Alabama Residential Report – December 2016

?ACRE 2016

Alabama Residential Report ? December 2016

Monthly Indicators

Recent Figures

Total Residential Sales

Alabama home sales for December 2016 totaled 4,035 units, an increase of 224 transactions when compared to the 3,811 homes sold in December 2015.

Current Month December vs. Prior Month November vs. Last Year December vs. 5-Yr Avg December

2016 2016 2015 '11-'15

4,035 3,975 3,811 3,253

In December, 11 of the twenty-five

vs. Peak

(44%) reporting associations have experienced favorable sales gains compared to December 2015.

vs. Trough Year to Date

vs. Prior Year

ACRE Commentary

"Historical data indicates that December home sales on average

(`11-`15) traditionally increases from the month of November

by 11.6 percent. December 2016 statewide sales posted a 1.5

percent increase compared to last month.

December 2016 4,035 December 2008 2,639

December 2016 53,759 December 2015 49,966

Historical Home Sales December 2015 3,811 December 2014 3,494 December 2013 3,234 December 2012 2,851 December 2011 2,875

5- Year Avg: 3- Year Avg:

3,253 3,513

Trends

1.5% 5.9% 24.0%

0.0% 52.9%

Statewide: Total Residential Sales

6,000

5,000 4,000

4,035

3,000 2,000

2,639

1,000

0

7.6%

Graph: December 2007 - 2016 (By month)

Median Sales Price The median sales price in Alabama in December 2016 was $134,525, which is a 0.6 percent increase from December 2015's median sales price of $133,700.

In December, 12 of twenty-five (48%) assoications reported positive year-overyear gains in median price from December 2015.

Current Month December vs. Prior Month November vs. Last Year December vs. 5-Yr Avg December

2016 2016 2015 '11-'15

139,999 144,994 133,700 128,577

Year to Date December 2016 141,898 vs. Prior Year December 2015 133,428

Median Peak December 2012 134,661 Trough December 2011 116,122

-3.4% 4.7% 8.9%

0.0%

4.0% 20.6%

Statewide: Median Sales Price

170,000

160,000

150,000

140,000 130,000

134,661

120,000 110,000

116,122

100,000

90,000

80,000

ACRE Commentary

Historical Median Selling Price

"Historical data indicates that December median sales prices on

December

average (`11-`15) traditionally increase by 5.5 percent from the month

of November. Alabama's December '16 median sales price decreased December

2015 2014

133,700 129,176

by 7.2 percent from the month prior. While pricing is beginning to stabilize, excess housing supply continue to apply pressure on yearover-year home pricing in most Alabama markets, a trend that will

December 2013 129,226 December 2012 134,661

continue for the foreseeable future."

December 2011 116,122

5- Year Avg:

128,577

3- Year Avg:

130,701

Graph: December 2007 - 2016 (By month)

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?ACRE 2016

Monthly Indicators

Recent Figures

Trends

Average Sales Prices The average sales price in Alabama for December 2016 was $165,448, a 4.3 percent decrease from December 2015's average sales price of $158,643.

In December, fifteen of twenty five (60%) associations reported positive yearover-year gains in average price from December 2015.

Current Month December vs. Prior Month November vs. Last Year December vs. 5-Yr Avg December

Year to Date December vs. Prior Year December

Average Peak December Trough December

2016 2016 2015 '11-'15

2016 2016

2016 2009

165,448 172,479 158,643 151,207

166,309 159,145

165,448 136,447

-4.1% 4.3% 9.4%

4.5%

0.0% 21.3%

Statewide: Average Sales Price

190,000

180,000 170,000

165,448

160,000

150,000

140,000 130,000

136,447

120,000

110,000

100,000

ACRE Commentary "Historical data indicates that December average sales prices (`11-`15) traditionally increase from the month of November by 3.5 percent. The December '16 average price decreased from last month by 4.1 percent. While pricing is beginning to stabilize across many markets, excess housing supply continue to apply pressure on home pricing in Alabama markets."

Historical Average Selling Price

December December December December December

2015 2014 2013 2012 2011

158,643 154,680 153,972 152,291 136,447

5-Year Avg: 3- Year Avg:

151,207 155,765

Graph: December 2007 - 2016 (By month)

Days on Market (DOM)

Current Month December 2016 148

The average number of days that an Alabama vs. Prior Month November 2016 130 home was on the market in December 2016 vs. Last Year December 2015 142 was 148, representing an increase of 4.3 vs. 5-Yr Avg December '11-'15 150

percent from December 2015.

