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Top 5 Markets for New Construction In December

Top 5 Markets for New Construction In December

Industries: Research, Residential Real Estate, Research

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 December.

1.   Athens: 42 percent
2.  Lee County: 36.6 percent
3.  Huntsville: 27.9 percent
4.  Baldwin County: 26 percent
5.  Wiregrass Region: 17.6 percent

 

December New Construction Recap

Statewide: Total sales of newly constructed residential housing in Alabama decreased 5.5 percent year-over-year (YoY) from 711 to 672 transactions. Year-to-date sales reached a total of 7,981 closed transactions, an increase of 9.8 percent from one year ago. The December median sales price increased 3.6 percent YoY from $238,565 to $247,142. The year-to-date median sales price for new construction increased 3.1 percent from $230,787 to $237,894. Inventory increased 5.1 percent from 3,068 new construction listings one year ago to 3,225 in December. Months of new construction supply increased from 4.3 to 4.8, and average days on market decreased from 85 to 82. New construction represented 15.6 percent of all residential transactions statewide during December, down from 16.2 percent one year ago.

Athens: Total sales of newly constructed residential housing in the Athens area decreased 6.3 percent YoY from 64 to 60 transactions. Year-to-date sales reached a total of 666 closed transactions, an increase of 21.3 percent from one year ago. The December median sales price increased 4 percent YoY from $232,782 to $242,145. The year-to-date median sales price for new construction increased 2.8 percent from $249,276 to $256,146. Going against statewide trends, inventory decreased 19.8 percent from 187 new construction listings one year ago to 150 in December. Months of new construction supply decreased from 2.9 to 2.5, and average days on market decreased significantly from 46 to 28. New construction represented 42 percent of all residential transactions in the area during December, down from 48.5 percent one year ago.

Lee County: Total sales of newly constructed residential housing in Lee County increased 4.3 percent YoY from 47 to 49 transactions. Year-to-date sales reached a total of 605 closed transactions, an increase of 11.2 percent from one year ago. The December median sales price increased 13.8 percent YoY from $276,900 to $315,000. The year-to-date median sales price for new construction increased 7.3 percent from $279,084 to $299,508. Mirroring statewide trends, inventory increased 13.5 percent from 230 new construction listings one year ago to 261 in December. Months of new construction supply increased from 4.9 to 5.3, and average days on market increased from 105 to 113. New construction represented 36.6 percent of all residential transactions in the area during December, up from 34.1 percent one year ago.  

Huntsville: Total sales of newly constructed residential housing in the Huntsville area decreased 2 percent YoY from 149 to 146 transactions. Year-to-date sales reached a total of 1,848 closed transactions, an increase of 5.4 percent from one year ago. The December median sales price increased 11.7 percent YoY from $256,808 to $286,763. The year-to-date median sales price for new construction increased 3 percent from $260,842 to $268,589. Going against statewide trends, inventory decreased 4.2 from 549 new construction listings one year ago to 526 in December. Months of new construction supply decreased from 3.7 to 3.6, and average days on market decreased from 51 to 47. New construction represented 27.9 percent of all residential transactions in the area during December, up from 26.2 percent one year ago.   

Baldwin County: Total sales of newly constructed residential housing in Baldwin County decreased 4.1 percent YoY from 122 to 117 transactions. Year-to-date sales reached a total of 1,461 closed transactions, an increase of 6.3 percent from one year ago. The December median sales price decreased 15.7 percent YoY from $261,000 to $219,000. The year-to-date median sales price for new construction decreased 1.5 percent from $253,399 to $249,654. Mirroring statewide trends, inventory increased 21.6 percent from 649 new construction listings one year ago to 789 in December. Months of new construction supply increased from 5.3 to 6.7, and average days on market decreased from 128 to 125. New construction represented 26 percent of all residential transactions in the area during December, unchanged from one year ago.

Wiregrass Region: Total sales of newly constructed residential housing in the Wiregrass region increased 71.4 percent YoY from 7 to 12 transactions. Year-to-date sales reached a total of 130 closed transactions, an increase of 21.5 percent from one year ago. The December median sales price decreased 2 percent YoY from $250,000 to $245,000. The year-to-date median sales price for new construction decreased 5.2 percent from $246,193 to $233,504. Mirroring statewide trends, inventory increased 8.9 percent from 56 new construction listings one year ago to 61 in December. Months of new construction supply decreased from 8.0 to 5.1 and average days on market decreased from 177 to 62. New construction represented 17.6 percent of all residential transactions in the area during December, up from 8.5 percent one year ago.  

 

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Advancing Relationships.