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“Alabama 3rd quarter home sales highest since 2007″

Click here to view or print the full quarterly report compliments of the Alabama Housing Finance Authority.

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.

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View full sizeAlabama housing inventory down .9% from 3rd Quarter 2013. Infograph courtesy of ACRE. All rights reserved.

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).

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View full sizeAlabama median sales price up 1.8% from 3rd Quarter 2013. Infograph courtesy of ACRE. All rights reserved.

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).

The Alabama Residential Quarterly Report is provided compliments of the Alabama Housing Finance Authority.

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ACRE was founded by legislative act in 1996 due to the efforts of the Alabama Real Estate Commissionthe 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

Alabama Residential Quarterly Report: “3rd quarter sales highest since 2007″ | AL.com.

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Alabama residential sales in September increase 11%

Click here to view or print the entire September report compliments of the ACRE Corporate Cabinet.

Total Sales.jpgView full sizeAlabama home sales in September improved 11.1 percent compared to last September. YTD sales up 2.4%. September sales are now up 42% from its September bottom in 2010. Infograph courtesy of ACRE. All rights reserved.

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.

Median Price.jpgView full sizeAlabama median home sales price in September 2014 improved 4.5% from prior year and now up 18% from the month of September price bottom in 2004. Infoigraph courtesy of ACRE. All rights reserved.

The median sales price improved by approximately 4.5 percent over last September and 6.1 percent when comparing the year-to-date (Jan-September) average for a broader perspective. Still, Alabama remains below the nation’s recent pace of appreciation but the Center prefers gradual increases in pricing over spikes seen in many parts of the country (typically in markets hardest hit by the recession). Keep in mind that pricing can fluctuate from month-to-month due to sampling size of data and seasonal buying patterns. The median price decreased 8.7 percent from the prior month. This direction is consistent with historical data (09-13) that reflects that the September median sales price traditionally decrease from the month of August by 2.6 percent.

Supply: The statewide housing inventory in September was 32,992 units, a decrease of 2.5 percent from September 2013 and 22.1 percent below the month of September peak in 2007 (42,329 units). There was 8.3 months of housing supply (7.5 months considered equilibrium during month of September) in September 2014 versus 9.5 months of supply in September 2013, a 12.2 percent favorable decrease. September inventory also decreased by 1.7 percent from the prior month. This direction is consistent with historical data that indicates September inventory on average (09-13) traditionally decreases from the month of August by 5.6 percent.

Demand: As anticipated, September statewide residential sales declined 4.4 percent from the prior month. This direction is consistent with seasonal trends & recent historical data that indicates September sales, on average (09-13), decrease from the month of August by 9.9 percent.

The fact that there are fewer distressed properties (attracting bargain hunting investors – typically cash buyers) changing hands when compared to last year has also narrowed the favorable percentage change associated with sales growth.

Seeking Balance: Ten or 42 percent of local markets are considered near or in balance where buyer and seller enjoy equal bargaining power. More markets are inching closer so this is encouraging news.

In contrast to reports of lack of inventory at the national level, Alabama still has above the needed levels of supply in most local markets (13 of 25 markets or 52 percent still have 10+ months of supply) but the supply of “quality” inventory is limiting sales according to local professionals with boots on the ground.

Industry Perspective: “The September National Housing Survey shows a slight recovery in consumer housing sentiment after a two-month setback, bringing us back to the modestly positive trend we’ve seen over the last year,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “It might be too late to save this year’s home sales from posting the first decline in five years. However, the return to an upward trend in housing sentiment, combined with this month’s positive news on the jobs front, suggests that a broad-based, albeit measured, housing recovery is on track to resume in 2015. The results of the past few months show that consumer optimism remains cautious and somewhat volatile, and we’ll likely continue to see bumps on the housing recovery path reflected in our survey results.” For full report, go HERE.

This monthly report is provided compliments of the ACRE Corporate Cabinet. 

Alabama residential sales in September increase 11%; 76% of local markets experience YOY sales gain | AL.com.

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Alabama residential median sales price continues to improve in August

Click here to view or print the entire August report compliments of the ACRE Corporate Cabinet.

Total Sales.jpg
View full size Alabama home sales in August slipped 2.1 percent compared to last August. YTD sales up 1.2%. August sales are now up 38% from its August bottom in 2010. Infograph courtesy of ACRE. All rights reserved.

Alabama residential sales totaled 4,139 units in August, a decrease in sales growth of 2.1 percent from the same period a year earlier and 210 units shy of our monthly forecast. Nationally, sales were off 5.3 percent in August from the prior year. See more details of how Alabama compares to the broader US market here.

