Alabama New Construction Report â October 2011 - Home Builders ...
www.acre.cba.ua.edu
Alabama New Construction Report – October 2011 Monthly Indicators Permits October permits have decreased 6.0 percent from September‘11. More importantly, October ‘11 figures have shown an increase of 11.5 percent from October ’10.
Starts October starts have decreased 8.1 percent from September'11. October‘11 figures show a increase of 6.2percent from October ’10.
State
Recent Figures
Trends
Current Month vs. Prior Month vs. Last Year (YoY) vs. 3-Yr Avg
October September October October
2011 2011 2010 '08-'10
611 650 548 938
-6.0% 11.5% -34.8%
Year-to-Date vs. Last Year (YoY)
October October
2011 2010
4,694 5,822
-21.1%
The year-over-year (YoY) increase in housing permits this month (611 vs 548 in Oct '10) represents the only 3rd positive YoY percentage change since April 2010. The fact that permits are less than the prior month (Sept '11) is consistent with the seasonality of the RE market.
Current Month vs. Prior Month vs. Last Year (YoY) vs. 3-Yr Avg
October September October October
2011 2011 2010 '08-'10
647 704 609 947
-8.1% 6.2% -31.7%
Consumer and builder uncertainty over where the economy is heading underscores the current fragile housing market.
October October
2011 2010
6,588 7,801
Year to Date vs.Prior Year
-15.5%
With that offered, the current figures do reflect an improvement from recent months.
Commentary
October new home sales results declined across the board: down 9% from October 2010 and down 30% from the prior month. Statewide new construction inventory has declined by approximately 24% from last October and marginally decreased by 2.8% from last month. According to McGraw-Hill, residential contract values increased by 41% to $221.1 million in October '11 compared to October '10 values. This figure is consistent with October 2009 @ $254.8 million (October's 10-year average = $317.8 million or 43.8% higher than October '11). According to the Alabama Dept. of Industrial Relations, statewide related construction employment was down 2.9% (2,000 jobs) to 65,000 from last month and is down by 9.2% or 6,600 workers from October '10. Both comparative figures show a reversal from the last month's release. Market challenges remain including overall uncertainty of the direction of economy highlighted by the global financial crisis, stubbornly high unemployment figures and low consumer confidence. Competition from distressed existing home inventory, strict underwriting guidelines, and while slowly improving, the fundamental imbalance between supply & demand continue into the 4th quarter. The rebuilding efforts after the April 27th disaster will have a favorable impact on Alabama's construction industry but it's too early to tell whether this increase in demand acts only to offset future figures should regressive forces take a greater hold on the market. While UA's Center for Business & Economic Research has lowered its forecast associated with the growth rate of Alabama's gross state product, it is currently not predicting a double-dip recession for Alabama.
Local 6 out of the 27 associations (22% - down from 42% in September) reported building permit gains from the prior month (Sept'11) while 8 associations (30% - down from 44% in September) experienced gains in housing starts. Eleven associations (41% - up from 26% last month) experienced an increase from their October'10 monthly housing starts including Enterprise (80%), Tuscaloosa (78%), Gadsden (50%), St. Clair (50%) & Lee County (47%). Year-to-date, 5 associations have experienced year-over-year growth in housing starts: Cullman County (100%), Walker County (71%), South Alabama (68%), Tallapoosa County (38%) and Baldwin County (3%). 2011 Current National Outlook from Industry Associations (annual % change from 2010 at the end of year) National Assn Home Builders (NAHB): New homes sales down 4.9%; housing starts down 9.9% from 2010. National Assn of REALTORS (NAR): New homes sales down 5.9%; housing starts up 1.7%; new home median price ($225,700) up 1.5%. © 2011 ACRE All Rights Reserved NOTE: This representation is based in whole or in part on data supplied by the reporting municipalities/boards/associations. ACRE d oes not guarantee and is in no way responsible for its accuracy.
