November residential sales in Alabama experienced an 12.6 percent increase when compared to November 2010. The last time our state’s real estate market experienced positive sales growth in November when compared to the previous year was November 2009.
While this is favorable news, the market must be mindful that last November was the fifth month after the expiration of the home buyer tax credit and the comparative sales figures reflected the November cyclical low of 2,471 closed units.
November sales were again bolstered by a rebound in closed transactions from local markets that were previously disrupted by the natural disasters of April 27th. The bounce back is apparent when reviewing sales percent change from last November in these impacted areas: Tuscaloosa (sales up 55%), Athens-Limestone County (up 48%), Marshall County (up 15%) and Walker County (up 61%).
In November, Alabama residential sales were on par with the US market which showed an increase of 12.2 percent from the prior year (November), according to the National Association of REALTORS (NAR). NAR also reported that the South region experienced an increase of 12.3 percent from last year. Investors accounted for 19 percent of nationwide sales while 28 percent were all-cash sales and 35 percent were first-time home buyers.
Demand: Residential sales are seasonal and typically peak during the summer and as anticipated, November statewide residential sales were 7.8 percent down from the prior month (October 2011). This movement is also consistent when compared to historical data indicating that November sales, on average (’06-’10), traditionally decrease from the month of October by 8.1 percent.
In comparison, US sales increased 4.0 percent while the South region reflected a 2.4 percent increase from the prior month (October 2011).
Year-to-date through November, Alabama residential sales were 1.6 percent ahead of last year’s pace. In October, this figure was .8 percent ahead of last year. If the recent trends continue in December, the year-end figures will reflect the first positive annual residential sales growth since 2005.
The Auburn-Opelika area has cleaned up in terms of tidiness,
according to Alice.com, an online marketplace for household cleaning goods.
Check out Opelika Mayor Gary Fuller’s appearance on Today Shows Hoda and Kathie Lee segment.
In an online survey conducted by the e-commerce store,
Auburn-Opelika finished second among the Top 40 Cleanest Cities in America,
coming in just behind top-ranked Knoxville, Tenn.
Auburn-Opelika spends an average of $59.79 each month per
household on sprays, powders and other cleaning agents used to keep homes fresh,
according to an article appearing on the TIME magazine website.
Among the cleaning items residents are buying are dishwasher
and toilet cleaners, bleach and heavy-duty sponges, according to Alice.com.
“Naturally we’re pleased with the honor,” said Opelika Mayor
Gary Fuller, who was pleased to hear the city mentioned on the NBC Today Show
hosted by Kathie Lee Gifford and Hoda Kotb. “Our citizens take a great deal of
civic pride in the appearance of our community. We want Opelika to look nice for
us as well as visitors that come to our town.”
Fuller is drafting a letter inviting Gifford and Kotb to
attend the Christmas in a Railroad Town and Victorian Front Porch Tour events
Kay Recknor, president of the Auburn Beautification Council,
attributes the honor to community involvement between the beautification council
and the city of Auburn.
“It’s neighbor working with neighbor,” Recknor said.
Keep Opelika Beautiful director Tipi Miller agrees.
“I am thrilled with the idea that citizens in Auburn and
Opelika take part in cleanliness, realizing that whether it’s their household,
their yard, business or the roadside, that they understand the importance of
keeping it clean,” Miller said.
For a list of the Top 40 Cleanest Cities in America, according
to Alice.com, visit blog.alice.com/cleanest-cities-infographic/.
The Lee County Association of REALTORS recently released the November 2011 market statistics for Auburn, Opelika, and Lee County, AL. Home sales are on the rise, and the housing market is looking good in Lee County. Check out the statistics at November 2011 Market Statistics.
Across the market, there has been an increase in sales of residential homes, lots, and condos from November 2010. The average sold price for the Auburn market has increased in November 2011, while the average condo price for Auburn has decreased.
While home sales are on the move, it is still a great time to buy. Interest rates are low, and inventory is plentiful. The number of days on the market is starting to decrease across the county.
Be on the look out for my new foreclosure and distressed property link coming soon where you can search for foreclosures, short sales, HUD homes and Auction properties with just one click of the button!
The Alabama Center for Real Estate is a research resource
for our state through a partnership with the University of Alabama business
school students pursuing a career in real estate. The center collects, maintains,
and analyzes the real estate statistics throughout the state of Alabama and is
a trusted resource for Alabama real estate research.
Recently, ACRE published market reports and statistics for
the year to date through September 2011. The reports include market analysis
per areas, including Auburn/Opelika (Lee County). The reports they publish
include a residential housing report, consumer confidence index, new
construction report and YTD market leader reports.
Below is a link to a few of the reports for Lee County. You
can view their website for more information at http://acre.cba.ua.edu/
These reports show an increase in the volume of residential
sales of 27% over last year’s report in October 2010. The average selling price
for October 2011 in Lee County was $159,120, which was a 27.8% decrease from
October 2010. The average days on market in October 2011 were 184 representing
a 21.1 percent increase from October 2010.
Overall, the Lee County, Alabama market appears to be stable.
The inventory, based on the final chart in the report, is steadily decreasing,
while home sales are on the rise. This is a good track for the road to market
recovery and strength!
As always, contact Ashley for more market details and
specifics on various aspects of the market! Happy Holidays!!! Can you believe it’s
As a REALTOR and a member of the National Association of REALTORS, I am constantly promoting and encouraging home ownership. But this year, as I reflect on the happenings of 2011, I am especially THANKFUL for home ownership.
I’m reminded of the storms across Alabama in April where people lost their homes and their lives in a split second. And I can’t help but think of the REALTORS who were immediately on the front lines, emptying their freezers to grill food for those who were without. Then, there were the REALTORS that jumped in their vehicles and drove across the state to help clean up, and still more REALTORS that joined forces to send thousands of dollars to the communities in need. The support of the REALTOR force amazes me, and I can’t help but mention the state associations of REALTORS from across the country that sent hundreds of thousands of dollars to Alabama within days of the storm, just out of the goodness of their hearts! Many thanks and honorable mentions to the people who helped re-build home ownership in times of need.
Secondly, I am reminded of the thousands and thousands of people across our country who have lost jobs this year, or have watched their personal business close its doors. Once again, home ownership is affected, and help is needed to advocate for these Americans who’s lives have been turned upside down. These hardships brought about a program in Alabama provided by the Alabama Finance and Housing Authority called Hardest Hit Alabama. This is an amazing opportunity that AHFA is offering to help Alabamians with their mortgage so they can focus on getting back to work. Thank you AHFA! Thank you for making home ownership a reality in tough times.
Lastly, in a time where home ownership is volatile, I am thankful for the political advocacy NAR offers to make home ownership an important privilege in the United States. We, Americans, are blessed to maintain the mortgage interest tax deduction for home owners and thankful that NAR uses its dollars to fight for this right! What a great incentive that NAR helped in the reinstatement of loan limits through 2013 that allow property purchasers to gain manageable financing for good homes.
At a time of Thanksgiving, I am thankful for home ownership, because home ownership matters to Americans!!!