“This week’s weather forecast: Cloudy with a chance of serenity and occasional showers.”☀️😁
WHAT’S HAPPENING WITH THE MARKET?
U.S. Home Sales Down in October vs. 2022
(The South is Faring Better Than the Midwest and the Northeast)
$50-million resort-style hotel will open in Foley in 2025
FOLEY, Ala. (WPMI) — A resort-style hotel with a value of more than $50 million is coming to Foley as the Poarch Band of Creek Indians’ latest addition to the OWA Parks & Resort destination.
The hotel is scheduled to open in May 2025. The facility will be located on the northeast side of the Tropic Falls waterpark, which opened earlier this year.
The expansion will provide visitors with another convenient lodging option near OWA.
Architects from Dale Partners of Jackson, Miss, were selected to create the colorful, sleek design and tropical-inspired theme. Rabren General Contractors, one of the largest general contractors in Alabama, has been selected to oversee the construction.
“We are very excited to add this tropical inspired resort hotel to our portfolio,” said Cody Williamson, president/CEO of Creek Indian Enterprises Development Authority. “This new hotel will give guests another option to relax in Coastal Alabama, while still enjoying all the fun amenities that OWA has to offer. We continue to focus on these types of investment projects, which enable us to remain a strong economic partner for the local tourism industry and state of Alabama.”
The multi-story hotel is still in the design stages, but development plans call for tropical-themed guest rooms that include a kitchenette and workspace, along with optional bunk bed spaces for larger families. Other key resort amenities will include an outdoor resort-style pool with a bar and grill, 24-hour fitness center, meeting space, lounge, convenience store, and arcade; along with complimentary valet service, wifi and breakfast.
The new hotel development, combined with the recent $70 million expansion of the Tropic Falls Water Park, the newly opened luxury Tropic Hideaway RV Park and growth of new businesses in Downtown OWA, demonstrates The Tribe’s commitment to advance and improve the offerings at OWA Parks and Resort. Once completed, the new resort hotel will bring the Poarch Band of Creek Indians total investment into the OWA’s project to $414 million.
Existing-home sales descended 4.1% in October to a seasonally adjusted annual rate of 3.79 million. Sales slumped 14.6% from one year ago.
The median existing-home sales price climbed 3.4% from one year ago to $391,800 – the fourth consecutive month of year-over-year price increases.
The inventory of unsold existing homes grew 1.8% from the previous month to 1.15 million at the end of October, or the equivalent of 3.6 months’ supply at the current monthly sales pace.
WASHINGTON (November 21, 2023) – Existing-home sales dropped in October, according to the National Association of REALTORS®. Among the four major U.S. regions, sales slid in the Northeast, South and West but were unchanged in the Midwest. All four regions experienced year-over-year sales declines.
Total existing-home sales1 – completed transactions that include single-family homes, townhomes, condominiums and co-ops – fell 4.1% from September to a seasonally adjusted annual rate of 3.79 million in October. Year-over-year, sales tumbled 14.6% (down from 4.44 million in October 2022).
“Prospective home buyers experienced another difficult month due to the persistent lack of housing inventory and the highest mortgage rates in a generation,” said NAR Chief Economist Lawrence Yun. “Multiple offers, however, are still occurring, especially on starter and mid-priced homes, even as price concessions are happening in the upper end of the market.”
Total housing inventory2 registered at the end of October was 1.15 million units, up 1.8% from September but down 5.7% from one year ago (1.22 million). Unsold inventory sits at a 3.6-month supply at the current sales pace, up from 3.4 months in September and 3.3 months in October 2022.
The median existing-home price3 for all housing types in October was $391,800, an increase of 3.4% from October 2022 ($378,800). All four U.S. regions registered price increases.
“While circumstances for buyers remain tight, home sellers have done well as prices continue to rise year-over-year, including a new all-time high for the month of October,” Yun said. “In fact, a typical homeowner has accumulated more than $100,000 in housing wealth over the past three years.”
REALTORS® Confidence Index
According to the monthly REALTORS® Confidence Index, properties typically remained on the market for 23 days in October, up from 21 days in September 2023 and October 2022. Sixty-six percent of homes sold in October were on the market for less than a month.
First-time buyers were responsible for 28% of sales in October, up from 27% in September and identical to October 2022. NAR’s 2023 Profile of Home Buyers and Sellers – released earlier this month4 – found that the annual share of first-time buyers was 32%.
All-cash sales accounted for 29% of transactions in October, unchanged from September but up from 26% in October 2022.
Individual investors or second-home buyers, who make up many cash sales, purchased 15% of homes in October, down from 18% in September and 16% one year ago.
Distressed sales5 – foreclosures and short sales – represented 2% of sales in October, virtually unchanged from last month and the previous year.
averaged 7.44% as of November 16. That’s down from 7.50% the previous week but up from 6.61% one year ago.
“Fortunately, mortgage rates have fallen for the third straight week, stirring up buying interest,” Yun added. “Though limited now, expect housing inventory to improve after this winter and heading into the spring. More inventory will result in more home sales.”
Single-family and Condo/Co-op Sales
Single-family home sales declined to a seasonally adjusted annual rate of 3.38 million in October, down 4.2% from 3.53 million in September and 14.6% from the previous year. The median existing single-family home price was $396,100 in October, up 3.0% from October 2022.
Existing condominium and co-op sales recorded a seasonally adjusted annual rate of 410,000 units in October, down 2.4% from September and 14.6% from one year ago. The median existing condo price was $356,000 in October, up 7.6% from the prior year ($331,000).
Regional Breakdown
Existing-home sales in the Northeast dipped 4.0% from September to an annual rate of 480,000 in October, down 15.8% from October 2022. The median price in the Northeast was $439,200, up 7.5% from the previous year.
At an annual rate of 930,000 in October, existing-home sales in the Midwest were unchanged from the prior month but down 13.9% from one year ago. The median price in the Midwest was $285,100, up 4.2% from October 2022.
Existing-home sales in the South retracted 7.1% from September to an annual rate of 1.69 million in October, a decline of 14.6% from the previous year. The median price in the South was $357,700, up 3.5% from last year.
In the West, existing-home sales decreased 1.4% from the prior month to an annual rate of 690,000 in October, down 14.8% from one year ago. The median price in the West was $602,200, up 2.3% from October 2022.
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Locally Owned and Family Operated Italian Beach Bar & Bistro. Dine In or Take Out.
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