on the new data, housing permits are up, as I would expect . For Jefferson County, in February and March there were 128 and 156 permits respectively compared with 98 and 125 last year. Similarly, Shelby County has been running about double last year’s level (see the web site).

Total inventory is slightly higher this month at 9,529 vs. last month at 9,117 and less than 10,341 last year. Active New listings decreased to 1,068 in May from 1,055 in April (Sect E p.3). Absorption rate for New homes is at 7 months supply this month, which is even with 7 months last year. (Sect E p.3). The New homes have normal inventory levels in the 4-6 month range depending on area and price range. However, the $700,000-$900,000 range has 13 months of supply (28 houses) (Sect C p.1). The level of inventory, both in months of inventory and housing units has been continuing to improve for the year.

Absorption for Used homes in May shows 6.5 months, which is less than the 8 last year. Used Active listings at 8,461 are up from last month of 8,062, and quite a bit less than 9,327 last year (Sect E p.3). Inventory levels have continued to trend down from prior years. Market performance is highly area specific, so check the individual area charts. For instance, Mountain Brook has between 1 and 7 months of inventory except in the over $900,000 category, which has 16 months of inventory (61 homes), with 11 sold in that price range last month. There are a number of MLS areas showing similarly low levels of inventory, including Homewood (only 4 months of inventory).

Birmingham area Average Days on Market for New houses is 203 compared with last month at 211. The Used homes DOM was 111 in May vs 126 last month, (Sect A p.18). Average sales price for Sold New homes increased to $302,550 from $302,391 last month (Sect A p2), and prices seem to be increasing slowly compared to last year. Average sales price for Sold Used were distorted by the above mentioned erroneous sales in Bessemer . (Sect A p2).

TWB 6/15/2016

May Alabama Coastal Real Estate Back To Record Sales Levels

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

Sales dollars increased a better than expected 14% in May to a new record high of $165,625,265 from April $145,567,700. This is 4% better than  May last year at $158,900,756, which was the prior monthly record. (Sect A p.2). The 12 month moving average line of sales, which had continued to point up steadily for three years, is flattening. 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 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 April actual sales are 4% above expectations. 59 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 588, which is up from last year’s healthy level of 612. Used Home sales increased 10% to 552 this month vs. 501 last month, which is up 5% from last year’s 527 (Sect A p.18). New Home sales were 97 this month vs 87 last month and compared with 85 last year. New listings for New homes increased to 177 from 135 in April. Used homes New listings declined to 801 from 843 in April 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 May, there were 3,283 Active Used homes, a reduction from 3,929 in April and a new multi year low. New homes, which peaked in May 2006 at 2,144 Active, now sit at 503.

The Absorption rate for New homes was 7 months of inventory in May vs. 8 in April. The Absorption rate for Used homes was 7 months of inventory in May vs. 9 in April. Over the last four years the drop in months of inventory for Used homes has been steady and impressive from 25 months plus in April 2008 to 7 months this May. 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, price increased to  $254,946 from $235,342 last month. (Sect A p.14). Average Used home prices increased to $255,245 from $249,687 in April. Average Days On Market for New Sold properties in May was 161 vs last month of 165. Days On Market for Used was 154 compared to last month 167.
TWB 6/11/2016

April Birmingham Real Estate Market Continues To Look Like Last Year

Birmingham Area MLS* Monthly Observations for April 2016

This year seems to be unfolding almost identically to last as far as sales levels go. Inventories are down, and prices seem to be level with last year as well. Dollar sales in April experienced an expected increase of 12% to $319,627,228 from March at $285,245,363, a bit more than last April’s  $308,690,507 (up 4%). The 12 month moving average line for total dollar sales over the last six months has flattened.

Total Unit sales were up 1% to 1,508 in April from 1,488 in March, an increase of 20. This is down by 19 from last April at 1,527. New sales were down at 134 homes this month, and 171 in March and off by 13 from 147 last year. The low inventory levels of new homes suggest a good environment for builders, although prices seem to be steady. Used sales were 1,374 homes in April, up 3% from 1,317 last month, an increase of 57, and off by 6 units  from 1,380 last year (Sect E p.3).

ACRE numbers are slightly different from those we report. With ACRE, we released our month by month 2016 forecast which can be seen here: ACRE. For Birmingham, the full year projection for 2016 = 13,460, a 1.25% difference from 2015 actual of 13,294.  March overperformed the projection. The cumulative error is plus 2.71% year to date (thru March).