The YTD Alabama sales forecast through August projected 31,414 closed transactions while the actual sales were 30,212 units, a 3.8 percent cumulative variance. YTD sales through August have been sluggish in most markets across the State but remain 1.3 percent above the 2013. Sales were up 2.3 percent in the second quarter compared to 2013.

Across Alabama, 64 percent of local markets reported positive sales growth compared to last August. It was 48 percent in July. This figure also remains at 64 percent when taking into account total YTD sales compared to 2013.

Pricing: 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 August, this has come to fruition as prices are up in 16 of 25 or 64 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 growth 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.

Median Price.jpg
View full size Alabama median home sales price in August 2014 improved 12.8% from prior year and now up 21% from the month of August price bottom in 2004. Infoigraph courtesy of ACRE. All rights reserved.

The median sales price improved by approximately 12.8 percent over last August and 6.3 percent when comparing the year-to-date (Jan-August) average for a broader perspective. Still, Alabama remains below the nation’s recent pace of appreciation but the Center prefers gradual increases in pricing over spikes seen in many parts of the country (typically in markets hardest hit by the recession). Keep in mind that pricing can fluctuate from month-to-month due to sampling size of data and seasonal buying patterns. The median price increased 1.7 percent from the prior month. This direction contrast with historical data (09-13) that reflects that the August sales price traditionally decrease from the month of July by 1.1 percent.

Supply: The statewide housing inventory in August was 33,561 units, a decrease of .6 percent from August 2013 and 20.4 percent below the month of August peak in 2007 (42,149 units). There was 8.1 months of housing supply (7 months considered equilibrium during month of August) in August 2014 versus 8.0 months of supply in August 2013, a 1.5 percent unfavorable increase. August inventory also decreased by 1.5 percent from the prior month. This direction contrast with historical data that indicates August inventory on average (09-13) traditionally increases from the month of July by 4.5 percent.

Demand: As anticipated, August statewide residential sales declined 5.4 percent from the prior month. This direction is consistent with seasonal trends & recent historical data that indicates August sales, on average (09-13), decrease from the month of July by 1.1 percent.

The fact that there are fewer distressed properties (attracting bargain hunting investors – typically cash buyers) changing hands when compared to last year has also narrowed the favorable percentage change associated with sales growth.

Seeking Balance: Six or 24 percent of local markets are considered near or in balance where buyer and seller enjoy equal bargaining power. More markets are inching closer so this is encouraging news.

In contrast to reports of lack of inventory at the national level, Alabama still has above the needed levels of supply in most local markets (13 of 25 markets or 52 percent still have 10+ months of supply) but the supply of “quality” inventory is limiting sales according to local professionals with boots on the ground. Only 12 of 25 or 48 percent of local markets have single-digit months of housing supply so this is an area where more reduction would be welcome news. Last month this figure stood at 44 percent. With that offered, metro markets representing 70 percent of statewide transactions, are edging closer and closer to equilibrium with 7.2 months of supply.

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.” For full report, go HERE.

This monthly report is provided compliments of the ACRE Corporate Cabinet. 

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Huntsville/Madison County residential median sales price establishes new peak

Click here to view or print the full quarterly report compliments of the ACRE Corporate Cabinet.

Median Price.jpg
View full sizeHuntsville/Madison County median sales price up 8% from 2nd Quarter 2013. Infograph courtesy of North Al MLS & ACRE. All rights reserved.

Pricing: According to the North Alabama Multiple Listing Service (MLS), the median sales price in the Huntsville/Madison County reached a new peak during the 2nd quarter at $175,633 which is also 8.0 percent from the same quarter in 2013. Historical data indicates that second quarter median price in 2014 increased by 4.9 percent from the most recent 3-year average and 4.0 percent from the 5-year quarterly average (’09-’13).

Supply: The housing inventory average during the second quarter was 3,215 units, an increase of 4.8 percent from the same period in 2013 and .8 percent below the second quarter peak in 2010 (3,240 units). There was 7.1 months of housing supply (6 months considered equilibrium during 2nd quarter) in the second quarter 2014 versus 6.6 months of supply last year, an increase of 7.1 percent. Historical data indicates that the second quarter inventory-to-sales ratio in 2014 decreased 1.4 percent from the 5-year average (7.2 months – best market performance in Alabama during this window) and decreased 2.8 percent from the 3-year average.

