November residential sales in Alabama experienced an 12.6 percent increase when compared to November 2010. The last time our state’s real estate market experienced positive sales growth in November when compared to the previous year was November 2009.
While this is favorable news, the market must be mindful that last November was the fifth month after the expiration of the home buyer tax credit and the comparative sales figures reflected the November cyclical low of 2,471 closed units.
November sales were again bolstered by a rebound in closed transactions from local markets that were previously disrupted by the natural disasters of April 27th. The bounce back is apparent when reviewing sales percent change from last November in these impacted areas: Tuscaloosa (sales up 55%), Athens-Limestone County (up 48%), Marshall County (up 15%) and Walker County (up 61%).
In November, Alabama residential sales were on par with the US market which showed an increase of 12.2 percent from the prior year (November), according to theNational Association of REALTORS (NAR). NAR also reported that the South region experienced an increase of 12.3 percent from last year. Investors accounted for 19 percent of nationwide sales while 28 percent were all-cash sales and 35 percent were first-time home buyers.