Top 5 Markets for New Construction In October

Top 5 Markets for New Construction In October

Topics: Home Building, 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 October.

  1. 1.      Athens: 39.6 percent
  2. 2.      Lee County: 29.8 percent
  3. 3.      Huntsville: 28.1 percent
  4. 4.      Baldwin County: 18.2 percent
  5. 5.      Wiregrass Region: 13.6 percent

 

October New Construction Recap

Statewide: Sales volume for newly constructed residential housing in Alabama increased 3.3 percent YoY from 601 to 621 transactions. Year-to-date sales reached a total of 6,621 closed transactions, an increase of 10.9 percent from one year ago. The median sales price decreased 1.1 percent YoY from $242,962 to $240,206. The year-to-date median sales price for new construction increased 2.4 percent from $230,209 to $235,712. Inventory decreased 9 percent from 3,312 new construction listings one year ago to 3,015 in October. Months of supply declined from 5.5 to 4.9, and average days on market increased from 88 to 98. New construction represented 12.7 percent of all residential transactions statewide during October, down from 13.4 percent one year ago.
 

Athens: Sales volume for newly constructed residential housing in the Athens area increased 22.9 percent YoY from 48 to 59 transactions. Year-to-date sales reached a total of 551 closed transactions, an increase of 24.1 percent from one year ago. The median sales price increased 3.8 percent YoY from $269,139 to $279,350. The year-to-date median sales price for new construction increased 0.5 percent from $253,963 to $255,173. Inventory decreased 18.1 percent from 193 new construction listings one year ago to 158 in October. Months of supply decreased from 4.0 to 2.7, and average days on market increased from 37 to 59. New construction represented 39.6 percent of all residential transactions in the area during October, up from 35.3 percent one year ago.
 

Lee County: Sales volume for newly constructed residential housing in Lee County decreased 9.3 percent YoY from 43 to 39 transactions. Year-to-date sales reached a total of 503 closed transactions, an increase of 9.8 percent from one year ago. The median sales price increased 1.0 percent YoY from $279,126 to $281,800. The year-to-date median sales price for new construction increased 7.6 percent from $276,311 to $297,419. Going against statewide trends, inventory increased 37.9 percent from 195 new construction listings one year ago to 269 in October. Months of supply increased from 4.5 to 6.9, and average days on market increased from 65 to 112. New construction represented 29.8 percent of all residential transactions in the area during October, down from 35.2 percent one year ago.  
 

Huntsville: Sales volume for newly constructed residential housing in the Huntsville area increased 12.4 percent YoY from 153 to 172 transactions. Year-to-date sales reached a total of 1,520 closed transactions, an increase of 4.3 percent from one year ago. The median sales price increased 3.7 percent YoY from $270,315 to $280,220. The year-to-date median sales price for new construction increased 1.7 percent from $260,906 to $265,366. Inventory decreased 1.3 percent from 529 new construction listings one year ago to 522 in October. Months of supply decreased from 3.5 to 3.0, and average days on market increased from 57 to 71. New construction represented 28.1 percent of all residential transactions in the area during October, up from 25.5 percent one year ago.   
 

Baldwin County: Sales volume for newly constructed residential housing in Baldwin County decreased 15.3 percent YoY from 118 to 100 transactions. Year-to-date sales reached a total of 1,228 closed transactions, an increase of 28.7 percent from one year ago. The median sales price increased 0.8 percent YoY from $239,005 to $240,830. The year-to-date median sales price for new construction increased 2.0 percent from $248,749 to $253,605. Inventory decreased 31.8 percent from 868 new construction listings one year ago to 592 in October. Months of supply decreased from 7.4 to 5.9, and average days on market increased from 124 to 127. New construction represented 18.2 percent of all residential transactions in the area during October, down from 24.0 percent one year ago.

Wiregrass Region: Sales volume for newly constructed residential housing in the Wiregrass region increased 33.3 percent YoY from 9 to 12 transactions. Year-to-date sales reached a total of 110 closed transactions, an increase of 17.0 percent from one year ago. The median sales price decreased 17.7 percent YoY from $259,500 to $213,600. The year-to-date median sales price for new construction decreased 7.9 percent from $247,342 to $227,897. Inventory increased 7.4 percent from 54 new construction listings one year ago to 58 in October. Months of supply decreased from 6.0 to 4.8 and average days on market decreased from 136 to 117. New construction represented 13.6 percent of all residential transactions in the area during October, up from 10.6 percent one year ago.  
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