New Construction Report - October 2011 NEW SINGLE FAMILY BUILDING PERMIT STATISTIC TOTALS Current Month
Last Month
October-11
September-11
% Difference
Last Year
% Difference
October-10
YTD
YTD
October-11
October-10
% Difference
Alabama State Total South Total*
611
650
-6.0%
548
11.5%
6,082
7,706
-21.1%
21,200
18,300
15.8%
18,900
12.2%
152,700
130,300
17.2%
United States Total*
40,400
35,300
14.4%
37,200
8.6%
283,500
245,100
15.7%
YTD
YTD
*Source Data: U.S. Census Bureau
NEW SINGLE FAMILY BUILDING PERMITS BY AREA Association
Current Month
Last Month
% Difference
Last Year
October-11
September-11
Athens/Limestone **
24
26
-7.7%
22
% Difference
October-10
October-11
October-10
9.1%
147
270
% Difference
-45.6%
Baldwin County **
58
50
16.0%
46
26.1%
565
568
-0.5%
Blount County
0
0
N/A
1
-100.0%
4
7
-42.9%
Chilton County
0
0
N/A
1
-100.0%
7
12
-41.7%
Cullman County
3
0
N/A
0
N/A
10
6
66.7%
Dekalb County **
3
4
-25.0%
1
200.0%
19
23
-17.4%
Enterprise
11
8
37.5%
0
N/A
64
98
-34.7%
Greater Birmingham **
94
96
-2.1%
63
49.2%
1,111
1,226
-9.4%
Greater Calhoun County **
0
6
-100.0%
6
-100.0%
57
130
-56.2%
Greater Gadsden **
9
10
-10.0%
5
80.0%
51
98
-48.0%
Greater Montgomery
32
27
18.5%
15
113.3%
262
352
-25.6%
Greater Morgan County **
7
7
0.0%
9
-22.2%
80
129
-38.0%
Dothan & Wiregrass Area
18
11
63.6%
15
20.0%
148
229
-35.3%
Metropolitan Mobile**
49
83
-41.0%
57
-14.0%
546
738
-26.0%
Tuscaloosa**
63
73
-13.7%
42
50.0%
461
551
-16.3%
Huntsville/Madison **
131
135
-3.0%
165
-20.6%
1,485
1,859
-20.1%
Jackson County **
1
0
N/A
0
N/A
15
16
-6.3%
Lee County
45
48
-6.3%
30
50.0%
404
544
-25.7%
Macon County
0
0
N/A
1
-100.0%
2
5
-60.0%
Marshall County **
10
12
-16.7%
17
-41.2%
166
210
-21.0%
Muscle Shoals **
13
12
8.3%
9
44.4%
79
134
-41.0%
Northwest Alabama
2
3
-33.3%
0
N/A
13
16
-18.8%
Phenix City
19
19
0.0%
22
-13.6%
167
245
-31.8%
South Alabama
1
2
-50.0%
1
0.0%
25
19
31.6%
St. Clair County **
17
16
6.3%
17
0.0%
175
205
-14.6%
Tallapoosa County
1
2
-50.0%
1
0.0%
11
8
37.5%
Walker County
0
0
N/A
2
-100.0%
8
8
0.0%
**Source Partner: www.marketgraphicsalabama.com Process: Every month data is collected from municipalities all around the state, in particular the municipalities’ building/inspections department. We also limited our data collection to municipalities with a population of 2500 or greater. By gathering the number of single family new construction permits that are issued each month it allows observation of growth or decline in the new housing market. *NOTE: Permit counts may be subject to slight change month over month due to updated permit reports from certain municpalities in previous months
©ACRE
www.acre.cba.ua.edu
Page 2 of 6
PROJECTED HOUSING STARTS TOTALS Current Month
Last Month
October-11
September-11
% Difference
Last Year
% Difference
October-10
YTD
YTD
October-11
October-10
% Difference
647
704
-8.1%
609
6.2%
6,588
7,801
-15.5%
South Total
20,400
19,531
4.4%
21,198
-3.8%
107,658
126,956
-15.2%
United States Total
38,980
36,921
5.6%
41,871
-6.9%
199,213
236,980
-15.9%
Alabama State Total
PROJECTED HOUSING STARTS BY LOCAL MARKETS Association
Current Month
Last Month
October-11
September-11
% Difference
Last Year
% Difference
October-10
YTD
YTD
October-11
October-10
% Difference
Athens/Limestone
23
19
21.1%
28
-17.9%
173
260
