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This Month in Real Estate – May 2015

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Huntsville/Madison County March residential sales up 21% from last year

Alabama Center for Real Estate (ACRE)By Alabama Center for Real Estate (ACRE)
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Click here to view or print the entire March report compliments of the ACRE Corporate Cabinet.

Sales: Huntsville/Madison County residential sales totaled 468 units in March, an increase in sales growth of 21.2 percent or 82 units from the same period last year. This represents the best sales results for the month of March since 2007. Year-to-date sales through March are 6.2 percent above 2014.

Forecast: Closed transactions in March were 89 units or 23.5 percent above the Center’s monthly forecast. ACRE’s year-to-date sales forecast through March projected 998 closed transactions while the actual sales were 1,097 units, a favorable cumulative variance of 9.9 percent.

Historical sales.jpg

Huntsville/Madison County residential sales improve 21% from last March. Inventory is 4% below monthly peak established in 2011. Infograph provided by ACRE. All rights reserved.Alabama Center for Real Estate (ACRE) 

Supply: Huntsville housing inventory totaled 2,993 units, a decrease of .5 percent or 16 units from last March and only .5 percent above the 5-year March average of 2,983 units. New home inventory is up 21.5 percent year-over-year while existing single family inventory is down 3.5 percent.

The inventory-to-sales ratio in March was 6.4 months of housing supply (5.3 months for new construction – up 35.9% from March’14 when it stood at 3.9 months). The market equilibrium (balance between supply and demand) is considered to be approximately 7.5 months during March (NSA). Huntsville was one of Alabama’s most balanced markets in March. The market in March experienced a 8.6 percent (81 units) decrease when compared to the prior month. This movement favorably contrast with historical data that indicate March inventory on average (‘1€0-’14) typically increases by 3.4 percent from the month of February.

Demand: Residential sales in March also increased 41.8 percent from the prior month. This direction is consistent with seasonal patterns and historical data indicating that March sales, on average (’10-‘€14), increase from the month of February by 23.4 percent. New home sales remain soft, down 12.9 percent from March 2014. Existing single family home sales accounted for 76 percent (up from 70% in Mar’14) of total sales, new homes sales accounted for 20 percent (down from 28% in Mar’14) while condos were 4 percent of sales (up from 2% in Mar’14).

Pricing: The Huntsville median sales price in March was $158,432, a slip of 3.9 percent from March 2014 and 5.6 percent decrease from the prior month. This direction unfavorably contrast with historical data (’10-’14) indicating that the March median sales price traditionally increases from the month of February by .2 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: “Consumers are being patient prior to entering the housing market. Our March survey results emphasize how critical attitudes about income growth are to consumers’ outlook on housing,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “We’ve seen modest improvement in total compensation resulting from a strengthened labor market. However, income growth perceptions and personal financial expectations both eased off of recent highs, consistent with Friday’s weak jobs report. Simultaneously, the share of consumers expecting to buy on their next move has declined. We believe the recent setback in consumer sentiment should be short lived if early signs of income growth bear out and occur in proportion to expected interest rate increases. Meanwhile, the wait for housing expansion continues.” For full report, go HERE.

Huntsville/Madison County residential sales in March increase 21% from prior year | AL.com.

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Alabama new home starts in January rise 13 percent from last year

Alabama Center for Real Estate (ACRE)By Alabama Center for Real Estate (ACRE)
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Click here to view or print the entire monthly report compliments of the ACRE Corporate Cabinet.

Demand: Alabama’s new home sales in January slipped 2 units or .9 percent from the same period last year.

Total New Construction.jpg

Alabama new home sales in January on par with last year while inventory has increased 4% from the same period. Infograph courtesy of ACRE. All rights reserved.Alabama Center for Real Estate (ACRE) 

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.”

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

View the current monthly Alabama Residential Report here.

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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 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 ACRE Corporate Cabinet and other statewide ACRE Partners.

For other Alabama real estate resources & news, please visit our website and our ACRE blog.

Alabama new home starts in January rise 13 percent from last year | AL.com.

 

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Huntsville/Madison County residential sales in January exceed forecast

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

Huntsville/Madison County area residential sales totaling 299 units in January were 8 units or 2.7 percent above our monthly forecast but were 4.8 percent below the same period a year ago.

Historical Sales.jpg
View full sizeHuntsville/Madison County residential sales slip 5% from last January. Inventory hits new peak in January. Infograph provided by ACRE. All rights reserved.

Supply: Huntsville housing inventory totaled 3,298 units, an increase of 475 units from last January and 16.3 percent above the 5-year January average of 2,836 units. New home inventory is up 3.8 percent year-over-year while existing single family is up 3.6 percent.

The inventory-to-sales ratio in January was 11.0 months of housing supply (7.4 months for new construction – up 17.5% from Jan’14). The market equilibrium (balance between supply and demand) is considered to be approximately 8-8.5 months during January. Huntsville is historically one of Alabama’s most balanced markets but it appears the market has, at least momentarily, got a little ahead of the recovery as it relates to additional new supply. With that said, the market in January began to mitigate the short-term excess as the inventory in Huntsville/Madison County experienced a .7 percent (22 units) decrease when compared to the prior month. This movement favorably contrast with historical data that indicate January inventory on average (‘1€0-’14) typically increases by 4.5 percent from the month of December.

Demand: Residential sales in January decreased 25.4 percent from the prior month. This direction is consistent with seasonal patterns and historical data indicating that January sales, on average (’10-‘€14), decrease from the month of December by 28.0 percent. New home sales were down 12.5 percent from January 2013. Existing single family home sales accounted for 81 percent (up from 72% in Jan’14) of total sales, new homes sales accounted for 17 percent (up from 26% in Jan’14) while condos were 2 percent of sales (same as Jan ’14).

Pricing: The Huntsville median sales price in January was $155,000, an increase of .4 percent from January 2014 but a 8.8 percent decrease from the prior month as a result of the short-term supply/demand imbalance. This direction is consistent with historical data (’10-’14) indicating that the January median sales price traditionally decreases from the month of December by 4.0 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: “Consumers are as positive about their personal finances at the start of 2015 as they have been since we launched the National Housing Survey in 2010, and this optimism seems to be spilling over into housing market attitudes,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “Consumers are more optimistic about the environment both for buying and for selling a home today, and the share who plan to own on their next move has jumped back up, reversing a three-month trend toward renting. These results are in line with lender optimism about future growth in their mortgage origination business, as shown in our Mortgage Lender Sentiment Survey™. Overall, these are good signs to start off 2015 and are consistent with our expectation that strengthening employment and economic activity will boost the speed of the housing recovery.” For full report, go HERE.

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 in January exceed forecast | AL.com.

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River Ridge Community by Jeff Benton Homes

Located in Big Cove, River Ridge is one of those special communities that offers nature at your doorstep and convenience right down the road. The homes of River Ridge have access to many great amenities including a pool, clubhouse, pavilion, water play features, playground, two community lakes, and much more!

Looking for a new home? I work with every builder in every new community and school district in Madison county.

Buy your new home with me and I’ll sell your current home for FREE!

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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.

Historical Sales.jpg
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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