Housing permits, the census bureau section that supplies this data, has been down for three months now. They have made data available in a different format and I’m not entirely sure that the data is comparable, but it seems to be. Based on the new data, housing permits are up as I would expect . For Jefferson County, in February and March there were 128 and 156 permits respectively compared with 98 and 125 last year. Similarly, Shelby County has been running about double last year’s level (see the web site).

Total inventory is slightly higher this month at 9,599 vs. last month at 8,924 and less than 9,833 last year. Active New listings decreased to 1021 in April from 1,077 in March (Sect E p.3). Absorption rate for New homes is at 7 months supply this month, which is even with 7 months last year. (Sect E p.3). The New homes for the most part have normal inventory levels in the 1-9 month range depending on area and price range. However, the $800,000-$900,000 range has 18 months of supply (12 houses) (Sect C p.1). The level of inventory, both in months of inventory and housing units has been continuing to improve for the year.

Absorption for Used homes in April shows 7 months, which is the same as 7 last year. Used Active listings at 8,654 are up from last month at 8,223, and a bit less than 9,125 last year (Sect E p.3). Inventory levels have continued to trend down from prior years. Market performance is highly area specific, so check the individual area charts. For instance, Mountain Brook has between 1 and 6 months of inventory except in the $6-700,000 range (9 months of inventory), and the over $900,000 category, which has 16 months of inventory (59 homes), with 7 sold in that price range last month . There are a number of MLS areas showing similarly low levels of inventory, including Homewood (only 4 months of inventory).

Birmingham area Average Days on Market for New houses is 211 compared with last month at 202. The Used homes DOM was 126 in April vs 128 last month, (Sect A p.18). Average sales price for Sold New homes increased to $305,698 from $279,918 last month (Sect A p2), and prices seem to be flat over the last year. Average sales price for Sold Used homes increased to $202,812 from $180,242 last month (Sect A p2). The moving average price for all homes has flattened for the past year. (Sect A p2).

TWB 5/8/2016

Alabama April Coastal Real Estate Sales Even with Last Year

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

Sales dollars increased an expected 6% in April to $144,577,700 from March $136,196,121. This is very close to April last year at $147,406,226. (Sect A p.2). The 12 month moving average line of sales, which had continued to point up steadily for three years, is flattening. 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 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 a projected 2016 = 5,139, which is a -1.74% difference from 2015 actual of  5,230. Year to date through March actual sales are 3% above expectations. 34 more units sold year to date than projected.

On a unit basis, sales of all houses were even at 586 this month vs. last month at 586, which is practically identical with last year’s healthy level of 582. Used Home sales increased 32% to 499 this month vs. 483 last month, which is off 3% from last year’s 518 (Sect A p.18). New Home sales were 87 this month vs 103 last month and compared with 64 last year. New listings for New homes decreased to 130 from 138 in March. Used homes New listings declined to 798 from 888 in March 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 April, there were 3,243 Active Used homes, a reduction from 3,784 in March and a new multi year low. New homes, which peaked in April 2006 at 2,144 Active, now sit at 448.

The Absorption rate for New homes was 6 months of inventory in April vs. 8 in March. The Absorption rate for Used homes was 7 months of inventory in April vs. 8 in March. Over the last four years the drop in months of inventory for Used homes has been steady and impressive from 25 months plus in March 2008 to 7 months this April. The inventory of homes in the upper price range remains high with homes over $500,000 at over a year’s supply, but even here we are seeing improvement. I expect construction to begin to pick-up in the under $400,000 range, but so far have not seen it.

Average sales price for all homes has been static for the past year. For New units, price decreased to  $233,618 from $235,768 last month. (Sect A p.14). Average Used home prices increased to $249,004 from $231,702 in March. Average Days On Market for New Sold properties in April was 165 vs last month of 146. Days On Market for Used was 167 compared to last month 161.

TWB 5/8/2016

Birmingham 2015 Residential Real Estate Sales Finish Strong

Birmingham Area MLS* Monthly Observations for December 2015

Monthly Birmingham Sales

Monthly Birmingham Sales

Full year results:

Total Units New Used Total Dollars
2014 15,686 1,698 13,988 $3,006,565,892
2015 16,813 1,748 15,065 $3,334,574,593
% change 7.2% 2.9% 7.7% 10.9%

Dollar sales in December experienced an expected year end pick-up of 18% to $235,361,806 from November $200,218,537, almost identical to last December’s of $238,138,339 (off 1%). The 12 month moving average line for total dollar sales over the last three months of the year has flattened.

