See Report at:
By Travis "the SOLD man" Parker; Associate Broker Real Estate Agent with Team Linda Simmons, Enterprise, AL 36330
Share: December 13, 2013
Dothan area residential sales dropped 17.7% from last November with a total of 65 units in November. Year-to-date residential sales through November are up a solid 8.0 percent which is consistent with the growth thru-out Alabama.
Supply: Housing inventory decreased 4.9% from last November to 1,216 units. The housing supply is now 18.7 months (7-8 months = balanced market). Last November it was 16.2 months supply. Before the Market Downtown in 2006, there was a 6 month supply. Historically, the increases by 2.5% from October.
Demand: Monthly residential sales were down 17.7%. Historically, November is down 2.5% from October. November 2006 was the peak at 100 units.
Pricing: Median pricing went down 6.5% from last November to $134,600. Historically, November is 8.9% better than October, so this trend is worth watching. SinceLocal Markets are just that, “LOCAL”, we highly recommend consulting with a real estate professional to discuss prices as it can, and will, vary from neighborhood to neighborhood.
Financing Alert - 2014 Qualified Mortgage (QM) takes effect on January 10th: "The 2014 QM rule has generated more news, commentary and debate than almost any other mortgage rule in history." Qualified Mortgage has created a news page to help you keep up with developments in this area.
"historic" = 2008 - 2012
Infograph courtesy of ACRE.
- See more at: http://activerain.com/blogsview/4275374/-dothan-alabama-housing-stats-for-november-2013#sthash.au7CaCj9.dpuf
By Alabama Center for Real Estate (ACRE)
on June 28, 2013
May residential sales in the Wiregrass area increased 39.4 percent from the same period a year earlier. Sales also improved by 29.6 percent or 21 units from last month. Year-to-date through May, closed transactions are now up 9.9 percent.
Wiregrass area residential sales up 39% from May 2012. Housing inventory remains stubbornly high - up 1.9% from May 2012. Infograph courtesy of ACRE. All rights reserved.
Supply: Wiregrass area housing inventory totaled 1,021 units, an increase of 1.9 percent from May 2012. May inventory decreased by .7 percent from the prior month. Historical data indicates that May inventory on average (’08-’12) increases from the month of April by 4.4 percent. Inventory levels remain above normal, a trend that needs to reverse. The inventory-to-sales ratio in May remains higher than desired at 11.1 months of housing supply. Restated, at May's sales pace, it would take 11.1 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) is considered to be approximately 6-7 months so this represents an area where continued improvement would be welcome news.
Demand: May residential sales were 29.6 percent above the prior month. Residential sales are seasonal and historical data indicates that May sales on average (’08-’12) typically increase from the month of April by 11.1 percent. Days on Market (DOM) until home is sold was 169 days, 7 percent higher than last May.
Pricing: The Wiregrass area median selling price in May was $121,000 a decrease of 23.7 percent from last May. Historical seasonal data ('08-'12) reflects that the May median selling price typically increases from the month of April by 6.1 percent. Pricing can fluctuate from month-to-month as the sample size of data (closed transactions) is subject to seasonal buying patterns so a broader lens as to pricing trends is appropriate. Unlike prior years, the wild card this year is how the market responds to economic pressures associated with sequester.
Real Estate is Still Local. Mark Fleming in the May edition of CoreLogic's MarketPlus gets it right when he writes, "As the economy slowly marches forward, the forces contributing to the recovery have shifted...to recovering residential investment, a historically significant contributor to the U.S. economy. While residential investment doesn't happen uniformly across the U.S., neither has the real estate price cycle. Some Census divisions were significantly more impacted by the housing crash, yet are recovering the fastest. Other Census divisions (ACRE note: believe it or not, this includes Alabama) fared much better through the downturn, but are moving much more slowly to recover lost ground. While home building and real estate markets are finally changing for the better, some things remain the same: Real estate still is a local phenomenon."
In February, our residential sales were 66 units, up 43% from last month (44 sales)and up 17% from Feb ’12 (54 sales). This is the highest February since 2009, the year after I started in Real Estate, so as they are saying, it does look good for our business!
The average selling price of $148,824 is up 21% from last month, which was $123,142. And it's up 7% from the same month last year, which was $139.643.
February sales included 9 foreclosures, 14% of the month’s sales. Average price on foreclosures was $72,883. The one that I had the Buyer for was in the mid 60's. This year to date sales include 21 foreclosures with average selling price of $68,204. February sales, excluding foreclosures, were 54 sales with an average selling price of $161,481. Foreclosures are still hurting our average selling price, along with the number of Short Sales that we are starting to get.
Our inventory to sales ratio decreased from January; we now have 15.3 months supply, compared to 22.2 last month. We have 963 active residential listings. The Spring home buying season is starting to heat up with several Military families already contacting me for moves starting in April and going into mid Summer.
Ten years ago (Feb’03), the inventory was 1 month's, 48 sales, and the average selling price was $103,290. It was a Sellers’ Market. Five years ago (Feb’08), inventory was 8.7 months, 79 sales, and average selling price was $159,970. It was a Buyers’ Market then, as it is now. I think it will flip back in the next five years.
In addition to the residential sales, February had 4 commercial sales, average price $53,725, and 9 lots/land sales, average price $23,236.
Our Independent Office, Team Linda Simmons, is still #1 in Sales, ahead of Coldwell Banker and Century 21, in the #2 & #3 spots.
These figures are board wide (Enterprise, Daleville, Elba, Geneva, Hartford, Samson, Opp and Ozark).
Thanks to A.C.R.E. and Ms. Sharon Lindley, our A.E., for compiling the figures and the base report.
|The Enterprise Market Report Dec. 20, 2012|
November residential sales were 52 units, down 37% from last month (71 sales)and down 6% from Nov 11 (55 sales). This is the lowest month this year and the lowest November since 2008.
Average selling price ($133,751) is up 5% from last month ($126,616) and down 16% from November 11 ($155,083).
November sales included 13 foreclosures, 25% of the months sales. Average price on foreclosures was $60,360. This year to date sales include 133 foreclosures with average selling price of $73,011. November sales excluding foreclosures were 39 sales with an average selling price of $158,214. You can see what foreclosures are doing to the average selling price.
Our inventory to sales ratio increased from October; we have 18.6 months supply. We have 967 active residential listings.
Ten years ago (Nov 02) the ...Click to see the full report
|Below are highlight properties for The Enterprise Market Report Dec. 20, 2012. See more at the full report:|
|See the Full The Enterprise Market Report Dec. 20, 2012|
|Information valid as of December 20, 2012. Please contact us for the most current information and status of these properties.|