Top 5 Fastest Selling Markets in October
Fall 2018 real estate statewide has been strong in Alabama, seeing increases in statistics such as total sales and median price. Similarly, residential real estate statewide sold 13.6 percent or 15 days faster than the previous October. That significant change was due in large part to 18 out of the 24 associations, or 75 percent, reporting a positive year-over-year reduction in days on market from last year. The top 5 fastest selling markets were: Birmingham, Huntsville, Lee County, Morgan County, and Athens/Limestone County.
Birmingham: For the 6th straight month, Birmingham days on market was under 50 days. October 2018 saw residential sales spend an average of 46 days on the market. That number was good enough for 36.6 percent below the 5-year average of 73 days on market and 25.8 percent below October 2017’s 62 days on market. Similarly, Birmingham had strong increases in total sales, median sales price, and average sales prices in October 2018.
Huntsville: October 2018 was Huntsville’s lowest days on market in October over the past 5 years. The highest was in 2014, which saw days on market reach 114 days. Currently, Huntsville comes in second in the state with 50 days on market. Huntsville’s days on market was 44.8 percent below the 5-year average of 91 days and 26.5 percent below last year’s 68 days on market. The largest decrease Huntsville experienced was in existing single family homes, which sold 31 days faster compared to the 72 days in October 2017.
Lee County: Lee County days on market was 54 days in October 2018, continuing the trend of residential real estate selling faster. The 54 days on market was 8.5 percent better than the 59 days in October 2017 and 63.9 percent below the 5-year average of 150 days on market. The peak in the past 5 years came in 2015, where days on market was 212 days. When you compare October 2018 and 2015, homes are now selling 74.8 percent faster. Lee County also continued its strong year in real estate, seeing total year-over-year sales increase for the 9th time this year.
Morgan County: Morgan County had 57 days on market in October 2018, the second lowest number they’ve had this year, only trailing July which came in at 56 days. The 57 days on market was 21.9 percent below last year’s 73 days and 46.6 percent below the 5-year average of 107 days on market. Similar to Huntsville, Morgan County saw the greatest change in existing single family homes, which sold 20 days faster than the 74 last year. Morgan County real estate had another successful month, seeing median price increase over 21 percent from last year.
Athens/Limestone County: Similar to Morgan County, Athens had 57 days on market in October 2018. Athens days on market were 32.9 percent below last year’s 85 days and 43.6 percent below the 5-year average of 101 days. Athens saw the days on market peak in 2014, coming in at 142 days, which is 59.8 percent below current results. Athens existing single family homes sold 56 days faster than the 111 days last year. Athens also saw considerable increases in total sales, median sales price, and average sales price.
With the Alabama statewide report coming out on December 19th, it will be interesting to see if these areas continue to lead the state in selling the fastest. To review our statewide data, click here.
CCIM 4Q19/1Q20 CRE Insights Report