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residential

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!

Lee County area residential sales in May improve 20% 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!

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 169 units in May, a significant improvement in sales growth of 19.9 percent from the same period a year earlier. May sales were 26 units above our monthly forecast. The year-to-date sales forecast through May projected 531 closed transactions while actual closings were 521 units.

Supply: The Lee County housing inventory in May was 897 units, a decrease of 9.8 percent from May 2013 and 40.8 percent from the month of May inventory peak in 2010 (1,516 units).

May inventory in Lee County increased by 1.1 percent from the prior month. This direction is consistent with historical data indicating that May inventory on average (’09-’13) increases from the month of April by 1.2 percent.

The inventory-to-sales ratio in May was 5.3 months of housing supply. Restated, at the May sales pace, it would take 5.3 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 May. This represents the first local market in Alabama that can be officially labeled a seller’s market. The last time the market experience 5.3 months of housing supply was August 2006.

Demand: Residential sales increased by 34.1 percent from the prior month. This favorable direction is consistent with historical data indicating that May sales on average (’09-’13) increases from the month of April by 22.7 percent.

Existing single family home sales account for 50 percent (up from 57% in May’13) of total sales while 24 percent (same as May’13) were new home sales and 16 percent (down from 19% in May’13) were condo buyers.

Pricing: The Lee County median sales price in May was $178,500, a 9.5 percent increase from last May. In addition, the May median price improved 4.5 percent compared to the prior month. Historical data (’09-’13) indicates that the May median sales price traditionally increases from the month of April by 4.1 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.

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

http://blog.al.com/acre/2014/06/lee_county_area_residential_sa_6.html

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

 


Lee County Residential Sales Up 9% in 2012; Inventory Down 12%!!

By | Ashley | No Comments

By Alabama Center for Real Estate (ACRE)
on February 07, 2013 at 7:31 AM, updated February 07, 2013 at 7:35 AM

Lee County residential sales growth of 8.9 percent led Alabama’s midsize markets in 2012. During the month of December, homes listed for sale dipped below the thousand unit mark for the first time since August 2006.
Click here to view or print the full report.
 
Supply: The Lee County housing inventory in December was 921 units, a decrease of 12.0 percent from December 2011 and 26.2 percent from the month of December’s peak in 2010 (1,248 units).

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.

Lee County residential sales up 9% in 2012; homes listed for sale down 12% in December. Infograph courtesy of ACRE. All rights reserved.

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.

Pricing: The Lee County median selling price in December was $166,250, an increase of 15.2 percent from last December ($144,375). The December median price also improved by 10.8 percent when compared to the prior month. Historical data (’07-’11) indicates that the December median selling price traditionally decrease from the month of November by 1.2 percent so this improvement from recent trends is encouraging news.
Real estate sales are seasonal and thesales 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. As for the latest economic forecast entering the new year, according to Global Insight’s most recent short-term outlook, “The economy still has only weak forward momentum. Some underlying fundamentals are improving—most importantly, housing. We expect that the fog of uncertainty (US fiscal policy) will gradually clear during 2013, setting the stage for a broad-based improvement in economic growth in 2014.”
This is FANTASTIC news for Lee County. Please call me for all of your Real Estate needs!

 

CoreLogic: Home Prices Rose 7.9 Percent in 2012!

By | Uncategorized | No Comments

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.

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

http://www.realestateeconomywatch.com/2013/01/corelogic-prices-rose-79-percent-in-2012/

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!

By | Ashley | No Comments

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.

Interacting

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.

To Read the Article in its Entirety, Please click on the Following Link:

http://www.realestateeconomywatch.com/2012/12/using-youtube-as-an-effective-marketing-tool/

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!

http://www.youtube.com/watch?v=jgUHGGJluEQ

 

 

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!

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.