1st Quarter Home Sales up 13 Percent from Prior Year
ACRE Releases Alabama Quarterly Residential Report
Alabama residential sales during the first quarter of 2015 continued to gradually improve, up 13 percent compared to the same period a year earlier, reports the Alabama Center for Real Estate (ACRE).
Total sales of 10,305 units represent the best first quarter since since 2007 (12,748 units). With that said, first quarter sales are still 22.8 percent (was 26.1 percent last quarter) below the quarterly peak established in 2006 when 13,350 units were sold.
Supply: The statewide housing inventory average during the first quarter was 31,766 units, an increase of .5 percent from the same period in 2014, but 21.6 percent below the first quarter peak in 2008 (40,543 units). There was 9.2 months of housing supply (8 months considered equilibrium during 1st quarter) in the first quarter 2015, representing a favorable decline of 11 percent from the same period last year. Historical data indicates that the first quarter inventory-to-sales ratio in 2015 decreased 25.6 percent from the 5-year average (12.4 months) and decreased 15.6 percent from the 3-year average.
Demand: Historical data indicates that first quarter sales in 2015 increased by 16.7 percent from the most recent 3-year average ('12-'14) and 22.6 percent from the 5-year quarterly average ('10-'14).
Pricing: The statewide median sales price during the first quarter was $122,264, an increase of .1 percent from the same quarter in 2014. Historical data indicates that first quarter median price in 2014 increased by 4.8 percent from the most recent 3-year average and 4.6 percent from the 5-year quarterly average ('10-'14).