Birmingham, Alabama, resident Monica Schroeder serves as vice president at Capital One Multifamily Finance, wife of Andy Schroeder, President of South Central Steel (SCS). In addition to her work at Capital One Multifamily Finance, Monica Schroeder is on the leadership council of the Alabama Center for Real Estate (ACRE) at the University of Alabama’s Culverhouse College of Business.
The ACRE was founded in a partnership between the University of Alabama, The Alabama Real Estate Commission, and the Alabama REALTORS. The organization supplies research, real estate forecasting, student support, and educational opportunities to the real estate industry in Alabama. Recently, the ACRE reported on recent data trends in the state as compared with the rest of the country.
Alabama often lags behind national markets by a year or more. The ACRE sought to explore this tendency by analyzing data from recent decades including economic downturns. The study found that the national residential real estate market hit a low for median sales in February of 2012 as a response to the recession, and Alabama’s residential market followed suit 11 months later.
Total sales volume, on the other hand, was similar in Alabama as compared with the rest of the country in 2009, when both hit a low for total sales. This set of data analysis may help real estate professionals to understand that, in the case of another recession, it’s likely that total sales volume will drop before the median sales price goes down, too.