June 17th, 2012 11:12 PM by Landa Pennington
According to the Alabama Center for Real Estate (ACRE), May sales improved 6% to $139,884,623 vs. $131,943,583 in April. This was 8% above last year’s $129,728,703. Total unit sales increased 4% to 857 in May vs. 825 in April.
New construction sales were even in April and May at 132. Pre-Existing home sales increased to 725 vs. 693 in April.
Inventory levels for pre-existing homes remain high at 12 months; they are particularly challenged in the higher price ranges. Used homes over $100,000 still have over 12 months of inventory and those over $500,000 have about two or more years of inventory.
We have had a reduction in inventory. Total Active listings decreased in May to 8,598 compared to 9,145 in April, which is below the 9,597 we had at the same time last year.
Active New listings decreased from 1,430 in April to 1,231 in May. Active Used listings decreased from 7,715 last month to 7,367 this month which is below last year’s amount at this time of 8,190.
Average Days on Market for Sold New homes was 170 vs.197 days the previous month, with Used at 162 in May compared with 149 in April. Sellers, including bank owners, who do not adjust to the new price reality, contribute to the buildup of inventory.
Average sales price for Sold New homes was $226,837 vs. $237,638 in April. Average sales price for Sold Used homes was $151,644 vs. $145,130 in April.
The average price lines for pre-existing homes, is once again showing some stability. The average price for new construction seems to be showing some positive direction. Prices for individual properties remain under pressure.