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Alabama residential sales in September increase 11%; 76% of local markets experience YOY sales gain!!

By | Ashley

As Reported by Alabama Center for Real Estate (ACRE)

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.

To read the article in it’s entirety, please click on the following link.

http://blog.al.com/acre/2014/10/alabama_residential_sales_in_s.html

Thank you for visiting my website. Please make sure you browse my current listings while you are here. I have properties in ALL price ranges!

 

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

By | Ashley | No Comments

 

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.”

To read the article in it’s entirety, please follow the link below.

http://blog.al.com/acre/2014/09/lee_county_area_residential_sa_9.html

Make sure you take the time to view my listings while you are on my site.  We have something for every buyer!

Lee County Area Residential Sales in June Improve 10% from Prior Year!!

By | Ashley

This is super news for Lee County, folks! Please enjoy this exciting read and call me TODAY for all of your Real Estate needs! Team Ashley welcomes the opportunity to work for you! We will get her SOLD!

Reported By Alabama Center for Real Estate (ACRE)
on June 24, 2014 at 7:45 AM, updated June 24, 2014 at 7:48 AM

Monthly Sales: Lee County residential sales totaled 186 units in June, a significant improvement in sales growth of 10.1 percent from the same period a year earlier. June sales were the best on record for the month and were 28 units above our monthly forecast. The year-to-date sales forecast through June projected 689 closed transactions while actual closings were 707 units.

Supply: The Lee County housing inventory in June was 884 units, a decrease of 8.4 percent from June 2013 and 41.8 percent from the month of June inventory peak in 2010 (1,519 units).

June inventory in Lee County also decreased by 1.4 percent from the prior month. This direction is consistent with historical data indicating that June inventory on average (’09-’13) decreases from the month of May by 4.6 percent.

The inventory-to-sales ratio in June was 4.8 months of housing supply. Restated, at the June sales pace, it would take 4.8 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) is considered to be approximately 6 months during the month of June. This represents the first local market in Alabama that can be officially labeled a seller’s market. The last time the market experience 4.8+/- months of housing supply was June 2006.

Demand: Residential sales increased by 10.1 percent from the prior month. This favorable direction is consistent with historical data indicating that June sales on average (’09-’13) increases from the month of May by 8.7 percent.

Existing single family home sales account for 59 percent (up from 51% in June’13) of total sales while 23 percent (down from 29% in June’13) were new home sales and 18 percent (down from 20% in June’13) were condo buyers.

To read the article in it’s entirety, please follow the link below.

http://blog.al.com/acre/2014/07/lee_county_area_residential_sa_7.html

Make sure you take the time to view my listings while you are on my site.  We have something for every  buyer!

Cyber Monday to be busiest day ever for FedEx…

By | Ashley | No Comments

By Patrick deHahn  @CNNMoney October 23, 2013: 12:02 PM ET

NEW YORK (CNNMoney)

With stores offering big online sales discounts, FedEx expects this year’s Cyber Monday to be the busiest day in its shipping history.

Each year, the big online shopping day hits the Monday after post-Thanksgiving holiday sales and many retailers offer special discounts on online purchases. This year, Cyber Monday falls on Dec. 2.

To read the article in it’s entirety, please click on the following link:

  http://money.cnn.com/2013/10/23/pf/fedex-cyber-monday/

Is this how you are spending your Monday? Does this make moresense   than battling the crowds? Weigh in and have a great week!

Ashley Smith Durham

Alabama Residential Sales Improve by 6.7% in January!

By | Ashley | No Comments

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.

To finish reading the full article, please click on the following link:

http://blog.al.com/acre/2013/03/post_8.html

 

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

Hottest Market Sales Going for a Premium Over List Price!

By | Ashley | No Comments

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

Written by: Steve Cook  February 23, 2013

Now, in the markets where the recovery is hottest, sellers are increasingly experiencing multiple bid scenarios and buyers are pre-empting the competition with offers over list price that stir up memories of the boom years.

Last month 13 percent of all Realtors participating in the National Association of Realtors’ Realtors’ Confidence Index reported they had at least one sale above the asking price in the previous month. The percentage rose slightly from December, the first month that NAR asked its members about sales at a premium above asking price. Realtors reported some 12 percent reported sales with prices above list price.