Year to Date In December, 10 of the twenty-five (40%) vs. Prior Year associations have reported a positive year-

over-year reduction in average DOM from

December 2013 142 December 2016 150

.

December 2015.

Statewide: Avg. Days on Market

14.0% 180

4.3%

-1.3% 160

166

140 129

-4.9%

120

100

80

ACRE Commentary

Historical Average DOM

"The 5-year DOM average ('11-'15) for the month of December December 2015 142

is 150 days, which is 2 days above the current results. The

December 2014 158

current DOM is anticipated to continue within the current range December 2013

144

(125-180 days) for the foreseeable future."

December 2012 157

December 2011 150

5-Year Avg:

150

Graph: December 2007 - 2016 (By month)

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?ACRE 2016

Monthly Indicators

Recent Figures

Trends

Total Homes Listed for Sale

Alabama homes available for sale in December 2016 decreased by 2,847 units when compared to the same period last year.

In December, 25 of the twenty-five (100%) associations have reported positive year-over-year reductions in inventory from December 2015.

Current Month December vs. Prior Month November vs. Last Year December

vs. 5-Yr Avg December

2016 2016 2015

'11-'15

26,003 29,964 28,850 30,925

-13.2% -9.9%

-15.9%

Statewide: Total Homes Listed

47,000

42,000 39,706

37,000

Inventory Peak December 2007 39,706 -34.5% 32,000 Trough December 2016 26,003 -34.5% 27,000

26,003

22,000

ACRE Commentary

Historical Total Homes Listed

"Historical data indicates that homes for sale on average (`11- December

`15) decrease by 6.1 percent from November to December. The December

December '16 inventory decreased by 9.9 percent from the prior December

month."

December

December

2015 2014 2013 2012 2011

28,850 31,203 33,751 30,869 32,262

5-Year Avg:

31,387

Graph: December 2007 - 2016 (By month)

Inventory-to-Sales Ratio

Current Month December 2016 6.4

The inventory of homes for sale divided by vs. Prior Month November 2016

7.5

the current monthly sales volume equals vs. Last Year December 2015

7.6

the # of months of housing supply

vs. 5-Yr Avg December '11-'15 9.7

(market considered to be in balance at

approximately 6-7 months).

I/S Ratio Peak December 2008 14.3

Metro areas report 5.8 months of supply,

Trough December 2016 6.4

midsize markets report 6.8 months of

supply, while rural areas report 9.5 months

of supply.

20.0

-14.5% 18.0 -14.9% 16.0 -33.2% 14.0

12.0

-54.9% 10.0 0.7%

8.0

6.0

4.0

Statewide: Months of Supply 14.3 6.4

ACRE Commentary

As emphasized in previous monthly reports, the state's abundant housing inventory needs to begin to reduce toward, and then below, the historic 10-year average (28,000+/- units) for the market to transition toward a broader state of equilibrium.

Historical I/S Ratio

December 2015 7.6 December 2014 8.9 December 2013 9.7 December 2012 10.8

December 2011 11.2

5-Year Avg:

9.7

3- Year Avg:

8.7

Graph: December 2007 - 2016 (By month)

NOTE: This representation is based in whole or in part on data supplied by the reporting boards/associations of REALTORS? or their Multiple Listing Service. The Alabama Center for Real Estate does not guarantee and is in no way responsible for its accuracy. Any Market data maintained by the Center does not necessarily include information on listings not published at the request of the seller, listings of brokers who are not members of a local board/association or MLS, unlisted properties, rental properties, etc. The statistics included in this report reflect the residential sales of houses, condominiums, and town homes. Historical Monthly Housing Statistics are available on the web at Alabama Center for Real Estate's homepage - acre.cba.ua.edu.

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Statewide Total Homes Sold Median Sales Price Average Sales Price Average Days on Market* Total Homes Listed

STATEWIDE STATISTICS

Alabama Home Sales Report - December 2016

Current Month December '16

Last Month November '16

% Difference

Last Year December '15

% Difference

YTD* December '16

YTD * December '15

4,035

4,023

0.30%

3,811

5.88%

53,819

49,966

% Difference 7.71%

139,999

144,463

-3.09%

133,700

4.71%

141,898

133,428

6.35%

165,448

172,479

-4.08%

158,643

4.29%

166,309

159,145

4.50%

148

127

16.96%

142

4.31%

142

150

-4.95%

26,003

29,964

-13.22%

28,850

-9.87%

**Inv./Sales Ratio of Dec '16

6.4

*The % Difference in the Average Days on Market may appear to at variance due to numbers beyond the decimal created when all markets are averaged. **The Inventory to Sales Ratio (Inv./Sales Ratio) represents the ratio produced by the current month of Total Homes Listed divided by the Current Month Total Homes Sold. This ratio shows at the rate of sales in the current month, the number of months necessary to sell the existing homes on the market in the current month.