Baldwin County
57
70
-18.6%
45
26.7%
614
597
2.8%
Blount County
0
0
N/A
1
-100.0%
5
8
-37.5%
Chilton County
0
0
N/A
1
-100.0%
8
13
-38.5%
Cullman County
2
1
100.0%
0
N/A
14
7
100.0%
Dekalb County
1
1
0.0%
1
0.0%
10
23
-56.5% -32.7%
Enterprise Greater Birmingham Greater Calhoun County
-33.5%
9
7
28.6%
5
80.0%
70
104
101
126
-19.8%
79
27.8%
1,163
1,260
-7.7%
3
5
-40.0%
8
-62.5%
41
133
-69.2%
Greater Gadsden
9
7
28.6%
6
50.0%
58
102
-43.1%
Greater Montgomery
30
27
11.1%
24
25.0%
287
361
-20.5%
Greater Morgan County
7
7
0.0%
11
-36.4%
92
125
-26.4% -28.2%
Dothan & Wiregrass Area
16
13
23.1%
17
-5.9%
163
227
Metropolitan Mobile
66
81
-18.5%
63
4.8%
602
768
-21.6%
Tuscaloosa
66
66
0.0%
37
78.4%
488
551
-11.4%
Huntsville/Madison
143
161
-11.2%
188
-23.9%
1,631
1,842
-11.5%
Jackson County
1
1
0.0%
1
0.0%
15
19
-21.1%
Lee County
47
47
0.0%
32
46.9%
433
568
-23.8% -60.0%
Macon County
0
0
N/A
0
N/A
2
5
Marshall County
12
12
0.0%
17
-29.4%
178
211
-15.6%
Muscle Shoals
12
8
50.0%
11
9.1%
89
127
-29.9%
Northwest Alabama
3
3
0.0%
1
200.0%
16
16
0.0%
Phenix City
18
20
-10.0%
20
-10.0%
188
244
-23.0%
South Alabama
1
3
-66.7%
1
0.0%
25
15
66.7%
St. Clair County
18
17
5.9%
12
50.0%
200
200
0.0%
Tallapoosa County
2
2
0.0%
0
N/A
11
8
37.5%
Walker County
0
0
N/A
0
N/A
12
7
71.4%
*Starts data not available due to that is it a calculated statistic from previous months data that is not available.
Some variance in totals due to decimal extension.
© 2010 ACRE All Rights Reserved NOTE : This representation is based in whole or in part on data supplied by the local municipality's building department. Alabama Center for Real Estate - University of Alabama does not guarantee and is in no way responsible for its accuracy. Defintion: Housing starts are a derived value using a percentage distribution based on the particular region in the United States multiplied times the number of building permits issued in that particular month. Calculation: The distribution for the South Region is as follows: Same Month as Authorization = 44%; 1 Month Prior = 37%; 2 Months Prior = 9%; 3 Months Prior = 3%; 4 Months or more = 7%
©ACRE
www.acre.cba.ua.edu
Page 3 of 6
Metro Market New Construction Report* (The 5 Metro Alabama Markets Represent
+/- 70% of
the State's New Construction Transactions)
Metro Markets Combined
Total New Construction Sold Number of Units on Market Median Selling Price Average Selling Price Average Days on Market
Current Month
Last Month
October-11
September-11
% Difference
Last Year
% Difference
October-10
% Difference
YTD
YTD
October-11
October-10
245
351
-30.2%
268
-8.6%
1,664
1,712
-2.8%
2,184
-23.8%
7.8%
$
187,567
13.2%
$
489,311
$
500,956
$
208,479
5.9%
$
539,616
$
545,811
-1.1%
441
28.2%
$
212,301
$
196,995
$
220,837
$
223,780
-1.3%
95
19.0%
113
138
2,881
3,411
N/A
-18.6%
N/A
565
-15.5% N/A -2.3%
Total New Construction Sold Current Month
Last Month
October-11
September-11
Birmingham Huntsville Mobile Montgomery Tuscaloosa
% Difference
Last Year
% Difference
October-10
% Difference
YTD
YTD
October-11
October-10
76
120
-36.7%
94
-19.1%
918
1,322
94
128
-26.6%
101
-6.9%
1,103
1,131
-30.6% -2.5%
20
36
-44.4%
28
-28.6%
328
427
-23.2%
41
46
-10.9%
35
17.1%
367
325
12.9%
14
21
-33.3%
10
40.0%
165
206
-19.9%
Number of Units on Market % Difference
Last Month
