By Alabama Center for Real Estate (ACRE)
on February 07, 2013 at 7:31 AM, updated February 07, 2013 at 7:35 AM
There was 12.1 months of housing supply (6 months represents balanced market) in December 2012 versus 13.3 months of supply in December 2011, a solid decrease of 8.6 percent. Continued improvement in the decline of the months of supply would be welcome news.
December inventory in Lee County decreased by 9.5 percent from the prior month. Historical data indicates that December inventory on average (’07-’11) traditionally decreases from the month of November by 4.6 percent.
Demand: December residential sales were down 8.4% from the prior month. This movemen
t contrast historical data indicating that December sales, on average (’07-’11), increase from the month of November by 14.1 percent.
Existing single family home sales accounted for 58 percent (same as in Dec’11) of total sales while 30 percent (up from 24% in Dec’11) were new home sales and 12 percent (down from 18% in Dec’11) were condo buyers.