Total Unit sales were up 20% to 1,231 in December from 1,023 in November, an increase of 208. This is up by 5% from last December at 1,172. New sales were up at 158 homes this month and 115 in November and off from 177 last year. The price pressure and low inventory levels of new homes suggests a good environment for builders. Used sales were 1,073 homes in December, up 18% from 908 last month, an increase of 165, and up by 78 units or 8% from 995 last year (Sect E p.3).

ACRE numbers are slightly different from those we report. With ACRE, we released our 2015 forecast which can be seen here: ACRE. December sales were not yet available. ACRE’s year-to-date sales forecast through November projected 12,332 closed transactions while the actual sales were 12,289 units, (off by 43 units) a cumulative variance of -.35%. Given the December increase in actual sales reported here, I expect we will come in very close for the full year.

Housing permits were off in Jefferson County to 58 in November from 101 in October, which is off from 72 last year. This is the lowest level since August 2014. Shelby County was 26 from 32 last month, up from 10 last year.

Total inventory is slightly lower this month at 8,876 vs. last month at 9,571 and somewhat less than 9,002 last year. Active New listings decreased to 931 in December from 1,025 in November (Sect E p.3). Absorption rate for New homes is at 6 months supply this month, which is about even with 6 months last year. (Sect E p.3). The New homes for the most part have normal inventory levels in the 1-7 month range depending on area and price range. However, the $800,000-$900,000 range has 22 months of supply (11 houses) (Sect C p.1). This level of inventory, both in months of inventory and housing units has been quite stable for the year.

Absorption for Used homes in December shows 6 months which is about even with 7 last year. Used Active listings at 7,945 are even with last month at 8,546 and a bit less than 8,109 last  year (Sect E p.3).For the year, inventory levels have generally trended down from prior years. Market performance is highly area specific, so check the individual area charts. For instance, Mountain Brook has between 1 and 9 months of inventory except in the over $900,000 category, which has 10 months of inventory (39 homes), with none sold in that price range last month . There are a number of MLS areas showing similarly low levels of inventory, including Homewood (only 3 months of inventory).

Birmingham area Average Days on Market for New houses is 205 compared with last month at 207. The Used homes DOM was 125 in December vs 121 last month, (Sect A p.18). Average sales price for Sold New homes decreased to $310,211 from $333,656 last month (Sect A p2). Average sales price for Sold Used homes decreased to $173,670 from $178,247 last month (Sect A p2). The moving average price for all homes has been up steadily for the past year. (Sect A p2).

TWB 1/10/2016

Alabama Coastal Real Estate Has an Outstanding Year

Baldwin County & Alabama Coastal MLS*: Observations for the Month of December 2015

Baldwin Monthly Sales

Baldwin Monthly Sales

Full Year Results:

Total Units New Used Total Dollars
2014 5,655 674 4,979 $1,339,354,065
2015 6,300 821 5,479 $1,536,937,695
% change 11.4% 21.8% 10.0% 14.8%

Sales dollars increased more than expected; 33% in December to $122,750,797 from November $92,442,408. This is 24% above December last year at $99,245,507. (Sect A p.2). There was also an expected increase in last month late reported sales, making every month this year better than last year’s healthy levels.The 12 month moving average line of sales, which had continued to point up steadily for three years, has now gotten a healthy upwards tilt. Lack of new construction now seems to be depressing sales somewhat. Inventories are trending down.

Sales in most price categories show consistent improvement. Inventories are improving, but remain high at over a year for anything over $500,000. This month the $400,000-$500,000 inventory dipped to 9 months.

In concert with ACRE, The Alabama Center for Real Estate, we have projected expectations for 2015. We use the ACRE provided data for the projections, which differs slightly from the data in this report. The projection for 2015 located here expected a unit increase of 17% over 2014 actual. Through November cumulative sales are running 8% ahead of the projection. As of the moment December is not yet available.

On a unit basis, sales of all houses were up 22% at 479 this month vs. last month at 394, which is 22% better than last year’s healthy level of 466. Used Home sales decreased 17% to 414 this month vs. 351 last month, which is up 3% from last year’s 399 (Sect A p.18). New Home sales were 65 this month vs 43 last month and compared with 66 last year. New listings for New homes decreased to 99 from 134 in November. Used homes New listings decreased to 366 from 527 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 2,956 Active Used homes, a reduction from 3,657 in November and a new multi year low level. New homes, which peaked in December 2006 at 2,144 Active, now sits at 486.

