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Alabama October Home Sales Up 9%; YTD Sales Up 11%

Alabama residential sales in October continued to gradually improve, up 8.9 percent compared to the same period a year earlier. Through October, sales are up 10.6 percent year-over-year and sixty percent of local markets report positive sales growth compared to October 2012.

Click here to view or print July’s full report compliments of the ACRE Corporate Cabinet.
 
Total Sales.jpgView full sizeAlabama home sales up 9% from October 2012. Infograph courtesy of ACRE. All rights reserved.
Supply: The statewide housing inventory in October was 33,352 units, an increase of 1.4 percent from October 2012 but 16.1 percent below the month of October peak in 2007 (39,745 units). There was 9.6 months of housing supply (7-8 months considered equilibrium during month of October) in October 2013 versus 10.3 months of supply in October 2012, a solid decline of 6.9 percent. It is also the first time the market has seen below 10 months in October since 2007 (9.8 months) which is progress. In contrast, October inventory decreased by 1.4 percent over the prior month. This is consistent with historical data that indicates October inventory on average (’08-’12) traditionally decreases from the month of September by 1.3 percent. In contrast to reports of lack of inventory at the national level, Alabama still has a plentiful supply in most local markets. Only 8 of 25 or 32 percent of local markets have single-digit months of housing supply so this is an area where more reduction would be welcome news. With that said, metro markets, representing 70 percent of statewide transactions, are edging closer to equilibrium with 8.5 months of supply.
 
Demand: As expected, October statewide residential sales slipped 2.3 percent from the prior month. This movement is consistent with seasonal trends & recent historical data that indicates October sales, on average (’08-’12), decrease from the month of September by 7.1 percent. Our YTD forecast for Alabama projected 35,749 closed transactions through October – actual closings were 3.1% above forecast or 36,855 units.
 
Pricing: The statewide median selling price in October was $130,643, an increase of 2.8 percent from last October. Pricing can fluctuate from month-to-month as the sample size of data (closed transactions) is subject to seasonal buying patterns. The median price also improved 5.4 percent from the prior month. Historical data (’08-’12) reflects that the October median selling price traditionally decrease from the month of September by 1.1 percent. 17 of 25 or 68 percent of local markets experienced positive movement in sales price growth from October 2012.
 
Local Results: 15 out of the 25 local reporting associations (60% – this is a slip from 72% in October) reflect sales gains from last October. Year-to-date through October, sales in metro markets (up 12% from last year) has outperformed both midsize markets (up 9%) and small markets (up 7%). For the fourth consecutive month, all 5 major metro areas representing 70% of Alabama sales, have positive sales growth for the current month and through the first tent months of the year. Eighty-eight percent (22 of 25) of the local housing markets across Alabama have experienced year-to-date sales growth when compared to 2012 and that is welcome news for Alabama consumers as well our state’s real estate industry. Last month, this figure stood at ninety-two percent.
 
They said it – Mortgage Bankers Association: “Our forecast for the increase in the purchase market is based on our expectations for ongoing improvements in the broader economy and the jobs market. We are projecting overall economic growth to be 2.4 percent in 2014 and 2.7 percent in 2015, supported mainly by increases in consumer spending and residential fixed investment. GDP growth will remain relatively weak through the end of 2013 and early 2014, at around 2 percent, due to a variety of uncertainties, particularly over US spending and tax policies linked to the debt limit debate. Our expectation is that the economy will grow somewhat faster in the second half of 2014 as some of these issues are resolved.”
This monthly report is provided compliments of the ACRE Corporate Cabinet.

The Alabama Residential Monthly Report is work product developed in conjunction with the Alabama Association of REALTORS and its local associations.

Alabama Residential Report: October sales up 9%; YTD sales up 11% | AL.com.

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Huntsville/Madison County home sales up 13% in September; YTD sales up 11%

Huntsville/Madison County residential sales totaled 450 units for the month of September. Residential sales improved 12.8 percent compared to September 2012. Year-to-date sales through September are 10.8 percent ahead of 2012.

Click here to read or print the entire report compliments of American Family Dream.

Historical Sales.jpg
View full sizeHuntsville/Madison County residential sales are 13% higher than last September. Inventory is 10% below September 2010 peak. Infograph provided by ACRE. All rights reserved.

Supply: Huntsville housing inventory totaled 3,100 units, an increase of 108 units from last September leading to an increase in new home inventory of 3.6 percent. The inventory-to-sales ratio in September was 6.9 months of housing supply (4.9 months for new construction), a decrease of 8.1 percent from August September 2012. The market equilibrium (balance between supply and demand) is considered to be approximately 6-8 months during September. September inventory in Huntsville experienced a .1 percent (3 units) decrease when compared to the prior month. Historical data trends indicate September inventory on average (’08-’12) decreased from the month of August by .8 percent. While the market continues to establish definitive trend lines associated with the impact of sequestration, as it relates to housing demand, keeping an eye on levels of future supply will remain important for the market.

