While home sales in Alabama typically decrease 10.6 percent from October to November, November’s sales total actually increased in 2015.

To read the Alabama Center for Real Estate’s full statewide residential report, click here. 

The 3,184 units sold during November in Alabama was also 11 percent higher than the five-year average recorded between 2010-14, which is good news for the housing market throughout the state.

Here are five key takeaways from November’s residential report.

1. Sales: November sales have been slow and steady over the past five years but they have been trending upward, while hovering at 3,000 or more units sold over the past four years. Year-to-date sales (46,167) are up 12.3 percent over the same period last year (41,121).
2. Prices: Sales are not the only statistic heading in a positive direction. The median sales price for Alabama homes during November was $130,995, 1.3 percent higher than November 2014. Historical data indicate a typical drop off of 1.8 percent from October, so this is good news for the state. Year-to-date, the median sales price of $133,380 is 1.6 percent higher than the same period a year ago.
3. Days on the Market: On average, houses sold during November in Alabama spent 139 days on the market. From 2010-14, homes sold during November spent an average of 150 days on the market, so this is good news. As far as year-over-year and month-to-month from October are concerned, the average days on the market remained virtually the same. Year-to-date, the days on the market were 1.6 percent lower than the same period last year.
4. Inventory: The total homes listed for sale during November dropped 7.4 percent to 30,424 from last year. This number also represents a 3.6 percent decrease from October, which is consistent with historical data that suggest a typical 1.8 percent dip during that span.
5. Inventory-to-Sales: Compared to October, inventory-to-sales ratio rose 17.7 percent from 8.1 months of supply to 9.6 during November. The good news is that this is nearly half of the 18.4 months of supply experienced during 2008, and this number has been on the decline for the most part since 2011.

To read ACRE’s full PDF statewide 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 bkdavis@culverhouse.ua.edu.