If knowledge is power, the Alabama Association of Realtors is putting that power right into consumer’s hands with the release of the “Alabama Economic and Real Estate Report”, a monthly source for statewide market statistics.
Published monthly and annually, the AAR has recently released two issues – the 2022 Annual Report and the December 2022 Monthly Report.
The report provides a wide-range of data and statistics that measure the overall health of Alabama’s economy, provides insights into Alabama’s job market, and all types of valuable real estate information like factors affecting home prices in Alabama; tracking housing inventory; foreclosure rates; debt-to-income and mortgage-servicing costs-to-income ratios; to name a few.
Jeremy Walker, CEO of the AAR, said the reports show that the fundamentals of Alabama’s real estate market remained strong in 2022 and are expected to remain that way into 2023, despite increasing challenges posed by interest rate hikes by the Federal Reserve, increased inflation, and economic uncertainty.
“The real estate market has normalized to pre pandemic levels last seen in 2019,” said Walker. “Alabama’s economy and real estate market have been resilient and remain well positioned to capitalize on increasing job growth, low unemployment, and an influx of people moving to our state in search of economic opportunity and a higher quality of life.”
National Association of Realtors’ statistics show that real estate accounts for nearly 17% of GDP, making it a major driver of the U.S. economy.
Alabama’s real estate markets, however, do not necessarily follow national trends. With the explosive growth of people coming to Alabama for job opportunities and seeking a higher quality of life, the Alabama Realtors report accurately reflects the economic impact real estate has on Alabama specifically, providing a more accurate picture of the state’s real estate market versus the national stats.
Now, commercial and residential real estate investors looking to expand into Alabama can find the most current information about market trends, rises and drops in home sales, and increases and decreases in sales volume, etc.
If you are moving to Alabama due to a job transfer or looking for a higher, safer quality of life and economic freedom, the new report helps residents and real estate professionals make better decisions about their real estate needs, based on real statewide tracking and data analyses.
Furthermore, the numbers and figures in these reports are drawn from numerous government and proprietary data sources and they represent best estimates at the time of release. However, as new data emerges, the Alabama Realtors will update the figures to reflect more recent information, giving real estate professionals valuable up-to-date data that can make a difference strategically and competitively.
The “Alabama Economic and Real Estate Report” is the go-to source for readers looking for that competitive edge in the state of Alabama.
Click here to view the full monthly and annual reports.