Published: Friday, October 24, 2014, 10:48 AM Updated: Friday, October 24, 2014, 10:53 AM
This is super news for our State. Please enjoy this read and call me for all of your Real Estate needs. Team Ashley looks forward to working for you!
Alabama residential sales totaled 3,957 units in September, an increase in sales growth of 11.1 percent from the same period a year earlier and 201 units above of our monthly forecast. September joins June and July as the only months in 2014 where sales have eclipsed last year. Nationally, sales were off 1.7 percent in September from the prior year. See more details of how Alabama compares to the broader US market here.
The YTD Alabama sales forecast through September projected 35,170 closed transactions while the actual sales were 34,169 units, a 2.8 percent cumulative variance. YTD sales through September have been sluggish in most markets across the State but remain 2.4 percent above the 2013. Sales were up 3.3 percent in the third quarter compared to 2013.
Across Alabama, 76 percent of local markets reported positive sales growth compared to last September. In comparison, this figure was 64 in August and 48 percent in July. This figure also remains at 54 percent when taking into account total YTD sales compared to 2013.
Pricing: While the return of more consistent year-over-year sales gains is encouraging news, the lead story in 2014 relates to pricing. The Center shared in earlier reports that pricing represents the primary indicator that still had the greatest upside in the future. At least through September, this has come to fruition as the YTD median sales price is up in 19 of 25 or 76 percent of local markets. While this is good news for the market, as prices increase, sales (the typical lead story) attributable to investors bargain hunting will diminish the ability of this “buyer profile” to push the sales needle in the future. Distressed sales continue to significantly diminish as a percentage of total sales across the US, a trend most market watchers content will continue in the future.
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