ALABAMA REAL ESTATE JOURNAL

Top 5 Markets for New Construction in January 2020

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

1.      Athens: 34.7%

2.      Lee County: 32%

3.      Huntsville: 30%

4.      Baldwin County: 23%

5.      Calhoun County: 19.8%

January New Construction Recap

Statewide: Sales volume for newly constructed residential housing in January increased 30.7% year-over-year (Y/Y) from 499 to 652 closed transactions. New construction represented 15.9% of all residential sales statewide, up 1.1 percentage points from 14.8% in January 2019. The median sales price for new construction decreased 2.1% from $254,580 to $249,262. Inventory decreased 13.0% from 3,305 new construction listings one year ago to 2,877 in January. Months of new construction supply declined from 6.6 to 4.4, and average days on market decreased from 100 to 74.

Athens: Sales volume for newly constructed residential housing in the Athens area decreased 10.7% Y/Y from 56 to 50 closed transactions. The January median sales price for new construction decreased 9.0% from $323,350 last year to $294,237 currently. Going against statewide trends, inventory increased 5.0% from 141 new construction listings one year ago to 148 in January. Months of new construction supply increased from 2.5 to 3.0, and average days on market decreased from 31 to 23. New construction represented 34.7% of all residential transactions in the area during January, down from 46.7% one year ago.

Lee County: Sales volume for newly constructed residential housing in Lee County increased 13.9% Y/Y from 36 to 41 closed transactions. The January median sales price for new construction increased 10.4% Y/Y from $294,703 to $325,746, the highest in the state. Going against statewide trends, inventory increased 19.8% from 253 new construction listings one year ago to 303 in January. Months of new construction supply increased from 7.0 to 7.4, and average days on market decreased from 151 to 94. New construction represented 32.0% of all residential transactions in the area during January, up from 30.3% one year ago.

Huntsville: Sales volume for newly constructed residential housing in the Huntsville area increased 33.6% Y/Y from 131 to 175 closed transactions. Median sales price for new construction decreased 4.9% since last year from $297,474 to $283,000. Moving with statewide trends, inventory decreased 21% from 509 new construction listings one year ago to 402 in January. Months of new construction supply decreased from 3.9 to 2.3, and average days on market decreased from 51 to 45. New construction represented 30.0% of all residential transactions in the area during January, up from 27.4% one year ago.

Baldwin County: Sales volume for newly constructed residential housing in Baldwin County increased 18% Y/Y from 89 to 105 closed transactions. Median sales price for new construction increased 5.8% Y/Y from $232,345 to $245,900. Mirroring statewide trends, inventory decreased 5.2% from 640 new construction listings one year ago to 607 in January. Months of new construction supply decreased from 7.2 to 5.8, and average days on market decreased from 107 to 89. New construction represented 23.0% of all residential transactions in the area during January, down from 24.9% one year ago.

Calhoun County: Sales volume for newly constructed residential housing in the Calhoun County area increased 550% Y/Y from 4 to 26 closed transactions. The January median sales price for new construction decreased 6.2% from $184,400 to $172,900. Going against statewide trends, inventory decreased 80.6% from 31 new construction listings one year ago to 6 in January. Months of new construction supply decreased from 7.8 to 0.2 and average days on market decreased from 98 to 4. New construction represented 19.8% of all residential transactions in the area during January, up from 4.6% one year ago.

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