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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

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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!

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

Thankful for Home Ownership in 2011

By | Ashley | No Comments

Hardest Hit AlabamaAs 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!!!

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.

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