Category Archives: Real Estate for Everyone
Yes…there is a downtown Meridianville. The corner of North Memorial Parkway and Patterson Lane is bustling with new development. Legacy Homes is developing an affordably priced new home community with full brick construction, fully sodded lawns, three car garages and many plans to choose from with prices starting under $200,000. Colonial Pointe is taking shape and now is a great time to pick your plan.
Give me a call or shoot me an email and I’ll be happy to go over the selections and options being offered at Colonial Pointe, Meridianville’s new address.
OPEN HOUSE SUNDAY, MARCH 29, 2:00-4:00! $500 and a 640 credit score Moves You IN!! BRAND NEW HOME with Open floor plan with lots of space! Large family room, dining room, great kitchen with recessed lighting, laundry room, loft upstairs, Large master suite, Walk in closets in all 3 bedrooms gives you lots of extra storage space, 2 car garage, full brick, energy efficient and a 1-2-10 home warranty is included! Call today before our special pricing is gone.
Demand: Alabama’s new home sales in January slipped 2 units or .9 percent from the same period last year.
Supply: Housing starts have increased 13.0 percent since last January. New construction inventory has also increased 4.0 percent since January 2014.Three of five metro areas experienced increases in inventory levels from last January (Birmingham – up 10%, Mobile – up 7% and Tuscaloosa – up 6%).
Alabama’s metro markets in January reflect 8.4 months of new home supply, up 6 percent from last January’s 8.0 months and up 83 percent from 4.6 months in December.
Pricing: Alabama’s metro market’s median new home sales price in January was $235,510, an increase of 2.1 percent from last January and 5.6 percent from last month.
New Home Pipeline: January statewide housing starts increased by 13.0 percent from January 2014 but slipped 2.0 percent from the prior month. 2014 starts were down 2.0 percent. Housing starts were up 7.8 percent in 2013 and 6.5% in 2012. January statewide building permits were up .5 percent from January 2014 but down 5.6 percent from last month. 2014 permits were down .8 percent. Building permits were up 5.6% in 2013 and 8.4 percent in 2012.
Residential Construction Employment: According to the Alabama Dept. of Industrial Relations, statewide residential construction employment in December increased 1.2 percent (800 jobs) to 68,600 from last month and improved 9.2 percent (+5,800 jobs) from the same month a year ago. (Note: January figures are to be released on 3/17/15).
Local Results: 10 out of the 27 home builder associations (37% – down from 56% in Dec) reported gains in building permits from the prior month while 12 associations (44% – up from 33% in Dec) reported gains in housing starts from last month. Twenty associations (74% – up from 33% in Dec) experienced an increase from their January 2013 housing starts.
Industry Perspective: From David Crowe, NAHB chief economist: “The new year either will see the housing sector break out in a traditional, solid recovery or it will see another mundane nudge forward. It doesn’t take a Ph.D. in economics to know that. Unfortunately, any economist with two hands can list forces for both outcomes. But the scale is heavily tipped toward more growth in single-family construction in 2015 than any of the recovery years to date.”
View the current monthly Alabama Residential Report here.
The ACRE New Construction Monthly Report is work product stemming from our partnership with the Home Builder’s Association of Alabama Foundation.
About ACRE. ACRE was founded in 1996 by the Alabama Real Estate Commission, the Alabama Association of REALTORS and the Office of the Dean, UA Culverhouse College of Commerce. ACRE is not a state-funded entity, rather its operates in part because of the goodwill & generosity of our ACRE Corporate Cabinet and other statewide ACRE Partners.
Alabama residential sales during the third quarter while sluggish continued to gradually improve, up 3.3 percent compared to the same period a year earlier. This is an improvement over the 2.3 percent growth experienced in the second quarter of the year. Total sales of 12,469 units represent the best third quarter since 2007 (15,051 units). With that said, third quarter sales are still 25.2 percent (was 25.0 percent last quarter) below the quarterly peak established in 2005 when 16,674 units were sold.
Supply: The statewide housing inventory average during the third quarter was 33,538 units, a decrease of .9 percent from the same period in 2013 and 17.7 percent below the third quarter peak in 2010 (40,745 units). There was 8.1 months of housing supply (7 months considered equilibrium during 3rd quarter) in the third quarter 2014, the same as last year (3Q). Historical data indicates that the third quarter inventory-to-sales ratio in 2014 decreased 23.6 percent from the 5-year average (10.6 months) and decreased 14.7 percent from the 3-year average.
Demand: Historical data indicates that third quarter sales in 2014 increased by 12.1 percent from the most recent 3-year average (’11-’13) and 18.3 percent from the 5-year quarterly average (’09-’13).
Pricing: The statewide median sales price during the third quarter was $130,284, an increase of 1.8 percent from the same quarter in 2013. Historical data indicates that third quarter median price in 2014 increased by 3.6 percent from the most recent 3-year average and 3.2 percent from the 5-year quarterly average (’09-’13).
ACRE was founded by legislative act in 1996 due to the efforts of the Alabama Real Estate Commission, the Alabama Association of REALTORS and the Office of the Dean, UA Culverhouse College of Commerce to serve the State of Alabama real estate industry and the consumers it serves. ACRE is not a state-funded entity, rather its operates in part because of the goodwill & generosity of the ACRE Corporate Cabinet and our statewide ACRE Partners. Follow us @uaacre