Tag Archives: Alabama Coast

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

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 Strong in July

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

Sales dollars decreased 13% in July to $152,323,846 from June $174,282,839. This is 2% off July last year’s record level at $155,766,731. (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 July actual sales are 4.6% above expectations. 141 more units were sold through July than the 3,090 projected.

On a unit basis, sales of all houses were off at 620 this month vs. last month at 658, which is off from last year’s healthy level of 624. Used Home sales decreased to 518 this month vs. 540 last month, which is off from last year’s 540 (Sect A p.18). New Home sales were 102 this month vs 118 last month and compared with 84 last year. New listings for New homes decreased to 111 from 148 in June. Used homes New listings declined to 665 from 769 in June 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 July, there were 3,218 Active Used homes, a reduction from 3,862 in June and a new multi year low. New homes, which peaked in July 2006 at 2,144 Active, now sit at 551.

The Absorption rate for New homes was 7 months of inventory in July vs. 8 in June. The Absorption rate for Used homes was also 7 months of inventory in July vs. 9 in June. Over the last four years the drop in months of inventory for Used homes has been steady and impressive from 25 months plus in June 2008 to 7 months this July. 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 decreased to  $239,135 from $271,759 last month. (Sect A p.14). Average Used home prices decreased to $246,973 from $263,362 in June. Average Days On Market for New Sold properties in July was 163 vs last month of 167. Days On Market for Used was 165 compared to last month 141.
TWB 8/14/2016

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

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

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

1st Quarter Residential Sales On Alabama Coast Even With Last Year

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

Sales dollars increased an expected 28% in March to $135,102,221 from February $105,397,599. This is identical with March last year at $135,171,849. (Sect A p.2). The 12 month moving average line of sales, which had continued to point up steadily for three years, is showing a modest upwards tilt. 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 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 February actual sales are 1.6% above expectations.

On a unit basis, sales of all houses were up 31% at 581 this month vs. last month at 442, which is identical with last year’s healthy level of 581. Used Home sales increased 32% to 479 this month vs. 364 last month, which is off 3% from last year’s 494 (Sect A p.18). New Home sales were 102 this month vs 78 last month and compared with 87 last year. New listings for New homes increased to 134 from 119 in February. Used homes New listings declined to 755 from 806 in February 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 March, there were 3,240 Active Used homes, a reduction from 3,668 in February and a new multi year low. New homes, which peaked in March 2006 at 2,144 Active, now sit at 473.

The Absorption rate for New homes was 6 months of inventory in March vs. 8 in February. The Absorption rate for Used homes was 7 months of inventory in March vs. 8 in February. Over the last four years the drop in months of inventory for Used homes has been steady and impressive from 25 months plus in February 2008 to 7 months this March. 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  $236,217 from $250,501 last month. (Sect A p.14). Average Used home prices decreased to $231,750 from $235,875 in February. Average Days On Market for New Sold properties in March was 146 vs last month of 171. Days On Market for Used was 161 compared to last month 165.
TWB 4/11/2016