The Absorption rate for New homes was 7 months of inventory in December vs. 9 in November. The Absorption rate for Used homes was 7 months of inventory in December vs. 8 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 7 months this December. The inventory of homes in the upper price range remains high with homes over $500,000 at over a year’s supply, but even here we are seeing improvement. I would expect construction to begin to pick-up in the under $400,000 range, but so far have not seen it.

Average sales price for all homes has been improving modestly for the past year. For New units, prices increased to  $241,463 from $227,591 last month. (Sect A p.14). Average Used home prices increased to $258,589 from $235,487 in November. The price trend is up for the year. Average Days On Market for New Sold properties in December was 161 vs last month of 170. Days On Market for Used was 160 compared to last month 149.

TWB 1/10/2016

Birmingham June Real Estate Sales A Bit Light

Birmingham Area MLS* Monthly Observations for June 2012

Sales in June improved 12% to $248,919,439 from May’s $222,870,833, up 13% from last June’s $220,590,225. The 12 month moving average line for total dollar sales continues to be tilted upward.

Unit sales were up 3% to 1,313 in June from 1,272 in May, an increase of 41. This is up 4% from June 2011 at 1,262. This is 11% unfavorable to our projection of 1,483 sales expected for June and 9% unfavorable year to date. The complete monthly projections from ABRE (a joint project between ACRE and Brander Real Estate) can be found here http://goo.gl/WFHrO along with the worksheets that show the methodology. New sales improved 17% to 156 homes this month from 133 in May, an increase of 23 units. Used sales improved 2% to 1,157 homes in June from 1,139 last month, an increase of 18 (Sect E p.3).

This month total inventory is 21% lower at 10,132 vs. 12,794 last year and 10,930 last month. The drop in the current month is caused by month-end expirations which should come back on the market shortly. Still, there is less of a seasonal increase in listings than last year. Active New listings decreased to 720 in June from 1,044 in May, a decline of 324 units (Sect E p.3). Housing permits went down for Jefferson County to 100 for May, down from 107 for April. Shelby County permits increased somewhat (see website for details).

Absorption rate for New and Used homes is improving. New homes are at 6 months supply this month with an improving sales pace, and better than last year at this time at 10 months (Sect E p.3). New home supply seems to be in a “normal” state. Under $100,000 New homes are at 10 months supply and improving. The New homes in the $100,000-$400,000 price range have normal inventory levels in the 6-7 month range. (Sect C p.1 and Sect E p.3.)

Absorption for Used homes in June shows 10 months, four months better than the 14 months last year. Used Active listings at 9,412 are lower than the 11,766 last year (Sect E p.3), (Sect E p.3).

Birmingham area Average Days on Market for New houses was 185 compared to last month at 215 . The Used homes DOM was 136 in June, compared with 149 last month (Sect A p.18). NOTE: DOM for Used homes indicates that well priced homes are moving in less than 6 months. If the home is not selling, reduce the price, particularly since we are in the most active sales season of the year.

Average sales price for Sold New homes increased to $254,236 from $245,504 last month (Sect A p2). Average sales prices for Sold Used homes increased to $180,863 from $167,005 last month (Sect A p2). The twelve month moving average price line for Used Homes has been quite steady since mid 2009. The 12 month moving average line for New home prices has been heading up quite nicely since the beginning of the year. Average Home prices, new and used, have stabilized  (Sect A p2). The price of any specific home still remains under pressure.

The differences between our numbers and the Board of MLS numbers are  due to our taking in all the data in the MLS system while they report on a more concentrated area picked from the whole, so we have more of the surrounding rural areas, which are not showing as robust growth right now.

TWB 7/14/12

Birmingham April Real Estate Sales Continue An Improving Trend

Birmingham Area MLS* Monthly Observations for April 2012

Sales in April improved 10% to $189,845,478 from March’s $172,627,863, up 20% from last April’s $158,607,279. The 12 month moving average line for total dollar sales has tilted upward nicely.

Unit sales were up 5% to 1,175 in April from 1,123 in March, an increase of 52. This is up 15% from April 2011 at 1,026. This is 7% unfavorable to our projection of 1,264 sales expected for April and 9% unfavorable year to date. The complete monthly projections from ABRE (a joint project between ACRE and Brander Real Estate) can be found here http://goo.gl/WFHrO along with the worksheets that show the methodology. It appears that the results are closing in on projections as the spring unfolds. New sales declined 4% to 108 homes this month from 113 in March, a decrease of 5 units. Used sales improved 6% to 1,067 homes in April from 1,010 last month, an increase of 57 (Sect E p.3).