According to Pro-Teck Valuation Service’s Home Value Forecast, median sales prices have overtaken list prices in at least one market, San Francisco, and are close to doing so in Sacramento and Seattle.

Reports from Realtors across the country confirm that sales at a premium over asking price are still very unusual and limited to hottest markets.

To finish reading this article, please click on the following link:

http://www.realestateeconomywatch.com/2013/02/prices-are-popping-out-all-over/

A Great Read! This is yet another positive sign for the housing market! Please feel free to call me for all of your Real Estate needs – I look forward to working with you!

Ashley S. Durham

 


Housing Economists: Limiting the MID to Mortgages Under $500,000 Won’t Hurt Most Prices!

By | Ashley | No Comments

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

 Written by: Steve Cook   Wed, Dec 26, 2012

As the President and Congress attempt to avoid the “fiscal cliff” scheduled to take effect a week from today, most leading housing economists and housing experts believe only high end housing prices would suffer if the mortgage interest deduction were limited to mortgages of $500,000 or less and eliminated for interest paid on second mortgages for second homes, a possibility in the final negotiations to avoid the fiscal cliff.

In a survey of 105 economists, real estate experts and investment and market strategists conducted by Pulsenomics LLC for Zillow, Inc. during the first two weeks of December, some 55 percent said cutting the deduction on mortgages over $500,000 and eliminating second home mortgage interest altogether would have little to no near-term impact on overall home prices and 42 percent said it would have a moderate impact.  Among higher priced homes, 84 percent said restricting the deduction to mortgages less than $500,000 would have a moderate or serious impact on prices.

The mortgage interest deduction saved taxpayers $82.7 billion in 2010, the latest data available. For the past two budgetary cycles, the Obama Administration has recommended limiting the MID to taxpayers making less than $250,000 a year. President Obama’s deficit commission proposed lowering the limit on mortgage principal eligible for a deduction to $500,000 from the current $1 million, removing any break for interest on a second home and turning the deduction into a tax credit capped at 12 percent of interest paid.

To read the article in it’s entirety, please click on the following link;

http://www.realestateeconomywatch.com/2012/12/housing-economists-limiting-the-mid-to-mortgages-under-500000-won%E2%80%99t-hurt-prices/

A welcome read, indeed! Please call me for all of your Real Estate needs! I would love to help sell your property or hand you the keys to your new home!

September New Home Sales Take Off!

By | Ashley, Residential | No Comments

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

Written by: Steve Cook   Thu, October 25, 2012

New homes, the hottest sector of the real estate market, got even hotter in September as sales hit the fastest pace in two and a half years.

Sales of newly built, single-family homes rose 5.7 percent to a seasonally adjusted annual rate of 389,000 units in September, according to newly released figures from HUD and the U.S. Census Bureau. This is the fastest sales pace recorded since April of 2010.

“Combined with consistent, positive reports on housing starts, permits, prices and builder confidence in recent months, today’s data provides further confirmation that a gradual but steady housing recovery is underway across much of the nation,” said Barry Rutenberg, chairman of the National Association of Home Builders (NAHB) and a home builder from Gainesville, Fla. “Consumers who have been on the sidelines during the past few years are deciding now is the time to go forward with a new-home purchase, assuming they can qualify for a good mortgage under today’s exceedingly stringent guidelines.”

To Read This Article in it’s Entirety, Please Click on the Following Link:

http://www.realestateeconomywatch.com/2012/10/september-new-home-sales-take-off/

The South’s 16.8 percent increase is very encouraging news. Please call me for all your Real Estate needs.

Alabama Home Sales Increase!

By | Ashley | No Comments
Alabama Home Sales Increase

Chart showing an increase in Alabama Home Sales.

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.

Information taken from: Alabama Center for Real Estate.

Auburn, Opelika Among Nation’s Cleanest Cities!

By | Ashley | No Comments

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
next month.

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/.

Info found at http://www2.wrbl.com/news/2011/nov/04/auburn-opelika-among-nations-cleanest-cities-ar-2656619/

The data relating to real estate for sale on this web-site comes in part from the Internet Data Exchange Program of Lee County Association of REALTORS. Information is deemed reliable but is not guaranteed.

This IDX solution is (c) Diverse Solutions 2020.