March 2012 Residential Sales Soft On The Alabama Coast

Baldwin County & Alabama Coastal MLS*: Observations for the Month of March 2012

Sales Dollars increased 21% in March to $78,411,645 from February’s $64,803,320. This is 8% above March last year at $72,390,530. (Sect A p.2). The 12 month moving average line of sales is flat once again. Inventories are continuing to come down. It is hard to read too much into comparable sales in these slow months.

On a unit basis, sales of all houses improved 24% to 383 this month vs. 308 last month, which is 2% down from last year’s 390.

Used Home sales improved 31% to 354 this month vs. 271 last month, which is down 1% from last year’s 356 (Sect A p.18). There was a noticeable increase in sales in the under $200,000 range, to 226 units. New Home sales were 29 this month vs 37 last month. Low sales of New homes reflects intense competition from existing, and the shutdown of new construction.

New listings for New homes decreased to 39 from 53 in February. Used houses New listings increased to 631 from 629 in February with net inventory down.

The absolute number of Used Active homes on the market, which had a slight peak mid-summer of ’09, has once again been improving. In March, there were 3,431 Active Used homes, a reduction from 3,818 in February. The New home market, which peaked in March 2006 at 2,144 Active, now sits at 297.

The Absorption rate for New homes was 10 months of inventory for March vs. 12 in February. The Absorption rate for Used homes was 10 months of inventory for March vs. 11 in February. Over the last four years the drop in months of inventory for Used homes has been steady and impressive from 25 months plus in March 2008 to 10 months this March.

Average sales price for all homes has been stable for the past year.For New units, prices increased to $230,466 from $185,463 last month. (Sect A p.14). Average Used home prices decreased to $202,622 from $213,805 in February.

Average Days On Market for New Sold properties in March was 206 this month vs. 176 last month. Days On Market for Used was 178 this month vs.196 last month.

We modified the subdivision charts to show those subdivisions with more than 20 sales since 2008 rather than 2005, we hope it make it easier to find subdivisions of interest.

TWB 4/8/2012

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