Alabama New Construction Report December 2018

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Cecilia Cameron McDonald
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1 Alabama New Construction Report December 2018 Single Family Permits* Current Month December December permits for new single family vs. Prior Month November % housing units decreased 20.1 percent vs. Last Year (YoY) December % from the previous month and vs. 5-Yr Avg December '13-' % decreased 2 percent from one year ago. Year-to-Date December ,938 vs. Last Year (YoY) December , % Projected Starts** Current Month December vs. Prior Month November , % vs. Last Year (YoY) December % vs. 5-Yr Avg December '13-' % December projected single family housing starts decreased 10.4 percent from the prior month and increased 1.6 percent from one year ago. Year to Date December ,934 vs.prior Year December , % *Single family permits in the south region decreased 11.4% from the prior month and decreased 1.9% from one year ago. *Single family permits in the US decreased 12.4% from the prior month and decreased 5.6% from one year ago. *Housing starts in the south region decreased 9.3% from the prior month and increased 1% from one year ago. *Housing starts in the United States decreased 11.3% from the prior month and decreased 2.3% from one year ago. *Data Source: U.S. Census Bureau **Calculation: The distribution for projected starts is as follows: Current Month = 44%; 1 Month Prior = 37%; 2 Months Prior = 9%; 3 Months Prior = 3%; 4 Months or more = 7% Total New Construction Sales Current Month December Alabama new construction sales decreased vs. Prior Month November % 5.5 percent year-over-year from 711 to 672 vs. Last Year (YoY) December % closed transactions. Year-to-date new construction sales increased 9.8 percent vs. 5-Yr Avg December 13-' % from *Areas/Counties included in total are Baldwin Co, Limestone Co, Huntsville area, Marshall Co, Mobile Co, Morgan Co, Tuscaloosa area, Birmingham area, Calhoun Co, Gadsden area, Lee Co, Montgomery area, and Wiregrass region. vs. Peak December % vs. Trough December % Year to Date December ,981 vs. Prior Year December , % ACRE Commentary Historical New Construction Sales "December new construction sales in Alabama are 10.7 percent above the 3-year average and 24.1 percent above the 5-year average." December Graph: December December (By month) December December December Year Avg: Year Avg: New Construction: Total Sales

New Construction Median Sales Price Current Month December 2018 247,142 New Construction: Median Sales Price 260,000 250,000 vs. Prior Month November 2018 250,458-1.

2 New Construction Median Sales Price Current Month December ,142 New Construction: Median Sales Price 260, ,000 vs. Prior Month November , % 240,000 The median sales price for new vs. Last Year (YoY) December , % 230,000 construction sales increased ,000 vs. 5-Yr Avg December 13-'17 218, % percent year-over-year from $238, ,000 to $247,142. Year-to-date, the median 200,000 sales price increased 3.1 percent from vs. Peak December , % 190, vs. Trough December ,219 40% 176, ,000 Year to Date December ,894 vs. Prior Year December , % 170, , ,142 ACRE Commentary Historical New Const. Median Sales Price "During December, the median sales price of new construction sales December ,565 Graph: December in Alabama increased 7.2 percent above the 3-year average and 12.9 December ,478 (By month) percent above the 5-year average." December ,565 December ,831 December , Year Avg: 218, Year Avg: 230,536 New Construction Average Days on Market Current Month December The December DOM average improved 7 days year-over-year from 85 to 78. Year-to-date, the DOM average for new construction improved 10 days from vs. Prior Month November % vs. Last Year (YoY) December % vs. 5-Yr Avg December 13-' % vs. Peak December % vs. Trough December % Year to Date December vs. Prior Year December % New Construction: Average DOM ACRE Commentary Historical New Const. Average DOM "The December days on the market average for new construction is 25 days below the 3-year average and 41 days below the 5-year average. The DOM average for new construction is anticipated to remain within the current range ( days) for the forseeable future." December Graph: December December (By month) December December December Year Avg: Year Avg: 103

New Construction Total Units Listed for Sale Current Month December 2018 3,225 November new construction listings decreased 2.

5-Yr Avg December 13-'17 2,657 21.4% vs.

Trough December 2011 2,225 45% New Construction: Total Homes Listed 6,000 5,325 5,500 5,000 4,500 4,000 3,500 3,000 2,500 2,000 2,225 3,225 ACRE Commentary Historical New Construction Inventory "The

3 New Construction Total Units Listed for Sale Current Month December ,225 November new construction listings decreased 2.8 percent year-over-year from 3,106 in November 2017 to 3,019 in November vs. Prior Month November , % vs. Last Year (YoY) December , % vs. 5-Yr Avg December 13-'17 2, % vs. Peak December , % vs. Trough December ,225 45% New Construction: Total Homes Listed 6,000 5,325 5,500 5,000 4,500 4,000 3,500 3,000 2,500 2,000 2,225 3,225 ACRE Commentary Historical New Construction Inventory "The total number of new construction units available for sale in December ,068 Graph: December December increased 19.1 percent above the 3-year average and 21.4 December ,579 (By month) percent above the 5-year average." December ,478 December ,742 December , Year Avg: 2, Year Avg: 2,708 Sales ,000 5,500 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 Inventory New Construction Sales New Construction Inventory Average Days on the Market , , , , , , , , , , ,000 Median Sales Price New Construction DOM New Construction 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.

