January 2012 home sales in Alabama are up 17.6% compared to January 2011, which is also the seventh consecutive month of improvements year-over-previous-year. Good news considering the last time there was positive growth in January compared to the previous year was all the way back in 2006.
Following on the heels of the December 2011 report showing residential home sales for the year were 2% above the prior year, is good news indeed for homeowners. Those figures show the first positive annual growth in residential home sales since 2005 in Alabama.
Alabama outperformed the US market in residential sales by .7 percent for the month of January 2012 over January 2011, according the the National Association of REALTORS.
Nationally, 23% of sales were attributed to investors, 31% were cash buyers, and 33% first-time home buyers.
Sales are up, but prices are down. Average sales price for Baldwin County AL has decreased 16.25% with January 2011 being $210,718 to $176,480 in January 2012. Number of sales in January are similar with 228 last year and 226 this year. Months of supply are also lower with 13 months compared to last January with 16 months supply.