Southeast Alabama Residential Report - Nov 2018

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1 Southeast Alabama Residential Report - Nov 2018 Monthly Indicators Recent Figures Trends Total Residential Sales Current Month November Southeast Alabama residential sales for vs. Prior Month October % the current month totaled 102 units, a vs. Last Year November % decrease of 9.7 percent when compared to one year ago. vs. 5-Yr Avg November 13-' % vs. Peak November % vs. Trough November % Year to Date November ,389 vs.prior Year November , % *Residential = existing single family, condo, & new construction ACRE Commentary Historical Home Sales Graph: November Historical data indicates that November residential sales on November (By month) average ( 13-17) decrease 18 percent from October. The November current month's sales decreased 22.7 percent from the prior November month." November November Year Avg: Year Avg: Southeast AL: Total Residential Sales Median Sales Price Current Month November ,250 vs. Prior Month October , % vs. Last Year November , % vs. 5-Yr Avg November 13-'17 129, % The median sales price in Southeast Alabama for the current month was $145,250, representing a 1.5 percent decrease from one year ago. Year to Date November ,610 vs.prior Year November , % Median Peak November , -8.1% Trough November , % ACRE Commentary Historical Median Selling Price Graph: November Historical data indicates that November median sales prices (By month) November ,500 on average ( 13-17) decrease 6.7 percent from October. The current median price decreased 8.1 percent from the prior November ,950 month." November ,000 November ,000 November ,0 5- Year Avg: 129, Year Avg: 136,817 $170,000 Southeast AL: Median Sales Price 158, $1,000 $150, ,250 $,000 $130, ,000 $,000 $110,000 $, ,000 Page 1 of 5

2 Monthly Indicators Recent Figures Trends Average Sales Prices Current Month November ,5 The average sales price in Southeast vs. Prior Month October , % Alabama during the current month vs. Last Year November , % was $1,5, representing a 2.5 vs. 5-Yr Avg November 13-'17 147, % percent increase from one year ago. Year to Date November ,434 vs.prior Year November , % Average Peak November , % Trough November , % ACRE Commentary Historical Average Selling Price Graph: November Historical data indicates that November average sales prices on average ( 13-17) decrease 4.7 percent from October. The current month's average price decreased 4.3 percent from the prior month." November ,871 November ,875 November ,111 November ,774 November ,097 5-Year Avg: 147, Year Avg: 147,286 $190,000 $1,000 $170,000 $1,000 $150,000 $,000 $130,000 $,000 Southeast AL: Average Sales Price, ,526 (By month) 137,111 1,5 Days on Market (DOM) Current Month November The average number of days on the market for the current month was 137, a 22.6 percent decrease from one year ago. vs. Prior Month October % vs. Last Year November % vs. 5-Yr Avg November 13-' % Year to Date November vs.prior Year November % Southeast AL: Avg Days on Market ACRE Commentary Historical Average DOM Graph: November The 5-year DOM average ( 13-17) for the current month is 165 days, which is 28 days above current results. DOM is anticipated to remain within the current range ( days) for the foreseeable future. November (By month) November November November November Year Avg: 165 Page 2 of 5

3 Monthly Indicators Recent Figures Trends Total Units Listed for Sale Current Month November Residential units available for sale for the current month decreased by 111 units from one year ago. vs. Prior Month October , % vs. Last Year November , % vs. 5-Yr Avg November 13-'17 1, % 1,400 1,300 1,200 Southeast AL: Total Homes Listed 1,279 Inventory Peak November , % Trough November % 1, 1, ACRE Commentary Historical data indicates that November inventory on average ( 13-17) decreases.6 percent from October. The current month's inventory decreased 2.8 percent from last month's total of 1,004 homes. Historical Total Units Listed Graph: November November ,087 (By month) November ,102 November ,163 November ,223 November ,216 5-Year Avg: 1,158 Inventory-to-Sales Ratio The inventory for sale divided by the current monthly sales volume equals the # of months of supply (market is considered to be in balance at approximately 6 months). Southeast Alabama currently has 9.6 months of supply, a.5 percent decrease from a year ago. Current Month November vs. Prior Month October % vs. Last Year November % vs. 5-Yr Avg November 13-' % I/S Ratio Peak November % Trough November % Dothan: Months of Supply 9.6 ACRE Commentary This month's supply of 7.6 is well below the 5-Year average of 14.7 months. Southeast Alabama's inventory-to-sales ratio is 3.6 months above equilibrium, indicating a continued transition where buyers typically have elevated bargaining power." Historical I/S Ratio Graph: November November (By month) November November November November Year Avg: Year Avg: 12.1 NOTE: This representation is based in whole or in part on data supplied by the reporting boards/associations of REALTORS or their Multiple Listing Service. The Alabama Center for Real Estate does not guarantee and is in no way responsible for its accuracy. Any Market data maintained by the Center does not necessarily include information on listings not published at the request of the seller, listings of brokers who are not members of a local board/association or MLS, unlisted properties, rental properties, etc. The statistics included in this report reflect the residential sales of houses, condominiums, and town homes. Historical Monthly Housing Statistics are available on the web at Alabama Center for Real Estate's homepage - Page 3 of 5

4 Southeast Alabama: Residential Sales and Inventory Sales Inventory Dothan Sales Dothan Inventory Southeast Alabama: Historical Residential Sales and Inventory Sales 40 1,400 1,350 1,300 1,250 1,200 1,150 1, 1,050 1, Inventory Dothan Sales Dothan Inventory Page 4 of 5

5 Average Days on Market and Median Sales Price Average Days on the Market ,000 1, ,000, ,000, ,000,000 Median Sales Price Dothan Average DOM Dothan Median Sales Price This report is compiled and brought to you by ACRE Research. You should not treat any information expressed in ACRE Reports as a specific inducement to make a particular investment or follow a particular strategy. The Alabama Center for Real Estate (ACRE) and/or its partners/work product sponsors does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. ACRE will not be liable for any loss or damage caused by your reliance on information contained in ACRE Reports. Page 5 of 5