4 NEW SINGLE FAMILY BUILDING PERMIT TOTALS Alabama State Total % % 12,938 12, % South Total 29,881 33, % 30, % 466, , % United States Total 53,351 60, % 56, % 854, , % Data Source: U.S. Census Bureau, not seasonally adjusted "South Total" includes the following states: MS, AL, GA, FL, SC, NC, TN, KY, WV, VA, MD, and DE NEW SINGLE FAMILY BUILDING PERMITS ALABAMA'S METROPOLITAN AREAS Metro Area Anniston-Oxford-Jacksonville % % % Auburn-Opelika % % 1, % Birmingham-Hoover % % 2,672 2, % Daphne-Fairhope-Foley % % 1,903 1, % Decatur % % % Dothan % % % Florence-Muscle Shoals % % % Gadsden % % % Huntsville % % 2,856 2, % Mobile % % % Montgomery % % % Tuscaloosa % % % Source Partner: By gathering the number of single family new construction permits that are issued each month it allows observation of growth or decline in the new housing market. *NOTE: Permit counts may be subject to slight change month over month due to updated permit reports from our source partner PROJECTED SINGLE FAMILY HOUSING STARTS TOTALS Alabama State Total 916 1, % % 12,934 11, % South Total 33,078 36, % 32, % 466, , % United States Total 60,099 67, % 61, % 856, , % PROJECTED HOUSING STARTS IN ALABAMA'S METROPOLITAN AREAS County Anniston-Oxford-Jacksonville % % % Auburn-Opelika % % 1, % Birmingham-Hoover % % 2,650 2, % Daphne-Fairhope-Foley % % 1,924 1, % Decatur % % % Dothan % % % Florence-Muscle Shoals % % % Gadsden % % % Huntsville % % 2,846 2, % Mobile % % % Montgomery % % % Tuscaloosa % % % NOTE : This representation is based in whole or in part on data supplied by Alabama Center for Real Estate - University of Alabama does not guarantee and is in no way responsible for its accuracy. Defintion: Housing starts are a derived value using a percentage distribution based on the particular region in the United States multiplied times the number of building permits issued in that particular month. Calculation: The distribution for projected starts is as follows: Same Month as Authorization = 44%; 1 Month Prior = 36%; 2 Months Prior = 9%; 3 Months Prior = 3%; 4 Months or more = 6% 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.

5 New Construction Report - December 2018 Total New Construction Sold % % 7,981 7, % Number of Units on Market 3,225 3, % 3, % N/A N/A N/A Median Sales Price 247, , % 238, % 237, , % Average Sales Price 267, , % 254, % 254, , % Average Days on Market % % % *Statewide Statistics include the areas/counties listed below New Construction: Statewide Statistics* New Construction: Total Sales Baldwin County % % 1,461 1, % Birmingham Area % % 1,855 1, % Calhoun County % % % Decatur Area % 6 0.0% % Gadsden Area % % % Huntsville Area % % 1,848 1, % Lee County % % % Limestone County % % % Marshall County % 1 0.0% % Mobile County % % % Montgomery Area % % % Tuscaloosa Area % % % Wiregrass Region % % % New Construction: Total Listed for Sale Current Month Last Month % Difference Last year % Difference I/S December-18 November-18 December-17 Ratio Baldwin County % % 6.7 Birmingham Area % % 5.7 Calhoun County % % 8.0 Decatur Area % % 3.5 Gadsden Area % % 4.7 Huntsville Area % % 3.6 Lee County % % 5.3 Limestone County % % 2.5 Marshall County % % 21.0 Mobile County % % 4.8 Montgomery Area % % 2.9 Tuscaloosa Area % % 4.2 Wiregrass Region % % 5.1

6 New Construction: Median Sales Price Baldwin County 219, , % 261, % 249, , % Birmingham Area 299, , % 283, % 280, , % Calhoun County 179, , % 233, % 202, , % Decatur Area 182, , % 206, % 205, , % Gadsden Area 189, , % 154, % 200, , % Huntsville Area 286, , % 256, % 268, , % Lee County 315, , % 276, % 299, , % Limestone County 242, , % 232, % 256, , % Marshall County 320, , % 230, % 197, , % Mobile County 226, , % 223, % 214, , % Montgomery Area 252, , % 269, % 248, , % Tuscaloosa Area 254, , % 221, % 235, , % Wiregrass Region 245, , % 250, % 233, , % New Construction: Average Sales Price Baldwin County 252, , % 286, % 273, , % Birmingham Area 344, , % 314, % 321, , % Calhoun County 179, , % 235, % 205, , % Decatur Area 195, , % 213, % 210, , % Gadsden Area 252, , % 154, % 208, , % Huntsville Area 312, , % 282, % 290, , % Lee County 336, , % 284, % 319, , % Limestone County 266, , % 274, % 272, , % Marshall County 320, , % 230, % 208, , % Mobile County 232, , % 224, % 228, , % Montgomery Area 269, , % 272, % 265, , % Tuscaloosa Area 274, , % 256, % 268, , % Wiregrass Region 245, , % 274, % 240, , % New Construction: Average Days on Market Baldwin County % % % Birmingham Area Unavailable Unavailable N/A Unavailable N/A Unavailable Unavailable N/A Calhoun County % % % Decatur Area % % % Gadsden Area % % % Huntsville Area % % % Lee County % % % Limestone County % % % Marshall County % % % Mobile County % % % Montgomery Area % % % Tuscaloosa Area % % % Wiregrass Region % % % * Source: Alabama Association of Realtors 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.

Alabama New Construction Report May 2018

Alabama New Construction Report May 2018 Monthly Indicators Recent Figures Trends Permits* Current Month May 2018 1,546 vs. Prior Month April 2018 1,353 14.3% vs. Last Year (YoY) May 2017 1,278 21.0% vs.