Alabama Residential Mid-Year Report: YTD Sales up 9%; 80% of local markets show sales improvement from 2012!

By July 22, 2013Ashley

By Alabama Center for Real Estate (ACRE)
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on July 19, 2013 at 4:13 PM

Alabama residential sales in June continued to gradually improve, up 7.7 percent compared to the same period a year earlier. Midway through 2013, sales are up 9.3 percent year-over-year and eighty percent of local markets report positive sales growth compared to 2012. 

Supply: The statewide housing inventory in June was 33,886 units, a decrease of 1.7 percent from June 2012 and 18.5 percent below the month of June’s peak in 2010 (41,597 units). There were 8.2 months of housing supply (6 months considered equilibrium) in June 2013 versus 9.0 months of supply in June 2012, a solid decline of 8.7 percent. June inventory has increased by 1.5 percent over the prior month. This trend is consistent with historical data indicating that June inventory on average (’08-’12) traditionally increases from the month of May by .2 percent. In contrast to reports of lack of inventory at the national level, Alabama still has a plentiful supply in most local markets. Only 11 of 25 or 44 percent of local markets have single-digit months of housing supply so this is an area where more reduction would be welcome news. With that said, metro markets are edging closer to equilibrium with 7.4 months of supply.

Demand: June statewide residential sales slipped 4.5 percent from the prior month. This movement contrast with seasonal trends & recent historical data that indicates that June sales, on average (’08-’12), increase from the month of May by 4.9 percent. At first blush, it appears recent upward movement in interest rates may have impacted short-term demand to a small degree.
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This is great news for the state and for Lee County! Call me TODAY whether you are in the market to list or sell. I am the REALTOR for you!