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Lee County area residential sales in August improve 25% from prior year; YTD sales up 6%

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Please enjoy this exciting read on the real estate market improvement and call me TODAY for all of your Real Estate needs! Team Ashley welcomes the opportunity to work for you!

Reported By Alabama Center for Real Estate (ACRE) 
on September 25, 2014 at 8:53 AM

Monthly Sales: Lee County residential sales totaled 142 units in August, a significant improvement in sales growth of 24.6 percent from the same period a year earlier. August sales were 7 units above our monthly forecast. The year-to-date sales forecast through August projected 996 closed transactions while actual closings were 1,009 units.

Supply: The Lee County housing inventory in August was 820 units, a decrease of 7.4 percent from August 2013 and 40.8 percent from the month of August inventory peak in 2010 (1,385 units).

August inventory in Lee County also decreased by 1.8 percent from the prior month. This direction is consistent with historical data indicating that August inventory on average (’09-’13) decreases from the month of July by 4.0 percent.

The inventory-to-sales ratio in August was 5.8 months of housing supply. Restated, at the August sales pace, it would take 5.8 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) is considered to be approximately 7 months during the month of August. This represents the first local market in Alabama that can be officially labeled a seller’s market. The last time the market experience 5.2+/- months of housing supply was August 2006 when it was 5.3 months.

Demand: Residential sales decreased by 11.3 percent from the prior month. This direction is consistent with seasonal historical data indicating that August sales on average (’09-’13) decreases from the month of July by 30.0 percent.

Existing single family home sales account for 51 percent (down from 61% in Aug’13) of total sales while 25 percent (same as Aug’13) were new home sales and 24 percent (up from 13% in Aug’13) were condo buyers.

Pricing: The Lee County median sales price in August was $174,200, a 4.3 percent decrease from last August. The higher than normal of condo sales may have skewed, in this case, lowered the August median sales price. The August median price slipped 7.0 percent compared to the prior month. Historical data (’09-’13) indicates that the August median sales price traditionally decreases from the month of July by .1 percent. Pricing can fluctuate from month-to-month as the sample size of data (closed transactions) is subject to seasonal buying patterns so a broader lens as to pricing trends is appropriate and we recommend contacting a local real estate professional for additional market pricing information.

Industry Perspective: “The August National Housing Survey results lend support to our forecast that 2015 will likely not be a breakout year for housing,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “The deterioration in consumer attitudes about the current home buying environment reflects a shift away from record home purchase affordability without enough momentum in consumer personal financial sentiment to compensate for it. To date, this year’s labor market strength has not translated into sufficient income gains to inspire confidence among consumers to purchase a home, even in the current favorable interest rate environment. Our third quarter Mortgage Lender Sentiment Survey results, to be released later this month, are expected to show whether mortgage demand from the lender perspective is in line with consumer housing sentiment.”

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Alabama Residential Sales Improve by 6.7% in January!

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By Alabama Center for Real Estate (ACRE)
on March 01, 2013 at 6:45 AM, updated March 01, 2013 at 6:54 AM

Picking up right where the market closed in 2012, Alabama residential sales in January improved by 6.7 percent from the same period a year earlier. Across Alabama in January, sixty percent of local markets reported on par or positive sales growth compared to last January. Click here to view or print the full report.

Supply: The statewide housing inventory in January was 30,863 units, a decrease of 4.1 percent from January 2012 and 17.6 percent below the month of January’s peak in 2008 (37,470 units). There were 12.2 months of housing supply (6 months considered equilibrium) in January 2013 versus 13.4 months of supply in January 2012, a favorable decline of 9.0 percent. January inventory remained on par with the prior month. This trend is just short of historical data indicating that January inventory on average (’08-’12) traditionally decreases from the month of December by 2.7 percent. In contrast to reports of a looming lack of inventory problem at the national level, Alabama still has plenty of housing supply that has yet to be absorbed.

Demand: In December, Alabama residential sales were outperformed by the US market which showed an increase of 9.1 percent from the prior year, according to the National Association of REALTORS (NAR). NAR also reported that the South region sales were up 14.0 percent from last January. Investors accounted for 19 percent of nationwide sales while 28 percent were all-cash sales and 30 percent were first-time home buyers (40% in typical market).

