While most of Alabama’s housing markets see a seasonal decrease in sales (based on five-year trends 2010-14) from September to October, year-over-year sales improved greatly for some Alabama markets.
Existing home sales nationwide were nearly 4 percent higher than they were a year ago during October. For more on these statistics, click here.
The Alabama Center for Real Estate identified the top five most improved housing markets in Alabama during October, based on year-over-year data.
- Morgan County: This area saw the greatest year-over-year increase in sales at 24.2 percent during October. There were 113 units sold, compared to just 91 a year ago. The five-year average between 2010 and 2014 is 94 units. Year-to-date sales are 23.6 percent higher than the same period a year ago at 1,199 units to 2014’s 970 units.
- Lee County: The second-highest percentage increase in Alabama in total sales volume during October came from Lee County where the 112 units sold during 2015 was 21.7 percent higher than a year ago. This was also 41.4 percent higher than the five-year average (2010-14) of 79 units. Year-to-date, the 1,442 units sold through October is 19.4 percent higher than the same period a year ago (1,208 units).
- Gadsden: The Gadsden area reported 70 units sold during October. This represents a 20.7 percent increase over the same period last year, when 58 units closed during the month. This is significantly higher (35.7 percent) than the five-year average (2010-14) of 52 units in Gadsden. Year-to-date sales are 20.6 percent higher than they were during the same time a year ago.
- Mobile: Mobile has enjoyed a slow and steady upward trajectory during October over the past five years, with sales topping out at 355 units during 2015. This represents a 17.5 percent increase over last October’s 302 units that were sold. It’s also 29 percent above the five-year average (2010-14) of 274 units sold during the month. Year-to-date sales are 15 percent higher than a year ago.
- Marshall County: This area saw a 17.2 percent increase in sales volume during October, compared to the same period in 2014. The 68 units that were sold in Marshall County this October were 10 higher than 2014 and 11 (18.9 percent) higher than the five-year average (2010-14) of 57 units. Year-to-date, sales have increased 9 percent over the same period last year in Marshall County.
For ACRE’s full monthly Statewide Residential Report, click here. For the full PDF Alabama Residential Report, click here.
Bryan Davis is the research/media coordinator for the Alabama Center for Real Estate housed within the Culverhouse College of Commerce at the University of Alabama. He can be reached at 205-348-5416 or at [email protected]