Demand: Existing single family home sales accounted for 74 percent (up from 68% in Sept’12) of total sales, new homes sales accounted for 23 percent (down from 28% in Sept’12) while condos were 3 percent of sales (down from 4% in Sept’12).

As expected, residential sales in September decreased by 18.5 percent from the prior month. Real estate sales volume is seasonal and historical Huntsville data reflects that September sales, on average (’08-’12), increase from the month of August by 10.0 percent.

Pricing: The Huntsville median selling price in September was $178,500, an increase of 9.8 percent from September 2012. This figure is also up 3.1 percent from last month. Historical data (’08-’12) indicates that the September median selling price traditionally decrease from the month of August by 1.9 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. Unlike prior years, a wild card this year is how the market continues to respond to sequestration.

They said it – Lawrence Yun, NAR chief economist: “The market may be experiencing a temporary peak (3rd quarter). Rising mortgage interest rates pushed more buyers to close deals (in August), but monthly sales are likely to be uneven in the months ahead.”

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.

For other 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.

via Huntsville/Madison County area residential sales up 13% in September; YTD sales up 11% | AL.com.

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Huntsville Realtors launch new mobile app

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ValleyMLS, the new mobile app from the Huntsville Area Association of Realtors, gives users the ability to find property listings nearby and directly contact the Realtor who listed the property. (Kristen Hwang | al.com)

The Huntsville Area Association of Realtors (HAAR) launched its new home-finding mobile app Wednesday as part of the first Huntsville Realtor technology expo.

ValleyMLS, the GPS-enabled app, allows consumers to find homes, rental properties, commercial properties and land for sale near by. The app gives users the ability to directly call the Realtor listing a property. Users can also save, favorite and share searches.

HAAR wanted to host a technology expo and launch the app because technology, social media and online real estate databases like Zillow have changed the market for Realtors, said HAAR CEO Kipp Cooper.

“We’re among the highest per capita PhD’s in the nation,” Cooper said. “Realtors are dealing with tech savvy buyers and sellers, and we need to find a better way to communicate with them.”

Mobile apps and online software have allowed Realtors to close transactions with military personnel overseas or people in other states, Cooper said.

Nobu Hata, director of digital engagement from the National Association of REALTORS, encouraged attendees of the expo to revamp their websites and share as much information as possible with buyers and sellers.

Google and online real estate data base websites like Zillow have made Realtors’ jobs harder because buyers and sellers can look up an abundance of information online, Hata said.

Realtors need to start providing that information on their websites because if they don’t, people will move on, Hata said.

“You’ve got literal rocket scientists moving here,” he said. “Do you think that they’re calling you? No.”

Hata also said that Realtors need to emphasize how they are different from websites like Zillow, which often have false or misleading information on them.

“Technology should make it easier for clients to reach you,” Hata said.

via Huntsville Realtors association launches new mobile app | al.com.

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Huntsville/Madison County area residential sales up 33% in July; YTD sales up 11%

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Huntsville/Madison County residential sales are 33.8% higher than last July. Inventory is 8.5% below July 2010 peak. Infograph provided by ACRE. All rights reserved.

Huntsville/Madison County residential sales totaled 554 units for the month of July. There were 38 more housing units sold compared to the prior month. Residential sales improved 33.8 percent compared to July 2012. Year-to-date sales through July are 11.0 percent ahead of 2012.

Click here to read or print the entire report compliments of American Family Dream.

Supply: Huntsville housing inventory totaled 3,124 units, an increase of 4.6 percent from last July led by an increase in new home inventory of 23.6 percent. The inventory-to-sales ratio in July stood at 5.6 months of housing supply (3.6 months for new construction), reflecting a decrease of 21.8% from 7.2 months in July 2012. The market equilibrium (balance between supply and demand) is considered to be approximately 6 months. July inventory in Huntsville experienced a .2 percent (7 units) increase when compared to the prior month which is consistent with an expanding market with increased buyer demand. Historical data trends during downturn indicate July inventory on average (’08-’12) increased from the month of June by 3.6 percent. Until the market establishes multiple-month trend lines associated with the impact of sequestration, as it relates to housing demand, keeping an eye on levels of future supply will remain important for the market.

