Top 5 Markets for New Construction In November

Top 5 Markets for New Construction In November

Topics: Home Building, Research, Residential Real Estate

Markets: Athens (Limestone County), Baldwin County - All, Baldwin County - Condo Only, Birmingham Metro, Calhoun County, Cherokee County

The Alabama Center for Real Estate created the following rankings based on new construction as a percentage of total residential sales during November.

  1. 1.      Lee County: 38.7 percent
  2. 2.      Athens: 34 percent
  3. 3.      Huntsville: 30.8 percent
  4. 4.      Baldwin County: 23.9 percent
  5. 5.      Tuscaloosa: 17.2 percent

 

November New Construction Recap

Statewide: Sales volume for newly constructed residential housing in Alabama increased 17.4 percent YoY from 586 to 688 transactions. Year-to-date sales reached a total of 7,309 closed transactions, an increase of 11.5 percent from one year ago. The November median sales price increased 9.5 percent YoY from $228,791 to $250,458. The year-to-date median sales price for new construction increased 3.0 percent from $230,080 to $237,053. Inventory decreased 2.8 percent from 3,106 new construction listings one year ago to 3,019 in November. Months of new construction supply declined from 5.3 to 4.4, and average days on market decreased from 93 to 78. New construction represented 14.9 percent of all residential transactions statewide during November, up from 13.5 percent one year ago.

 

Lee County: Sales volume for newly constructed residential housing in Lee County increased 35.9 percent YoY from 39 to 53 transactions. Year-to-date sales reached a total of 556 closed transactions, an increase of 11.9 percent from one year ago. The November median sales price decreased 1.3 percent YoY from $309,000 to $304,900. The year-to-date median sales price for new construction increased 6.7 percent from $279,283 to $298,099. Going against statewide trends, inventory increased 27.3 percent from 205 new construction listings one year ago to 261 in November. Months of new construction supply decreased from 5.3 to 4.9, and average days on market decreased from 114 to 99. New construction represented 38.7 percent of all residential transactions in the area during November, up from 29.8 percent one year ago.  

 

Athens: Sales volume for newly constructed residential housing in the Athens area increased 34.1 percent YoY from 41 to 55 transactions. Year-to-date sales reached a total of 606 closed transactions, an increase of 25 percent from one year ago. The November median sales price increased 27.9 percent YoY from $218,900 to $279,877. The year-to-date median sales price for new construction increased 2.7 percent from $250,776 to $257,418. Mirroring statewide trends, inventory decreased 13.5 percent from 185 new construction listings one year ago to 160 in November. Months of new construction supply decreased from 4.5 to 2.9, and average days on market decreased significantly from 78 to 26. New construction represented 34 percent of all residential transactions in the area during November, up from 26.5 percent one year ago.

 

Huntsville: Sales volume for newly constructed residential housing in the Huntsville area increased 24.7 percent YoY from 146 to 182 transactions. Year-to-date sales reached a total of 1,702 closed transactions, an increase of 6.1 percent from one year ago. The November median sales price increased 7 percent YoY from $264,235 to $282,641. The year-to-date median sales price for new construction increased 2.2 percent from $261,209 to $266,936. Going against statewide trends, inventory increased slightly from 540 new construction listings one year ago to 542 in November. Months of new construction supply decreased from 3.7 to 3.0, and average days on market increased from 50 to 53. New construction represented 30.8 percent of all residential transactions in the area during November, up from 28.4 percent one year ago.   

 

Baldwin County: Sales volume for newly constructed residential housing in Baldwin County increased 9.4 percent YoY from 106 to 116 transactions. Year-to-date sales reached a total of 1,344 closed transactions, an increase of 26.8 percent from one year ago. The November median sales price decreased 23.8 percent YoY from $315,000 to $239,900. The year-to-date median sales price for new construction decreased 0.1 percent from $252,708 to $252,359. Mirroring statewide trends, inventory decreased 10.5 percent from 656 new construction listings one year ago to 587 in November. Months of new construction supply decreased from 6.2 to 5.1, and average days on market decreased from 119 to 115. New construction represented 23.9 percent of all residential transactions in the area during November, down from 24.2 percent one year ago.

 

Tuscaloosa: Sales volume for newly constructed residential housing in the Tuscaloosa area increased 47.6 percent YoY from 21 to 31 transactions. Year-to-date sales reached a total of 289 closed transactions, an increase of 17 percent from one year ago. The November median sales price increased 14 percent YoY from $199,900 to $227,985. The year-to-date median sales price for new construction increased 0.8 percent from $231,933 to $233,750. Going against statewide trends, inventory increased 7.4 percent from 121 new construction listings one year ago to 130 in November. Months of new construction supply decreased from 5.8 to 4.2 and average days on market decreased from 103 to 80. New construction represented 17.2 percent of all residential transactions in the area during November, up from 10.9 percent one year ago.