Alabama New Construction Report May 2018

Transcription

1 Alabama New Construction Report May 2018 Monthly Indicators Recent Figures Trends Permits* Current Month May ,546 vs. Prior Month April , % vs. Last Year (YoY) May , % vs. 5-Yr Avg May '13-'17 1, % May permits for new privately owned housing units increased 14.3 percent from the prior month and increased 21 percent from one year ago. May permits are 37 percent above the 5- year average. Year-to-Date May ,472 vs. Last Year (YoY) May , % *Permits in the south region decreased 8.7% percent from the prior month and increased 6.7% from one year ago. *Permits in the United States increased 4.3% from the prior month and increased 10.7% from one year ago. Projected Starts** Current Month May ,405 vs. Prior Month April , % vs. Last Year (YoY) May , % vs. 5-Yr Avg May '13-' % May projected housing starts increased 11.8 percent from the prior month and increased 19.1 percent from one year ago. May projected housing starts are 43.5 percent above the 5-year average. Year to Date May ,315 vs.prior Year May , % *Housing starts in the south region increased 2.6% from the prior month and increased 15.2% from one year ago. *Housing starts in the United States increased 4.9% from the prior month and increased 12.2% from one year ago. *Data Source: U.S. Census Bureau, not seasonally adjusted **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% Monthly Indicators Recent Figures Trends Total New Construction Sales Current Month May There were 751 new construction sales in vs. Prior Month April % Alabama* during May. New construction vs. Last Year (YoY) May % sales increased 10.4 percent from the previous month and increased 8.4 percent vs. 5-Yr Avg May 13-' % from one year ago. *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 May % vs. Trough May % Year to Date May ,077 vs. Prior Year May , % ACRE Commentary Historical New Construction Sales "May new construction sales in Alabama are 32 percent above the 3- year average and 44.4 percent above the 5-year average." May Graph: May May (By month) May May May Year Avg: Year Avg: New Construction: Total Sales

2 Monthly Indicators Recent Figures Trends New Construction Median Sales Price Current Month May ,790 During May, the median sales price of newly constructed homes in Alabama was $215,790. This represents a decrease of 10 percent from the previous month and a decrease of 12.7 vs. Prior Month April , % vs. Last Year (YoY) May , % vs. 5-Yr Avg May 13-'17 217, % vs. Peak May , , % percent from one year ago. vs. Trough May ,013 20% 200, , , ,013 Year to Date May , ,000 vs. Prior Year May , % 170,000 New Construction: Median Sales Price 260, , , , , , ,790 ACRE Commentary Historical New Const. Median Sales Price "During May, the median price of new construction sales in Alabama is 4.1 percent below the 3-year average and 0.8 percent below the 5-year average." May ,173 Graph: May May ,220 (By month) May ,615 May ,719 May , Year Avg: 217, Year Avg: 225,003 New Construction Average Days on Market Current Month May During May, the average number of days on the market for new construction in Alabama was 110 days. This is an increase of 9 days from the previous month and a decrease of 9 days from one year ago. vs. Prior Month April % vs. Last Year (YoY) May % vs. 5-Yr Avg May 13-' % vs. Peak May % vs. Trough May % Year to Date May vs. Prior Year May % ACRE Commentary Historical New Const. Average DOM "The May days on the market average for new construction is 28 days below the 3-year average and 28 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." May Graph: May May (By month) May May May Year Avg: Year Avg: New Construction: Average DOM