Demand: Existing single family home sales accounted for 73 percent (up from 71% in July’12) of total sales, new homes sales accounted for 24 percent (down from 26% in July’12) while condos were 3 percent of sales (same as July’12).

Residential sales in July increased by 7.4 percent from the prior month. June sales were considered lackluster by most due to the abruptness of recent uptick of interest rates in May/June. Real estate sales volume is seasonal and historical Huntsville data reflects that July sales, on average (’08-’12), decrease from the month of June by 5.4 percent.

Pricing: The Huntsville median selling price in July was $180,000, an increase of 1.4 percent from July 2012. This figure is up 7.1 percent from last month. Historical data (’08-’12) indicates that the July median selling price traditionally increase from the month of June by 3.0 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. Unlike prior years, a wild card this year is how the market responds to sequestration.

Regarding Interest Rates. “Consumers have taken the interest-rate rise in stride,” says Doug Duncan, Fannie Mae’s chief economist. “Expectations for continued improvement in housing persist, and sentiment toward the current buying and selling environment is back on track from its dip last month. These results are consistent with our own analysis of previous housing cycles, which finds that interest rates and home prices are not strongly correlated.”

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.

For other 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.

via Huntsville/Madison County area residential sales up 33% in July; YTD sales up 11% | al.com.

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Alabama Residential Mid-Year Report: YTD Sales up 9%; 80% of local markets show sales improvement from 2012

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Alabama home sales up 7.7% from June 2012. Infograph courtesy of ACRE. All rights reserved.

Alabama residential sales in June continued to gradually improve, up 7.7 percent compared to the same period a year earlier. Midway through 2013, sales are up 9.3 percent year-over-year and eighty percent of local markets report positive sales growth compared to 2012.

Click here to view or print June’s full report compliments of the ACRE Corporate Cabinet.
 
Supply: The statewide housing inventory in June was 33,886 units, a decrease of 1.7 percent from June 2012 and 18.5 percent below the month of June’s peak in 2010 (41,597 units). There were 8.2 months of housing supply (6 months considered equilibrium) in June 2013 versus 9.0 months of supply in June 2012, a solid decline of 8.7 percent. June inventory has increased by 1.5 percent over the prior month. This trend is consistent with historical data indicating that June inventory on average (’08-’12) traditionally increases from the month of May by .2 percent. In contrast to reports of lack of inventory at the national level, Alabama still has a plentiful supply in most local markets. Only 11 of 25 or 44 percent of local markets have single-digit months of housing supply so this is an area where more reduction would be welcome news. With that said, metro markets are edging closer to equilibrium with 7.4 months of supply.
 
Demand: June statewide residential sales slipped 4.5 percent from the prior month. This movement contrast with seasonal trends & recent historical data that indicates that June sales, on average (’08-’12), increase from the month of May by 4.9 percent. At first blush, it appears recent upward movement in interest rates may have impacted short-term demand to a small degree.
 
Pricing: The statewide median selling price in June was $138,270, an increase of 9.8 percent from last June. Pricing can fluctuate from month-to-month as the sample size of data (closed transactions) is subject to seasonal buying patterns. Historical data (’08-’12) reflects that the June median selling price traditionally increase from the month of May by 1.2 percent. 16 of 25 or 64 percent of local markets experienced positive growth in sales price growth from June 2012. Small markets (only 4 of 10 reported favorable YTD pricing trends) continue to experience pricing pressures.
 
Local Results: 21 out of the 25 local reporting associations (84% – this is up from 76% in May) reflect sales gains from last June. Year-to-date through June, sales in metro markets (up 10% from last year) outperformed both midsize markets(up 9%) and small markets (4%). All 5 major metro areas, representing 70% of Alabama sales, have positive sales growth for both June and the first six months of the year.

Eighty percent (20 of 25) of the local housing markets across the State have experienced year-to-date sales growth when compared to 2012 and that is welcome news for Alabama consumers as well our state’s real estate industry.

Regaining Equity. According to the June edition of CoreLogic’s Marketpulse“Since the last quarter of 2011, 2.4 million underwater borrowers have benefited from the gain in housing prices. Regaining equity creates options for those who might now consider selling their homes because they can close a transaction with enough cash to make a down payment on the next home. Higher prices (note: In Alabama since the beginning of the year, 56 percent of local markets have experienced an increase in the median sales price from the prior year) also attract the interest of builders who see opportunity in increased demand (see Alabama New Construction Report). In both cases, a broad supply brings inventory more in balance with demand.”
This monthly report is provided compliments of the ACRE Corporate Cabinet.

via Alabama Residential Mid-Year Report: YTD Sales up 9%; 80% of local markets show sales improvement from 2012 | al.com.

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