Alabama Coastal Real Estate for June Continues to Outperform

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

Sales dollars decreased 5% in June to $219,531,971 from May’s outstanding $230,077,838. This is up an impressive 24% from last year’s record of $177,240,799. (Sect A p.2). The 12 month moving average line of sales is moving up substantially.

Inventories continue to drop. Check out the chart on page A-17 to fully appreciate the inventory trends. Note that there are less price range categories for inventories over a year. Now, only the $700,000 and over categories have over a year of inventory. Note that this drop in the upper price level inventories has been very substantial and sustained over the last few months.

In concert with ACRE, The Alabama Center for Real Estate, we have projected expectations for 2017. We use the ACRE provided data for the projections, which differs slightly from the data in this report. The projection for 2017 located here expects projected home sales in 2017 at 6,276, which is a 12.65% over 2016 actual of  5,571. This year through May actual sales are 3% above expectations. 2,623 sales were recorded so far this year which is ahead of the projection of 2,550.  

On a unit basis, sales of all houses were 787 this month vs. last month at 800, which is still well above last year’s healthy level of 666. Used Home sales decreased to 632 this month vs. 676 last month, which is up from last year’s 546 (Sect A p.18). New Home sales were 155 this month vs 124 last month and compared with 120 last year. New listings for New homes decreased to 112 from 204 in May. Used homes New listings decreased to 743 from 850 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 improving. In June, there were 2,716 Active Used homes, a reduction from 3,306 in May and a new multi year low. New homes, which peaked in June 2006 at 2,144 Active, now sit at 686.

The Absorption rate for New homes was 7 months of inventory in June vs. 9 in May. The Absorption rate for Used homes was 6 months of inventory in June vs. 7 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 6 months this June. I had been expecting construction to begin to pick-up in the under $400,000 range, and this has happened to a modest degree. Sales have been keeping up however, so we have not seen an increase in inventory.

Average sales price for all homes has begun to show an upwards trend. For New units, average price decreased to  $260,118 from $289,610 last month. (Sect A p.14). Average Used home prices decreased this month, to $283,566 from $287,228 in May. Average Days On Market for New Sold properties in June was 176 vs last month of 206. Days On Market for Used was 138 vs. last month 133. The peak summer selling season seems to be roaring!

TWB 7/9/2017

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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

Alabama Coastal Real Estate Did Well In February

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

Sales dollars increased an expected 15% in February to $105,019,728 from January $90,927,509. This is 1% above February last year at $104,260,906. (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 thru February actual sales are 1.6% above expectations.

On a unit basis, sales of all houses were up 14% at 440 this month vs. last month at 379, which is about identical with last year’s healthy level of 426. Used Home sales increased 14% to 364 this month vs. 320 last month, which is off 1% from last year’s 368 (Sect A p.18). New Home sales were 76 this month vs 59 last month and compared with 58 last year. New listings for New homes increased to 134 from 119 in January. Used homes New listings declined to 755 from 806 in January 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 February, there were 3,193 Active Used homes, a reduction from 3,521 in January and a new multi year low level. New homes, which peaked in February 2006 at 2,144 Active, now sit at 493.

The Absorption rate for New homes was 7 months of inventory in February vs. 9 in January. The Absorption rate for Used homes was 7 months of inventory in February vs. 8 in January. Over the last four years the drop in months of inventory for Used homes has been steady and impressive from 25 months plus in January 2008 to 7 months this February. 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, price increased to  $252,121 from $248,944 last month. (Sect A p.14). Average Used home prices decreased to $235,875 from $238,249 in January. The price trend is up for the year. Average Days On Market for New Sold properties in February was 171 vs last month of 175. Days On Market for Used was 165 compared to last month 175.

 

TWB 3/13/2016

Alabama Coastal Real Estate Sales Have A Healthy Start In January

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

Sales dollars decreased an expected 27% in January to $90,529,509 from December $124,697,839. This is 4% above January last year at $86,783,782. (Sect A p.2). 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 continuing to trend down.

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 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 6% over 2014 actual, for the full year we got an increase of 9%. For 2016 we expect a very slightly slower market than 2015, details to follow.

On a unit basis, sales of all houses were off 22% at 377 this month vs. last month at 487, which is identical with last year’s healthy level of 377. Used Home sales decreased 24% to 318 this month vs. 420 last month, which is off 6% from last year’s 340 (Sect A p.18). New Home sales were 59 this month vs 67 last month and compared with 37 last year. New listings for New homes increased to 118 from 103 in December. Used homes New listings almost doubled to 804 from 415 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 3,133 Active Used homes, a reduction from 3,450 in December and a new multi year low level. New homes, which peaked in January 2006 at 2,144 Active, now sit at 474.

The Absorption rate for New homes was 7 months of inventory in January vs. 8 in December. The Absorption rate for Used homes was 7 months of inventory in January vs. 8 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 7 months this January. 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, price increased to  $248,944 from $242,552 last month. (Sect A p.14). Average Used home prices decreased to $238,496 from $258,207 in December. The price trend is up for the year. Average Days On Market for New Sold properties in January was 175 vs last month of 161. Days On Market for Used was 175 compared to last month 160.

TWB 2/16/2016

Alabama Coastal Real Estate Has an Outstanding Year

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

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