3 Monthly Indicators Recent Figures Trends New Construction Total Units Listed for Sale Current Month May ,936 During May there were 2,936 newly constructed homes listed for sale in Alabama. This represents an increase of 2.4 percent from the previous month and an increase of 4.3 percent from one year ago. vs. Prior Month April , % vs. Last Year (YoY) May , % vs. 5-Yr Avg May 13-'17 2, % vs. Peak May , % vs. Trough May ,138 37% New Construction: Total Homes Listed 6,800 6,117 6,300 5,800 5,300 4,800 4,300 3,800 3,300 2,800 2,300 1,800 2,206 2,936 ACRE Commentary Historical New Construction Inventory "The total number of new construction units available for sale in May is 13.3 percent above the 3-year average and 20 percent above the 5-year average." May ,815 Graph: May May ,614 (By month) May ,343 May ,161 May , Year Avg: 2, Year Avg: 2,591 Sales ,500 6,000 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 1,546 1, % 1, % 6,472 5, % South Total 58,412 63, % 54, % 281, , % United States Total 125, , % 112, % 551, , % 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 IN SELECT ALABAMA COUNTIES County Baldwin % % 1, % Calhoun % % % Etowah % % % Jefferson % % % Lee % % % Limestone % % % Madison % % % Marshall % % % Mobile % % % Montgomery % % % Morgan % % % Shelby % % % St. Clair % % % Talladega % % % 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 HOUSING STARTS TOTALS Alabama State Total 1,405 1, % 1, % 6,315 5, % South Total 59,717 58, % 51, % 268, , % United States Total 119, , % 106, % 529, , % PROJECTED HOUSING STARTS IN SELECT ALABAMA COUNTIES County Baldwin % % 1, % Calhoun % % % Etowah % 5 3.1% % Jefferson % % % Lee % % % Limestone % % % Madison % % % Marshall % % % Mobile % % % Montgomery % % % Morgan % % % Shelby % % % St. Clair % % % Talladega % % % Tuscaloosa % % % NOTE : This representation is based in whole or in part on data supplied by Market Graphics Research Group. 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 = 37%; 2 Months Prior = 9%; 3 Months Prior = 3%; 4 Months or more = 7% 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 - May 2018 Total New Construction Sold % % 3,077 2, % Number of Units on Market 2,936 2, % 2, % N/A N/A N/A Median Sales Price 215, , % 247, % 229, , % Average Sales Price 231, , % 259, % 246, , % Average Days on Market % % % *Statewide Statistics include the areas/counties listed below New Construction: Statewide Statistics* New Construction: Total Sales Baldwin County % % % Birmingham Area % % % Calhoun County % % % Decatur Area % % % Gadsden Area % % % Huntsville Area % % % Lee County % % % Limestone County % % % Marshall County % % % Mobile County % % % Montgomery Area % % % Tuscaloosa Area % % % Wiregrass Region % % % New Construction: Total Listed for Sale Current Month Last Month % Difference Last year % Difference I/S May-18 April-18 May-17 Ratio Baldwin County % % 4.2 Birmingham Area % % 4.7 Calhoun County % % 1.7 Decatur Area % % 6.8 Gadsden Area % % 2.5 Huntsville Area % % 3.1 Lee County % % 5.2 Limestone County % % 2.9 Marshall County % % #DIV/0! Mobile County % % 3.6 Montgomery Area % % 3.0 Tuscaloosa Area % % 4.0 Wiregrass Region % % 4.6

6 New Construction: Median Sales Price Baldwin County 254, , % 236, % 250, , % Birmingham Area 294, , % 260, % 271, , % Calhoun County 169, , % 159, % 186, , % Decatur Area 190, , % 182, % 206, , % Gadsden Area 168, , % 201, % 203, , % Huntsville Area 257, , % 274, % 259, , % Lee County 330, , % 281, % 304, , % Limestone County 235, , % 266, % 240, , % Marshall County 0 214, % 375, % 144, , % Mobile County 201, , % 221, % 204, , % Montgomery Area 244, , % 271, % 244, , % Tuscaloosa Area 222, , % 237, % 228, , % Wiregrass Region 235, , % 245, % 242, , % New Construction: Average Sales Price Baldwin County 273, , % 281, % 274, , % Birmingham Area 341, , % 309, % 310, , % Calhoun County 188, , % 159, % 194, , % Decatur Area 185, , % 193, % 201, , % Gadsden Area 159, , % 201, % 200, , % Huntsville Area 280, , % 288, % 281, , % Lee County 342, , % 309, % 323, , % Limestone County 256, , % 268, % 263, , % Marshall County 0 214, % 375, % 164, , % Mobile County 226, , % 214, % 223, , % Montgomery Area 263, , % 272, % 263, , % Tuscaloosa Area 249, , % 245, % 263, , % Wiregrass Region 236, , % 258, % 243, , % 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.