October-11
September-11
771
794
-2.9%
959
-19.6%
444
454
-2.2%
596
-25.5%
4.7
153
158
-3.2%
223
-31.4%
7.7
183
186
-1.6%
218
-16.1%
4.5
113
120
-5.8%
188
-39.9%
8.1
Birmingham Huntsville Mobile Montgomery Tuscaloosa
Last Year
% Difference
Current Month
I/S
October-10
Ratio
10.1
Median Selling Price
Birmingham Huntsville Mobile Montgomery Tuscaloosa
Current Month
Last Month
October-11
September-11
% Difference
Last Year
% Difference
October-10
YTD
YTD
October-11
October-10
% Difference
$
210,597
$
185,950
13.3%
$
189,007
11.4%
$
191,631
$
191,857
-0.1%
$
250,120
$
216,850
15.3%
$
220,607
13.4%
$
222,205
$
223,366
-0.5%
$
163,388
$
160,000
2.1%
$
157,938
3.5%
$ 1,618,437
$ 1,721,274
-6.0%
$
232,723
$
248,175
-6.2%
$
205,335
13.3%
$
233,716
$
208,895
11.9%
$
204,678
$
174,000
17.6%
$
164,950
24.1%
$
180,565
$
159,390
13.3%
Average Selling Price
Birmingham Huntsville Mobile Montgomery Tuscaloosa
Current Month
Last Month
October-11
September-11
% Difference
Last Year
% Difference
October-10
YTD
YTD
October-11
October-10
% Difference
$
222,346
$
227,466
-2.3%
$
232,714
-4.5%
$
221,599
$
225,085
$
246,021
$
238,128
3.3%
$
233,865
5.2%
$
240,375
$
238,931
-1.5% 0.6%
$
185,393
$
179,641
3.2%
$
175,733
5.5%
$ 1,788,221
$ 1,861,829
-4.0%
$
235,816
$
247,472
-4.7%
$
217,025
8.7%
$
239,196
$
218,191
9.6%
$
214,611
$
226,195
-5.1%
$
183,060
17.2%
$
208,689
$
185,018
12.8%
Average Days on Market
Birmingham Huntsville Mobile Montgomery Tuscaloosa
% Difference
Last Year
% Difference
Current Month
Last Month
October-11
September-11
Unavailable
Unavailable
N/A
Unavailable
64
67
-4.5%
67
212
150
41.3%
120
70
78
-10.3%
100
104
83
25.3%
266
-60.9%
% Difference
YTD
YTD
October-11
October-10
N/A
Unavailable
Unavailable
N/A
-4.5%
87
99
-12.6%
76.7%
1,944
1,399
39.0%
-30.0%
98
93
5.1%
132
172
-23.1%
October-10
* Source: MLS
©ACRE
www.acre.cba.ua.edu
Page 4 of 6
Alabama New Single Family Building Permits Issued 1,200
1,000
800
600
400
200
0
US Total New Single Family Building Permits Issued 60,000 50,000 40,000
30,000 20,000 10,000 0
Year-Over-Year Change for Building Permits Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sept
October
40% 30%
20% 10%
0% -10%
-20% -30%
-40% -50%
©ACRE
Alabama
U.S.
www.acre.cba.ua.edu
Page 5 of 6
Residential Construction Building Contracts in Dollars Alabama Residential Construction - October 2011 Comparisons $600,000,000
$500,000,000 $400,000,000 $300,000,000 $200,000,000
$100,000,000 $2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2009
2010
2011
Alabama Metro Markets October 2011 170,000,000
120,000,000
70,000,000
20,000,000
2001
2002
2003
2004
2005
2006
2007
2008
(30,000,000) Birmingham
Huntsville
Mobile
Montgomery
Tuscaloosa
Auburn/ Columbus, GA
Alabama Midsize Markets October 2011 16,000,000
14,000,000 12,000,000 10,000,000 8,000,000 6,000,000 4,000,000
2,000,000 2001
2002
2003 Anniston
2004 Decatur
2005
2006 Dothan
2007 Florence
2008
2009
2010
2011
Gadsden
Source: McGraw Hill Construction - Residential Markets, Metro Markets, and Midsize Markets
©ACRE
www.acre.cba.ua.edu
Page 6 of 6
Alabama New Construction Report – October 2011 Monthly Indicators Permits October permits have decreased 6.0 percent from September‘11. More importantly, October ‘11 figures have shown an increase of 11.5 percent from October ’10.