January statewide residential sales dropped 11.4 percent from the prior month. This movement is lower than historical data that indicates that December sales, on average (’08-’12), decrease from the month of December by 17.3 percent. In comparison, US sales rose .4 percent from last month while the South region also improved by 1.0 percent from the prior month.

Pricing: The statewide median selling price in January was $103,342, a decrease of 10.1 percent from last January. Historical data (’08-’12) reflects that the January median selling price traditionally decreases from the month of December by 1.2 percent. Nationally, NAR states that distressed homes – foreclosures and short sales – accounted for 23 percent of January sales (14 percent were foreclosures and 9 percent were short sales), Foreclosures typically sold for an average 20 percent below market price in January, while short sales were discounted 12 percent.

Local Results: 13 out of the 25 local reporting associations (52% – this is up from 44% in December) reflect sales gains from last January. In January, sales in metro markets (up 8% from last year) outperformed both midsize markets(up 7%) and small markets (down 10%). 3 of 5 major metro areas representing 70% of Alabama sales have positive year-over-year growth rates except Mobile (down 4%) and Tuscaloosa (down 2.5%, primarily due to increased storm-related demand in 2011 & early 2012).

Real estate sales are seasonal and the sales pace slows during the winter months resulting in a higher degree of statistical volatility. With that said, seventy-two percent (18 of 25) of the local housing markets across the State experienced year-over-year sales growth in 2012 and that is welcome news for Alabama consumers as well our state’s real estate community.

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More great news for Alabama residents and Lee County citizens! Please feel free to contact me whether you are thinking of buying or selling – the time is right! I look forward to hearing from you soon!

Ashley S. Durham

CoreLogic: Home Prices Rose 7.9 Percent in 2012!

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Real Estate Economy Watch – Insight and Intelligence on Residential Real Estate

Written by: Steve Cook   Tue, January 15, 2013

December 2012 home prices are expected to rise by 7.9 percent on a year-over-year basis from December 2011 and fall by 0.5 percent on a month-over-month basis from November 2012 reflecting a seasonal winter slowdown, CoreLogic said today.

Excluding distressed sales, December 2012 house prices are poised to rise 8.4 percent year-over-year from December 2011 and by 0.7 percent month-over-month from November 2012, according to the CoreLogic Pending HPI.

Home prices nationwide, including distressed sales, increased on a year-over-year basis by 7.4 percent in November 2012 compared to November 2011. This change represents the biggest increase since May 2006 and the ninth consecutive increase in home prices nationally on a year-over-year basis. On a month-over-month basis, including distressed sales, home prices increased by 0.3 percent in November 2012 compared to October 2012. The HPI analysis shows that all but six states are experiencing year-over-year price gains.

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More good news for 2013…Enjoy and feel free to call me for all of your Real Estates needs!


Using YouTube as an Effective Marketing Tool!

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Real Estate Economy Watch – Insight and Intelligence on Residential Real Estate

 Written by:  editor   Fri, December 7, 2012

There are plenty of companies that effectively use many different kinds of social media. Whether it’s interacting with customers on Twitter, or posting interesting information on Facebook, lots of companies do a great job of keeping customers engaged. Often though, many companies fail to use YouTube as a marketing tool. It’s perplexing, because there are so many plusses to having a YouTube account yet so many marketing departments fail to use YouTube. Whether you’re a small company or a large one, using YouTube as a marketing tool can increase revenues and create more customer loyalty. If you’re considering integrating YouTube into your marketing plan, consider the following to make sure it is effective.


Just like Twitter or Facebook, YouTube can be a great and creative way to interact with your customer base. Some companies have integrated full on interactive YouTube campaigns to answer customer’s questions and provide witty comments. Old Spice even hired an actor to answer YouTuber’s questions, and created videos with real responses to user submitted questions.

If you get creative, YouTube can essentially replace the frequently asked questions section on your website. You can use YouTube to directly respond to user’s questions and have a large database full of answered questions. This will also make your company appear more personal, as there is somebody visually answering a question.

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Please take a moment and watch Area’s Best Homes/Neighborhood Tour YouTube commercial in which I share the value of professional videography. As always, call me for ALL your Real Estate needs! Happy 2013!