Alabama's Top 5 Most Improved Housing Markets in February
The Alabama Center for Real Estate identified the top five most improved housing markets in Alabama during February, based on year-over-year data.
1. Limestone County- This area saw the greatest year-over-year increase in sales during February. February 2018 sales increased 40 percent from February 2017. There were 133 total sales in the area, compared to 95 one year ago. The five-year average between 2013 and 2017 is 73 total sales for the month. Year-to-date sales are 22 percent higher than the same period a year ago at 236 units to 2017’s 194 units.
2. Gadsden Area- The second-highest percentage increase in Alabama in total sales volume during February came from the Gadsden area where the 69 units sold were 33 percent higher than one year ago. Current sales results are 22 percent above the five-year average of 57 units sold. Year-to-date, the 129 units sold in the area is 10 percent higher than the 117 units sold through February in 2017.
3. Lee County- The Auburn/Opelika area reported 149 sales in February. This represents a 31 percent increase from one year ago when there were 114 closed residential sales. Current sales results are 49 percent above the five-year monthly average of 114 total sales. Year-to-date sales are 21 percent higher than they were through the same two month period one year ago.
4. Lake Martin Area- The Lake Martin area reported 40 residential sales in February. This represents a 21 percent increase from one year ago when there were 33 closed residential sales in the area. Current sales results are 44 percent above the five-year monthly average of 28 total sales. Year-to-date sales are 17 percent higher than they were through the same two month period one year ago.
5. Mobile Area- February residential sales in the Mobile area (306) are closing in on the 10-year peak reached in February 2008 (328 total sales). Total sales in the area improved 16 percent year-over-year (Feb. 2018 vs Feb. 2017). Current sales results are 13 percent above the five-year average of 271 units. Current year-to-date sales saw less improvement as they are only 2 percent above the same two month period in 2017.
CCIM 4Q19/1Q20 CRE Insights Report