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Alabama Continues To Lead In Home Sales
Alabama state home sales have climbed to an almost historic peak. Sales were 13 percent above the Alabama Center for Real Estate's monthly sales forecast for March, taking many off guard. With a slight housing supply increase from February, 11.4 percent, the supply still hasn’t caught up with demand. With a 30 percent supply decrease from the peak year of 2008, supply has a lot of catching up to do and is on it’s way.
With several new subdivisions in the works as well as existing subdivisions adding new construction, Baldwin County could see a surge in supply by the end of the year. Residential sales for Baldwin County increased by 43 percent in March of this year compared to March 2016. A total of 663 homes were sold in March compared to 200 for this time last year. The actual sales was some 23 percent more than projected by the Alabama Center for Real Estate.
Although there was a slight decrease of supply from March of 2016 to this March, the 8 percent decrease did little to keep home buyers at bay. Residential housing sales in Baldwin County increased by a whopping 76 percent in March from February. New construction played a small part in the sales percentage where existing homes accounted for 56 percent.
The good news for home sellers is that this has had an increase of 14 percent on the sales price of their home. Prices grew from a median sales of $193,000 in March of 2016, to $219,000 this March. For new homes, average sales prices ranged from $247,000 to $268,000 and average used/existing home prices ranged from $254,979 to $274,345. The average days for new homes to stay on the market was around 176 which is better than February's average days on the market of 196. For existing homes, the average days on the market were 144 compared last month’s 162.
However, with the price increase, the millennial generation is still opting to rent versus purchasing a home. With the new increase of construction, more supply should help balance that out in the next year or so. It seems as though home purchasers are showing a more positive outlook this year as the national average of home sales continues to rise. Summer is peak selling season along the Alabama Gulf Coast, it will be interesting to watch and see if the momentum continues throughout the fall.
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