Demand: Residential sales during the second quarter by Huntsville standards can only be described as sluggish, a small slip of 2.4 percent compared to the same period a year earlier. The second quarter sales remain 28.7 percent off the peak experienced in 2003 when 1,912 units were sold. Historical data indicates that second quarter sales in 2014 increased by 6.6 percent from the most recent 3-year average (’11-’13) and 5.5 percent from the 5-year quarterly average (’09-’13).

The Huntsville/Madison Residential Quarterly Report is provided compliments of the ACRE Corporate Cabinet.

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The Huntsville/Madison County Residential Quarterly Report is work product developed in conjunction with the Huntsville Area Association of REALTORS to better serve North Alabama consumers. The ACRE monthly report is provided to illustrate the “general” market direction & trends when comparing prior periods with the most current available data. Real estate is local and statistics will fluctuate between areas within a city including subdivisions. ACRE recommends that you consult a local real estate professional for “specific” advice associated with your market.

About ACRE. ACRE was founded in 1996 by the Alabama Real Estate Commissionthe 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 statewide ACRE Partners.

Alabama real estate resources & news, please visit our website and our ACRE blog. You can also follow ACRE from our facebook page, just “like” http://www.facebook.com/acreua and/or follow on twitter at @uaacre.

 Huntsville/Madison County Residential Quarterly Report: “2nd quarter median sales price establishes new peak” | AL.com.

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Huntsville/Madison County residential median sales price in June improves 10% from prior year

Click here to view or print the entire June report compliments of the ACRE Corporate Cabinet.

Huntsville/Madison County area residential sales in June slipped 1.7 percent from the same period a year earlier. Year-to-date sales are virtually the same as 2013 (-1.0%) through the month of June. Total sales of 507 units were 15 units or 2.7 percent shy of our monthly forecast.

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View full sizeHuntsville/Madison County residential sales slip 1.7% from last June. Inventory has decreased 2.2% from the month of June peak in 2010. Infograph provided by ACRE. All rights reserved.

Supply: Huntsville housing inventory totaled 3,259 units, an increase of 142 units from last June and 5.3 percent above the 5-year June average of 3,095 units. New home inventory is down 9.1 percent year-over-year while existing single family is up 6.9 percent. The inventory-to-sales ratio in June was 6.4 months of housing supply (3.9 months for new construction – down from 4.2 months in May 2013). The market equilibrium (balance between supply and demand) is considered to be approximately 6 months during June. Huntsville remains one of Alabama’s most balanced markets in 2014. June inventory in Huntsville/Madison County experienced a 2.5 percent (79 units) increase when compared to the prior month. This movement contrast with seasonal & historical data trends that indicate June inventory on average (€™09-€™13) remained unchanged from the month of May.

Demand: New home sales improved 5.3 percent from last June after a weak May but a strong sales surge in April. New home sales spur economic growth and job creation so this is encouraging news. Existing single family home sales accounted for 73 percent (down from 74% in June’13) of total sales, new homes sales accounted for 14 percent (up from 12% in June’13) while condos were 3 percent of sales (down from 4% in June’13).

Residential sales in June improved 10.7 percent from the prior month. Real estate sales volume is seasonal and historical Huntsville data reflects that June sales, on average (€™09-€™13), increase from the month of May by 6.1 percent.

Median Price.jpg
View full sizeHuntsville/Madison County residential median sales prices rises 10% from last June. Infograph provided by ACRE. All rights reserved.

Pricing: The Huntsville median sales price in June was $184,900, an increase of 10.1 percent from June 2013 and 10.7 percent from the prior month. Historical data (09-13) indicates that the June median selling price traditionally increases from the month of May by 3.0 percent. It’s important to note that 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. ACRE recommends contacting a local real estate professional to discuss pricing at the neighborhood level.

Industry Perspective: According to Fannie Mae’s June National Housing Survey: Americans’ Attitudes Toward the Housing Market Reflect Steady but Slow Recovery, “Normal” Housing Levels Still a Ways Off. Click HERE for report.

View the current monthly Huntsville Residential Report here.

The Huntsville Residential Monthly Report is work product developed in conjunction with the Huntsville Area Association of REALTORS to better serve North Alabama consumers. The ACRE monthly report is provided to illustrate the “general” market direction & trends when comparing prior periods with the most current available data. Real estate is local and statistics will fluctuate between areas within a city including subdivisions. ACRE recommends that you consult a local real estate professional for “specific” advice associated with your market.

About ACRE. ACRE was founded in 1996 by the Alabama Real Estate Commissionthe 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 statewide ACRE Partners.

Alabama real estate resources & news, please visit our website and our ACRE blog. You can also follow ACRE from our facebook page, just “like” http://www.facebook.com/acreua and/or follow on twitter at @uaacre.