This month total inventory is dramatically lower at 10,177 vs. 12,884 last year and 10,627 last month. The drop in the current month is caused by month-end expirations which should come back on the market shortly. Still, there is less of a seasonal increase in listings than last year. Active New listings decreased to 774 in April from 1,108 in March, a decline of 334 units (Sect E p.3). Housing permits went up for Jefferson county to 120 for March up from 95 for February. (see website for details).

Absorption rate for New and Used homes is improving. New homes are at 6 months supply this month with a reduced sales pace, and better than last year at this time at 9 months (Sect E p.3). New home supply seems to be in a “normal” state. Under $100,000 New homes are at 14 months supply and improving. The New homes in the $100,000-$400,000 price range have an almost normal inventory level in the 6-7 month range. (Sect C p.1 and Sect E p.3.)

Absorption for Used homes in April shows 10 months, four months better than 14 months last year. Used Active listings at 9,403 are lower than the 11,761 last year (Sect E p.3), (Sect E p.3).

Birmingham area Average Days on Market for New houses was 233 compared to last month at 194 . The Used homes DOM was 136 in April, compared with 146 last month (Sect A p.18). NOTE: DOM for Used Homes indicates that well priced homes are moving in less than 6 months. The high months of inventory indicates that sellers, including bank owners, are still holding out for higher prices. Again: If the home is not selling, reduce the price, particularly since we are in the most active sales season of the year.

Average sales price for Sold New homes decreased to $228,311 from $237,235 last month (Sect A p2). Average sales prices for Sold Used homes increased to $154,525 from $144,377 last month (Sect A p2). The twelve month moving average price line for Used Homes has been quite steady since mid 2009. Average Home prices, new and used, have stabilized  (Sect A p2). The price of any specific home still remains under pressure.

TWB 5/10/12

Huntsville, North Alabama April Real Estate Sales Way Better Than Last Year

Huntsville/North Alabama Area MLS Observations: Real Estate Market April 2012

April sales improved 16% to $130,145,324 vs. March at $112,517,881 This was 41% above last year’s $92,039,477. The twelve month moving average line on the total dollar sales chart is flat, but with a small hook up at the end.

Total unit sales increased 9% to 792 in April vs. 725 in March, an increase of 93. This was 45% favorable to last year at 547.

Note that our projection for April was 744, so the actual results were 6% favorable for the month and less than 1% favorable year to date. (Full spreadsheets and projections (a joint project between ACRE and Brander Real Estate) are available at  http://goo.gl/WFHrO) .

New sales were up slightly to 126 this month vs.124 last month.
Used sales increased to 596 this month vs. 505 last month, increasing 91 (Sect E  p.3).

Used inventory levels remain high this month at 12 months (see the chart Sect C p.1), with the situation particularly challenged in the higher price ranges. Used homes over $100,000 are still over 12 months of inventory and over $500,000 have about two or more years of inventory.

New home absorption is 8 months of inventory overall, (with last month at 10 months) (E-1). The New Home inventory level in the $300,000-$400,000 is approximately 5 months (not bad).

There continue to be a large number of housing permits issued in Huntsville city given the market conditions. For March there were 83, up from 65 in February (chart on the web site).

Total Active listings decreased this month to 8,451 compared to last month’s 8,798, which is below last year at this time at 10,763, with the reduction exaggerated due to month-end expirations.
(Sect A p.4 and Sect E p.3).  The reduction in inventory is a good thing.

Active New listings decreased from 1,462 last month to 1,162 in April, down 300. (Sect E p.3). Active Used listings decreased from 7,336 last month to 7,289 this month, down 47 and below last year’s amount at this time of 8,007. (Sect E p.3).

Average Days on Market for Sold New homes was 197 vs.167 days last month, with Used at 149 in April compared with 165 in March (Sect A p.18). Days on Market at or below 6 months, while the inventory numbers are way higher, indicates well priced homes are selling. Sellers, including bank owners, who do not adjust to the new price reality contribute to the buildup of inventory.

Average sales price for Sold New homes was $236,156 vs. $235,148 last month. (Sect A p.2)
Average sales price for Sold Used homes was $145,042 vs. $136,046 last month. (Sect A p.2)

The average price lines for Used homes, which was on an upwards slope for a while, is now on a downward trend. New homes average price seems to be showing some positive direction. Prices for individual properties remain under pressure.

TWB 5/10/12