Starts October starts have decreased 8.1 percent from September'11. October‘11 figures show a increase of 6.2percent from October ’10.
State
Recent Figures
Trends
Current Month vs. Prior Month vs. Last Year (YoY) vs. 3-Yr Avg
October September October October
2011 2011 2010 '08-'10
611 650 548 938
-6.0% 11.5% -34.8%
Year-to-Date vs. Last Year (YoY)
October October
2011 2010
4,694 5,822
-21.1%
The year-over-year (YoY) increase in housing permits this month (611 vs 548 in Oct '10) represents the only 3rd positive YoY percentage change since April 2010. The fact that permits are less than the prior month (Sept '11) is consistent with the seasonality of the RE market.
Current Month vs. Prior Month vs. Last Year (YoY) vs. 3-Yr Avg
October September October October
2011 2011 2010 '08-'10
647 704 609 947
-8.1% 6.2% -31.7%
Consumer and builder uncertainty over where the economy is heading underscores the current fragile housing market.
October October
2011 2010
6,588 7,801
Year to Date vs.Prior Year
-15.5%
With that offered, the current figures do reflect an improvement from recent months.
Commentary
October new home sales results declined across the board: down 9% from October 2010 and down 30% from the prior month. Statewide new construction inventory has declined by approximately 24% from last October and marginally decreased by 2.8% from last month. According to McGraw-Hill, residential contract values increased by 41% to $221.1 million in October '11 compared to October '10 values. This figure is consistent with October 2009 @ $254.8 million (October's 10-year average = $317.8 million or 43.8% higher than October '11). According to the Alabama Dept. of Industrial Relations, statewide related construction employment was down 2.9% (2,000 jobs) to 65,000 from last month and is down by 9.2% or 6,600 workers from October '10. Both comparative figures show a reversal from the last month's release. Market challenges remain including overall uncertainty of the direction of economy highlighted by the global financial crisis, stubbornly high unemployment figures and low consumer confidence. Competition from distressed existing home inventory, strict underwriting guidelines, and while slowly improving, the fundamental imbalance between supply & demand continue into the 4th quarter. The rebuilding efforts after the April 27th disaster will have a favorable impact on Alabama's construction industry but it's too early to tell whether this increase in demand acts only to offset future figures should regressive forces take a greater hold on the market. While UA's Center for Business & Economic Research has lowered its forecast associated with the growth rate of Alabama's gross state product, it is currently not predicting a double-dip recession for Alabama.
Local 6 out of the 27 associations (22% - down from 42% in September) reported building permit gains from the prior month (Sept'11) while 8 associations (30% - down from 44% in September) experienced gains in housing starts. Eleven associations (41% - up from 26% last month) experienced an increase from their October'10 monthly housing starts including Enterprise (80%), Tuscaloosa (78%), Gadsden (50%), St. Clair (50%) & Lee County (47%). Year-to-date, 5 associations have experienced year-over-year growth in housing starts: Cullman County (100%), Walker County (71%), South Alabama (68%), Tallapoosa County (38%) and Baldwin County (3%). 2011 Current National Outlook from Industry Associations (annual % change from 2010 at the end of year) National Assn Home Builders (NAHB): New homes sales down 4.9%; housing starts down 9.9% from 2010. National Assn of REALTORS (NAR): New homes sales down 5.9%; housing starts up 1.7%; new home median price ($225,700) up 1.5%. © 2011 ACRE All Rights Reserved NOTE: This representation is based in whole or in part on data supplied by the reporting municipalities/boards/associations. ACRE d oes not guarantee and is in no way responsible for its accuracy.
