Top 5 Markets for New Construction In January

Top 5 Markets for New Construction In January

Topics: Home Building, Research, Residential Real Estate, Research

Markets: Athens (Limestone County), Baldwin County - All, Baldwin County - Condo Only, Birmingham Metro, Calhoun County, Cherokee County

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: 46.7 percent

2.  Lee County: 30.3 percent

3.  Huntsville: 27.4 percent

4.  Baldwin County: 24.9 percent

5.  Birmingham: 13.6 percent

 

January New Construction Recap

Statewide: Total sales of newly constructed residential housing in Alabama increased 20 percent year-over-year (YoY) from 416 to 499 transactions. The January median sales price increased 11.5 percent YoY from $228,376 to $254,580. Inventory increased 7.3 percent from 3,081 new construction listings one year ago to 3,305 in January. Months of new construction supply decreased from 7.4 to 6.6, and average days on market increased from 95 to 100. New construction represented 14.8 percent of all residential transactions statewide during January, up from 12.5 percent one year ago.

 

Athens: Total sales of newly constructed residential housing in the Athens area increased 51.4 percent YoY from 37 to 56 transactions. The January median sales price increased 42.6 percent YoY from $226,790 to $323,750. Going against statewide trends in the new construction market, inventory decreased 26.6 percent from 192 listings one year ago to 141 in January. Months of new construction supply decreased from 5.2 to 2.5, and average days on market decreased significantly from 73 to 31. New construction represented 46.7 percent of all residential transactions in the area during January, up from 35.9 percent one year ago.

Lee County: Total sales of newly constructed residential housing in Lee County increased 20 percent YoY from 30 to 36 transactions. The January median sales price decreased 1.7 percent YoY from $299,900 to $294,703. Mirroring statewide trends in the new construction market, inventory increased 12.9 percent from 224 listings one year ago to 253 in January. Months of new construction supply decreased from 7.5 to 7.0, and average days on market increased significantly from 81 to 151. New construction represented 30.3 percent of all residential transactions in the area during January, up from 26.3 percent one year ago.  

Huntsville: Total sales of newly constructed residential housing in the Huntsville area increased 19.1 percent YoY from 110 to 131 transactions. The January median sales price increased 16.3 percent YoY from $255,682 to $297,474. Going against statewide trends in the new construction market, inventory decreased 6.6 percent from 545 listings one year ago to 509 in January. Months of new construction supply decreased from 5.0 to 3.9, and average days on market decreased from 73 to 51. New construction represented 27.4 percent of all residential transactions in the area during January, up from 24.8 percent one year ago.   

Baldwin County: Total sales of newly constructed residential housing in Baldwin County increased 21.9 percent YoY from 73 to 89 transactions. The January median sales price decreased 2.6 percent YoY from $238,500 to $232,345. Mirroring statewide trends in the new construction market but to a lesser degree, inventory increased 0.3 percent from 638 listings one year ago to 640 in January. Months of new construction supply decreased from 8.7 to 7.2, and average days on market decreased from 110 to 107. New construction represented 24.9 percent of all residential transactions in the area during January, up from 18.7 percent one year ago.

Birmingham: Total sales of newly constructed residential housing in the Birmingham area increased 27 percent YoY from 89 to 113 transactions. The January median sales price increased 13.7 percent YoY from $252,200 to $286,680. Mirroring statewide trends in the new construction market but to a greater degree, inventory increased 34.5 percent from 899 listings one year ago to 1,209 in January. Months of new construction supply increased from 10.1 to 10.7 months. New construction represented 13.6 percent of all residential transactions in the area during January, up from 11.3 percent one year ago.  

REAL compliments of

ACRE Alabama Cabinet
Transformational Leadership

Featured Member

Bradley Arant Boult & Cummings LLP
Culverhouse

Advancing Relationships.