Huntsville/Madison County residential median sales price in June improves 10% from prior year | AL.com.

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Alabama Residential Quarterly Report: “1st quarter sales highest since 2008″

Alabama residential sales during the first quarter while sluggish continued to gradually improve, up 1.2 percent compared to the same period a year earlier. Total sales of 9,120 units represent the best first quarter since 2008 (10,145 units). With that said, first quarter sales are still 31.7 percent below the quarterly peak established in 2006 when 13,350 units were sold.
Click here to view or print the full report compliments of the Alabama Housing Finance Authority.
Supply: The statewide housing inventory average during the first quarter was 32,467 units, an increase of 4.4 percent from the same period in 2013 and 15.6 percent below the first quarter peak in 2010 (38,457 units). There was 10.4 months of housing supply (8 months considered equilibrium during 1st quarter) in the first quarter 2014 versus 10.5 months of supply last year, a small decline of 1.1 percent. Historical data indicates that the first quarter inventory-to-sales ratio in 2014 decreased 22.1 percent from the 5-year average (13.3 months) and decreased 16.1 percent from the 3-year average.
 
Demand: Historical data indicates that first quarter sales in 2014 increased by 9.8 percent from the most recent 3-year average (’11-’13) and 12.9 percent from the 5-year quarterly average (’09-’13).
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View full sizeAlabama median sales price up 6.5% from 1st Quarter 2013. Infograph courtesy of ACRE. All rights reserved.
Pricing: The statewide median sales price during the first quarter was $122,132, an increase of 6.5 percent from the same quarter in 2013. Historical data indicates that first quarter median price in 2014 increased by 6.4 percent from the most recent 3-year average and 5.3 percent from the 5-year quarterly average (’09-’13).
 

via Alabama Residential Quarterly Report: “1st quarter sales highest since 2008″ | AL.com.

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Huntsville/Madison County February home sales up 6% from prior month

Huntsville/Madison County area residential sales in February improved 6.1 percent from the prior month. In contrast, sales totaling 333 units, represented a slip in sales growth of 11.4 percent from the same period a year earlier and 16 units shy of ourmonthly forecast.

Click here to view or print the entire January report compliments of the ACRE Corporate Cabinet.
Historical Sales.jpg
View full sizeHuntsville/Madison County residential sales up 6% from prior month. Inventory is 6% below February 2011 peak. Infograph provided by ACRE. All rights reserved.

Supply: Huntsville housing inventory totaled 2,880 units, an increase of 68 units from last February. New home inventory is down 2.2 percent year-over-year while existing single family is up 4.1 percent. The inventory-to-sales ratio in February was 8.6 months of housing supply (5.5 months for new construction – down from 6.3 in January). The market equilibrium (balance between supply and demand) is considered to be approximately 8 months during February. Huntsville and Baldwin County were Alabama’s most balanced markets in 2013. February inventory in Huntsville experienced a 2.0 percent (57 units) increase when compared to the prior month. This movement is consistent with historical data trends that indicate February inventory on average (€™09-€™13) increases from the month of January by 1.7 percent.

Demand: Existing single family home sales accounted for 71 percent (up from 64% in Feb’13) of total sales, new homes sales accounted for 25 percent (down from 34% in Feb’13) while condos were 4 percent of sales (up from 2% in Feb’13).

Residential sales in February improved by 6.1 percent from the prior month. Real estate sales volume is seasonal and historical Huntsville data reflects that February sales, on average (€™09-€™13), increase from the month of January by 13.5 percent.

Pricing: The Huntsville median selling price in February was $156,400, a slip of 6.5 percent from February 2013. In contrast, the median price increased by 1.3 percent from last month. Historical data (09-13) indicates that the February median selling price traditionally decreases from the month of January by 2.2 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.

View the current monthly Huntsville Residential Report here.

The Huntsville Residential Monthly Report is work product developed in conjunction with the Huntsville Area Association of REALTORS to better serve North Alabama consumers. The ACRE monthly report is provided to illustrate the “general” market direction & trends when comparing prior periods with the most current available data. Real estate is local and statistics will fluctuate between areas within a city including subdivisions. ACRE recommends that you consult a local real estate professional for “specific” advice associated with your market.

About ACRE. ACRE was founded in 1996 by the Alabama Real Estate Commissionthe 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 statewide ACRE Partners.

Alabama real estate resources & news, please visit our website and our ACRE blog. You can also follow ACRE from our facebook page, just “like” http://www.facebook.com/acreua and/or follow on twitter at @uaacre.

Huntsville/Madison County residential sales improve 6% from prior month | AL.com.

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