Alabama residential sales in January increase 7 percent from prior year
Sales: Alabama residential sales totaling 2,800 units in January reflect an increase of 7.3 percent growth from the same period a year earlier. Sales for the month are 20.4 percent above the five-year January sales average(’10-’14) of 2,325 units.
Demand: January represents the seventh consecutive month whereby sales have eclipsed last year’s pace. This trend is consistent with sentiment expressed by industry professionals in the Center’s 2015 Q1 Alabama Real Estate Confidence Index (ARECI). Nationally, January sales were 3.2 percent above the same period last year. See more details of how Alabama compares to the broader US market here.
In January across Alabama, 60 percent of local markets reported positive sales growth compared to last January. In comparison, this figure was also 60 percent in November and December, 84 percent in October, 76 percent in September, 64 percent in August and 48 percent in July. As anticipated, January statewide residential sales decreased 19.9 percent from the prior month. This direction is consistent with seasonal trends & historical data that indicates January sales, on average (’10-’14), decrease from the month of December by 17.7 percent. Sales during the month were 41.1 percent above the month of January bottom experienced in 2009.
Annual Market Recap: Alabama residential sales in 2014 improved by 3.4 percent from the prior year and represented the fourth consecutive year of positive sales growth for Alabama’s residential real estate industry. Alabama sales were sluggish during the first half of 2014 for most markets across the State. Momentum began to favorably turn with a 4.1 percent sales increase in the third quarter compared to 2013 and an even stronger finish during the fourth quarter – up 5.8 percent. Housing inventory was virtually unchanged from 2013, a small favorably decline of .8 percent or 238 units. The median sales price has improved by approximately 4.8 percent from 2013. Across Alabama in 2014, 76 percent of local markets reported positive growth in pricing over the prior year. This figure was 44 percent in 2013. ACRE’s Alabama sales forecast for 2014 projected 45,320 closed transactions while the actual sales were 44,615 units, a 1.6 percent cumulative variance.
SOURCE By Alabama Center for Real Estate (ACRE)
Posted on March 3, 2015 at 9:04 pm by John Wesley Brooks & The Brooks Family Of Realtors