Alabama Residential Report May 2012

Transcription

1 Alabama Residential Report May 2012 Monthly Indicators Recent Figures Trends Total Residential Sales Current Month May ,826 Alabama home sales for May 2012 totaled vs. Prior Month April , % 3,826 units, an increase of 463 transactions vs. Last Year May , % when compared to the 3,363 homes sold in vs. 5-Yr Avg May '07-'11 4, % May In May, sixteen of the twenty-five (64%) reporting associations have experienced favorable sales gains compared to May 2011, including these leaders by market size: Metro: Birmingham - up 20.7% Midsize: Cullman - up 35.9% Rural: Lake Martin - up 92.6% vs. Peak May , % vs. Trough May , % Sales Pace Mirrors May , % Statewide: Total Residential Sales 5,700 5,776 5,200 4,700 4,200 3,826 3,700 3,892 3,200 ACRE Commentary Historical Home Sales Graph: May: Historical data indicates that May home sales on average ( 07- May ,363 (By month) 11) traditionally increase from the month of April by 11.3 May ,082 percent. May 2012 statewide sales posted a 9.4 percent increase May ,318 compared to last month. May ,432 May , Year Avg: 4, Year Avg: 3,588 Median Sales Price Current Month May ,143 The median selling price in Alabama vs. Prior Month April , % in May 2012 was $127,143, a 2.4 vs. Last Year May , % percent increase from May 2011's vs. 5-Yr Avg May '07-'11 127, % median selling price of $124,174. In May, fourteen of the twenty-five (56%) associations reported positive gains in median price from May 2011, including these leaders by market size: Metro: Montgomery- up 9.6% Midsize: Decatur - up 16.3% Rural: Cherokee Co- up 53.3% Year to Date May ,638 vs. Prior Year May , % May Median Peak May , % Trough May , % Statewide: Median Residential Price 138, , , , , , , , , , ,305 ACRE Commentary Historical Median Selling Price Graph: May: (By month) May ,174 Historical data indicates that May median sales prices on average ( 07-11) traditionally increase by 4.2 percent from the month of April. Alabama's May '12 median sales price increased by 4.8 percent from the month prior. While pricing is beginning to stabilize, excess housing supply and distressed sales continue to apply pressure on year-over-year home pricing in most Alabama markets, a trend that will continue for the foreseeable future. May ,454 May ,346 May ,542 May , Year Avg: 127, Year Avg: 125,992 Page 1 of 3 Copyright ACRE, 2012

2 Monthly Indicators Recent Figures Trends Average Sales Prices Current Month May ,543 The average selling price in Alabama vs. Prior Month April , % for May 2012 was $149,543, a 1.7 vs. Last Year May , % percent increase from May 2011's vs. 5-Yr Avg May '07-'11 153, % average selling price of $147,040. In May, fourteen of twenty five (56%) associations reported positive yearover-year gains in average price from May 2011, including these leaders by market size: Metro: Tuscaloosa - up 17.1% Midsize: Baldwin - up 14.9% Rural: Monroe County -up 82.3% Year to Date May ,213 vs. Prior Year May , % May Average Peak May , % Trough May , % 167, , , , , ,000 Statewide: Average Selling Price 165, , ,393 ACRE Commentary Historical data indicates that May average sales prices ( 07- Historical Average Selling Price Graph: May: (By month) 11) traditionally increase from the month of April by 6.1 May ,040 percent. The May '12 average price increased from the last May ,049 month by 4.3 percent. While pricing is beginning to stabilize May ,472 across many markets, excess housing supply, which includes May ,298 elevated foreclosures, continues to apply pressure on home pricing in most Alabama markets. May ,237 5-Year Avg: 153, Year Avg: 147,520 Days on Market (DOM) Current Month May The average number of days that an Alabama home was on the market in May 2012 was 159, representing an increase of 4.0 percent from the 153 days on market in May In May, nine of the twenty-five (36%) associations have reported a positive year-over-year reduction in average DOM from May 2011, including these leaders by market size: Metro: Tuscaloosa- down 22.9% Midsize: Cullman- down 43.2% Rural: Cherokee-down 62% vs. Prior Month April % vs. Last Year May % vs. 5-Yr Avg May '07-' % Year to Date May vs. Prior Year May % Statewide: Avg. Days on Market ACRE Commentary Historical Average DOM Graph: May: The 5-year DOM average ( 07-11) for the month of May is 141 days, 18 days fewer than that of the current month. The current DOM is anticipated to continue within the current range ( days) for the foreseeable future. May (By month) May May May May Year Avg: 141 Page 2 of 3 Copyright ACRE, 2012

3 Monthly Indicators Recent Figures Trends Total Homes Listed for Sale Current Month May ,479 Alabama homes available for sale in May vs. Prior Month April , % 2012 decreased by 4,317 units or 11.1% vs. Last Year May , % when compared to the same period last vs. 5-Yr Avg May '07-'11 39, % year. In April, nineteen of the twenty-five (76%) associations have reported positive year-over-year reductions in inventory from May 2011, including these leaders by market size: Metro: Birmingham - down 18.6% Midsize: Cullman -down 23.8% Rural: Jackson Co - down 18.1% Inventory Peak May , % Trough May , % 41,000 36,000 31,000 26,000 21,000 Statewide: Total Homes Listed 41,031 34,479 28,662 ACRE Commentary Historical Total Homes Listed Graph: May: Historical data indicates that homes for sale on average ( 07-11) traditionally increase by 2.1 percent from April to May. The May '12 inventory increased by 1.1 percent from the prior month. May ,796 (By month) May ,863 May ,373 May ,031 May ,286 5-Year Avg: 39,470 Inventory-to-Sales Ratio The inventory of homes for sale divided by the current monthly sales volume equals the # of months of housing supply (market considered to be in balance at approximately 6 months). Metro areas report 8.1 months of supply, midsize markets report 9.7 months of supply, while rural areas report 13.1 months of supply. Current Month May vs. Prior Month April % vs. Last Year May % vs. 5-Yr Avg May '07-' % May I/S Ratio Peak May % Trough May % Statewide: Inventory to Sales Ratio ACRE Commentary Historical I/S Ratio Graph: May: "Note the current I/S Ratio improvement compared to that of May This is welcome news for Alabama's real estate market. As emphasized in previous monthly reports, the state s abundant housing inventory needs to begin to reduce towards, and then below, the historic 10-year average (28,000+/- units) for the market to transition toward a broader state of equilibrium. May (By month) May May May May Year Avg: Year Avg: 11.0 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 3 Copyright ACRE, 2012

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