New Construction Report - October 2011 NEW SINGLE FAMILY BUILDING PERMIT STATISTIC TOTALS Current Month
Last Month
October-11
September-11
% Difference
Last Year
% Difference
October-10
YTD
YTD
October-11
October-10
% Difference
Alabama State Total South Total*
611
650
-6.0%
548
11.5%
6,082
7,706
-21.1%
21,200
18,300
15.8%
18,900
12.2%
152,700
130,300
17.2%
United States Total*
40,400
35,300
14.4%
37,200
8.6%
283,500
245,100
15.7%
YTD
YTD
*Source Data: U.S. Census Bureau
NEW SINGLE FAMILY BUILDING PERMITS BY AREA Association
Current Month
Last Month
% Difference
Last Year
October-11
September-11
Athens/Limestone **
24
26
-7.7%
22
% Difference
October-10
October-11
October-10
9.1%
147
270
% Difference
-45.6%
Baldwin County **
58
50
16.0%
46
26.1%
565
568
-0.5%
Blount County
0
0
N/A
1
-100.0%
4
7
-42.9%
Chilton County
0
0
N/A
1
-100.0%
7
12
-41.7%
Cullman County
3
0
N/A
0
N/A
10
6
66.7%
Dekalb County **
3
4
-25.0%
1
200.0%
19
23
-17.4%
Enterprise
11
8
37.5%
0
N/A
64
98
-34.7%
Greater Birmingham **
94
96
-2.1%
63
49.2%
1,111
1,226
-9.4%
Greater Calhoun County **
0
6
-100.0%
6
-100.0%
57
130
-56.2%
Greater Gadsden **
9
10
-10.0%
5
80.0%
51
98
-48.0%
Greater Montgomery
32
27
18.5%
15
113.3%
262
352
-25.6%
Greater Morgan County **
7
7
0.0%
9
-22.2%
80
129
-38.0%
Dothan & Wiregrass Area
18
11
63.6%
15
20.0%
148
229
-35.3%
Metropolitan Mobile**
49
83
-41.0%
57
-14.0%
546
738
-26.0%
Tuscaloosa**
63
73
-13.7%
42
50.0%
461
551
-16.3%
Huntsville/Madison **
131
135
-3.0%
165
-20.6%
1,485
1,859
-20.1%
Jackson County **
1
0
N/A
0
N/A
15
16
-6.3%
Lee County
45
48
-6.3%
30
50.0%
404
544
-25.7%
Macon County
0
0
N/A
1
-100.0%
2
5
-60.0%
Marshall County **
10
12
-16.7%
17
-41.2%
166
210
-21.0%
Muscle Shoals **
13
12
8.3%
9
44.4%
79
134
-41.0%
Northwest Alabama
2
3
-33.3%
0
N/A
13
16
-18.8%
Phenix City
19
19
0.0%
22
-13.6%
167
245
-31.8%
South Alabama
1
2
-50.0%
1
0.0%
25
19
31.6%
St. Clair County **
17
16
6.3%
17
0.0%
175
205
-14.6%
Tallapoosa County
1
2
-50.0%
1
0.0%
11
8
37.5%
Walker County
0
0
N/A
2
-100.0%
8
8
0.0%
**Source Partner: www.marketgraphicsalabama.com Process: Every month data is collected from municipalities all around the state, in particular the municipalities’ building/inspections department. We also limited our data collection to municipalities with a population of 2500 or greater. By gathering the number of single family new construction permits that are issued each month it allows observation of growth or decline in the new housing market. *NOTE: Permit counts may be subject to slight change month over month due to updated permit reports from certain municpalities in previous months
©ACRE
www.acre.cba.ua.edu
Page 2 of 6
PROJECTED HOUSING STARTS TOTALS Current Month
Last Month
October-11
September-11
% Difference
Last Year
% Difference
October-10
YTD
YTD
October-11
October-10
% Difference
647
704
-8.1%
609
6.2%
6,588
7,801
-15.5%
South Total
20,400
19,531
4.4%
21,198
-3.8%
107,658
126,956
-15.2%
United States Total
38,980
36,921
5.6%
41,871
-6.9%
199,213
236,980
-15.9%
Alabama State Total
PROJECTED HOUSING STARTS BY LOCAL MARKETS Association
Current Month
Last Month
October-11
September-11
% Difference
Last Year
% Difference
October-10
YTD
YTD
October-11
