Alabama Real Estate Market Update
Things are looking up for the real estate market in the Yellow Hammer state! January 2016 home sales in Alabama were up 9% over the same period in 2015, and are fully 23% above the 5 year January average. Gulf Coast real estate is certainly playing its part in this booming market. According to Condo Owner Magazine there has been a 595% growth in condos on the Alabama Gulf Coast and Florida panhandle over the past 10 years! We have certainly seen this first hand with several dazzling new luxury condo developments in Orange Beach along the beach road.
If you are interested in buying or selling real estate on the Gulf Coast, now is a fantastic time. Alabama home prices are up over 15% across the state in the past 12 months, so now may be the time to cash out or buy in! I have several gorgeous new waterfront listings you just have to see, and can show the best areas to suit your Gulf Coast lifestyle. Contact me today for all the latest information regarding luxury properties on the beautiful Alabama Gulf Coast.
You can afford the beach!
Alabama January home sales up over the same period last year
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Sales: Alabama home sales totaling 3,050 units during January were an increase of 9 percent from the same month a year ago. Sales for the month continued to trend upward for the state, which bottomed out at 1,984 during January 2009. Sales are 23 percent above the January five-year sales average (2011-15) of 2,471 units. Two more resources to review: Quarterly Report and Annual Report.
Forecast: January sales were 5 percent, or 144 units above our monthly forecast. Alabama Center for Real Estate‘s (ACRE) year-to-date sales forecast through January projected 2,906 closed transactions while the actual sales were 3,050 units.
Supply: The statewide housing inventory during January was 28,488 units, a decrease of 9.1 percent from January 2015 and 27.4 percent below the January peak in 2008 (39,228 units). There was 9.3 months of housing supply in January (6 months is considered equilibrium), which represents a favorable drop of 16.5 percent from January 2015 (11.2 months). January inventory also decreased from December by 1.3 percent. This direction is consistent with historical data that indicates January inventory on average (2011-15) decreases from December by 0.7 percent.
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