October-10
% Difference
Athens/Limestone
23
19
21.1%
28
-17.9%
173
260
Baldwin County
57
70
-18.6%
45
26.7%
614
597
2.8%
Blount County
0
0
N/A
1
-100.0%
5
8
-37.5%
Chilton County
0
0
N/A
1
-100.0%
8
13
-38.5%
Cullman County
2
1
100.0%
0
N/A
14
7
100.0%
Dekalb County
1
1
0.0%
1
0.0%
10
23
-56.5% -32.7%
Enterprise Greater Birmingham Greater Calhoun County
-33.5%
9
7
28.6%
5
80.0%
70
104
101
126
-19.8%
79
27.8%
1,163
1,260
-7.7%
3
5
-40.0%
8
-62.5%
41
133
-69.2%
Greater Gadsden
9
7
28.6%
6
50.0%
58
102
-43.1%
Greater Montgomery
30
27
11.1%
24
25.0%
287
361
-20.5%
Greater Morgan County
7
7
0.0%
11
-36.4%
92
125
-26.4% -28.2%
Dothan & Wiregrass Area
16
13
23.1%
17
-5.9%
163
227
Metropolitan Mobile
66
81
-18.5%
63
4.8%
602
768
-21.6%
Tuscaloosa
66
66
0.0%
37
78.4%
488
551
-11.4%
Huntsville/Madison
143
161
-11.2%
188
-23.9%
1,631
1,842
-11.5%
Jackson County
1
1
0.0%
1
0.0%
15
19
-21.1%
Lee County
47
47
0.0%
32
46.9%
433
568
-23.8% -60.0%
Macon County
0
0
N/A
0
N/A
2
5
Marshall County
12
12
0.0%
17
-29.4%
178
211
-15.6%
Muscle Shoals
12
8
50.0%
11
9.1%
89
127
-29.9%
Northwest Alabama
3
3
0.0%
1
200.0%
16
16
0.0%
Phenix City
18
20
-10.0%
20
-10.0%
188
244
-23.0%
South Alabama
1
3
-66.7%
1
0.0%
25
15
66.7%
St. Clair County
18
17
5.9%
12
50.0%
200
200
0.0%
Tallapoosa County
2
2
0.0%
0
N/A
11
8
37.5%
Walker County
0
0
N/A
0
N/A
12
7
71.4%
*Starts data not available due to that is it a calculated statistic from previous months data that is not available.
Some variance in totals due to decimal extension.
© 2010 ACRE All Rights Reserved NOTE : This representation is based in whole or in part on data supplied by the local municipality's building department. Alabama Center for Real Estate - University of Alabama does not guarantee and is in no way responsible for its accuracy. Defintion: Housing starts are a derived value using a percentage distribution based on the particular region in the United States multiplied times the number of building permits issued in that particular month. Calculation: The distribution for the South Region is as follows: Same Month as Authorization = 44%; 1 Month Prior = 37%; 2 Months Prior = 9%; 3 Months Prior = 3%; 4 Months or more = 7%
©ACRE
www.acre.cba.ua.edu
Page 3 of 6
Metro Market New Construction Report* (The 5 Metro Alabama Markets Represent
+/- 70% of
the State's New Construction Transactions)
Metro Markets Combined
Total New Construction Sold Number of Units on Market Median Selling Price Average Selling Price Average Days on Market
Current Month
Last Month
October-11
September-11
% Difference
Last Year
% Difference
October-10
% Difference
YTD
YTD
October-11
October-10
245
351
-30.2%
268
-8.6%
1,664
1,712
-2.8%
2,184
-23.8%
7.8%
$
187,567
13.2%
$
489,311
$
500,956
$
208,479
5.9%
$
539,616
$
545,811
-1.1%
441
28.2%
$
212,301
$
196,995
$
220,837
$
223,780
-1.3%
95
19.0%
113
138
2,881
3,411
N/A
-18.6%
N/A
565
-15.5% N/A -2.3%
Total New Construction Sold Current Month
Last Month
October-11
September-11
Birmingham Huntsville Mobile Montgomery Tuscaloosa
% Difference
Last Year
% Difference
October-10
% Difference
YTD
YTD
October-11
October-10
76
120
-36.7%
94
-19.1%
918
1,322
94
128
-26.6%
101
-6.9%
1,103
1,131
-30.6% -2.5%
20
36
-44.4%
28
-28.6%
328
427
-23.2%
41
46
-10.9%
35
17.1%
367
325
12.9%
14
21
-33.3%
10
40.0%
165
206
-19.9%
Number of Units on Market % Difference
Last Month
October-11
September-11
771
794
-2.9%
959
-19.6%
444
454
-2.2%
596
-25.5%
4.7
153
158
-3.2%
223
-31.4%
7.7
183
186
-1.6%
218
-16.1%
4.5
113
120
-5.8%
188
-39.9%
8.1
Birmingham Huntsville Mobile Montgomery Tuscaloosa
Last Year
% Difference
Current Month
I/S
October-10
Ratio
10.1
Median Selling Price
Birmingham Huntsville Mobile Montgomery Tuscaloosa
Current Month
Last Month
October-11
September-11
% Difference
Last Year
% Difference
October-10
YTD
YTD
October-11
October-10
% Difference
$
210,597
$
185,950
13.3%
$
189,007
11.4%
$
191,631
$
191,857
-0.1%
$
250,120
$
216,850
15.3%
$
220,607
13.4%
$
222,205
$
223,366
-0.5%
$
163,388
$
160,000
2.1%
$
157,938
3.5%
$ 1,618,437
$ 1,721,274
-6.0%
$
232,723
$
248,175
-6.2%
$
205,335
13.3%
$
233,716
$
208,895
11.9%
$
204,678
$
174,000
17.6%
$
164,950
24.1%
$
180,565
$
159,390
13.3%
Average Selling Price
Birmingham Huntsville Mobile Montgomery Tuscaloosa
Current Month
Last Month
October-11
September-11
% Difference
Last Year
% Difference
October-10
YTD
YTD
October-11
October-10
% Difference
$
222,346
$
227,466
-2.3%
$
232,714
-4.5%
$
221,599
$
225,085
$
246,021
$
238,128
3.3%
$
233,865
5.2%
$
240,375
$
238,931
-1.5% 0.6%
$
185,393
$
179,641
3.2%
$
175,733
5.5%
$ 1,788,221
$ 1,861,829
-4.0%
$
235,816
$
247,472
-4.7%
$
217,025
8.7%
$
239,196
$
218,191
9.6%
$
214,611
$
226,195
-5.1%
$
183,060
17.2%
$
208,689
$
185,018
12.8%
Average Days on Market
Birmingham Huntsville Mobile Montgomery Tuscaloosa
% Difference
Last Year
% Difference
Current Month
Last Month
October-11
September-11
Unavailable
Unavailable
N/A
Unavailable
64
67
-4.5%
67
212
150
41.3%
120
70
78
-10.3%
100
104
83
25.3%
266
-60.9%
% Difference
YTD
YTD
October-11
October-10
N/A
Unavailable
Unavailable
N/A
-4.5%
87
99
-12.6%
76.7%
1,944
1,399
39.0%
-30.0%
98
93
5.1%
132
172
-23.1%
October-10
* Source: MLS
©ACRE
www.acre.cba.ua.edu
Page 4 of 6
Alabama New Single Family Building Permits Issued 1,200
1,000
800
600
400
200
0
US Total New Single Family Building Permits Issued 60,000 50,000 40,000
30,000 20,000 10,000 0
Year-Over-Year Change for Building Permits Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sept
October
40% 30%
20% 10%
0% -10%
-20% -30%
-40% -50%
©ACRE
Alabama
U.S.
www.acre.cba.ua.edu
Page 5 of 6
Residential Construction Building Contracts in Dollars Alabama Residential Construction - October 2011 Comparisons $600,000,000
$500,000,000 $400,000,000 $300,000,000 $200,000,000
$100,000,000 $2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2009
2010
2011
Alabama Metro Markets October 2011 170,000,000
120,000,000
70,000,000
20,000,000
2001
2002
2003
2004
2005
2006
2007
2008
(30,000,000) Birmingham
Huntsville
Mobile
Montgomery
Tuscaloosa
Auburn/ Columbus, GA
Alabama Midsize Markets October 2011 16,000,000
14,000,000 12,000,000 10,000,000 8,000,000 6,000,000 4,000,000
2,000,000 2001
2002
2003 Anniston
2004 Decatur
2005
2006 Dothan
2007 Florence
2008
2009
2010
2011
Gadsden
Source: McGraw Hill Construction - Residential Markets, Metro Markets, and Midsize Markets
©ACRE
www.acre.cba.ua.edu
Page 6 of 6