TOTAL HOMES SOLD

ASSOCIATION Metro Markets Birmingham

Current Month December '16

1,071

Huntsville- Madison Co.

494

Mobile

297

Montgomery

308

Tuscaloosa

Subtotal

182 2,352

Last Month November '16

1,074 450 330 303 229 2,386

% Difference

Last Year September-16

-0.28% 9.78% -10.00% 1.65% -20.52% -1.42%

1,006 475 322 344 188 2,335

% Difference

6.46% 4.00% -7.76% -10.47% -3.19% 0.73%

YTD December '16

14,705 6,227 4,470 4,229 2,457 32,088

Midsize Markets Baldwin

Calhoun County

Cullman

Dothan

Gadsden

Lee County

Decatur-Morgan County

Muscle Shoals

Phenix City

Wiregrass

Subtotal

467 102 57 92 62 124 108 129 78 85 1,304

401 118 59 96 59 121 107 135 86 78 1,260

16.46% -13.56% -3.39% -4.17% 5.08% 2.48% 0.93% -4.44% -9.30% 8.97% 3.49%

402 137 35 77 45 108 88 138 78 58 1,166

16.17% -25.55% 62.86% 19.48% 37.78% 14.81% 22.73% -6.52% 0.00% 46.55% 11.84%

5,571 1,510 741 1,319 936 1,823 1,482 1,571 1,006 925 16,884

Rural Markets

Athens- Limestone County

129

Cherokee County

12

Covington

24

Jackson County

10

Lake Martin

39

Marshall County

64

Monroe County

10

Selma

10

Talladega County

29

Walker County

52

Subtotal

379

121

6.61%

78

65.38%

1,408

14

-14.29%

5

140.00%

190

24

0.00%

24

0.00%

244

20

-50.00%

10

0.00%

233

28

39.29%

43

-9.30%

500

65

-1.54%

54

18.52%

856

4

150.00%

9

11.11%

80

7

42.86%

15

-33.33%

110

39

-25.64%

34

-14.71%

448

55

-5.45%

38

36.84%

778

377

0.53%

310

22.26%

4,847

~

YTD December '15

% Difference

13,294 5,690 4,284 4,338 2,122 29,728

10.61% 9.44% 4.34% -2.51% 15.79% 7.94%

5,230 1,383 702 1,206 800 1,639 1,370 1,606 933 871 15,740

6.52% 9.18% 5.56% 9.37% 17.00% 11.23% 8.18% -2.18% 7.82% 6.20% 7.27%

1,149 181 246 215 600 802 91 126 408 680 4,498

22.54% 4.97% -0.81% 8.37% -16.66% 6.73% -12.09% -12.70% 9.80% 14.41% 7.76%

**Inv./Sales Ratio

5.8 4.8 6.3 6.8 5.5 5.8

5.4 9.3 8.2 11.1 9.7 3.4 6.2 7.4 7.3 8.2 6.8

4.9 20.0 11.2 18.5 8.6 7.7 14.4 17.3 14.3 13.8 9.5

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Statewide Median Sales Price

MEDIAN SELLING PRICE

Current Month December '16

139,999

Last Month November '16

144,463

% Difference -3.09%

Last Year September-16

133,700

% Difference 4.71%

YTD* December '16

141,898

YTD * December '15

133,428

% Difference 6.35%

ASSOCIATION Metro Markets Birmingham

Current Month December '16

188,500

Huntsville- Madison County

199,000

Mobile

137,000

Montgomery

147,750

Tuscaloosa Median Sales Price Average

170,250 168,500

Midsize Markets Baldwin Calhoun County Cullman Dothan Gadsden Lee County Decatur-Morgan County Muscle Shoals Phenix City Wiregrass

Median Sales Price Average

234,000 127,000 123,000 147,250 109,150 210,000 117,455 122,000 154,720 130,000 147,458

Rural Markets Athens- Limestone County Cherokee County Covington Jackson County Lake Martin Marshall County Monroe County Selma Talladega County Walker County

Median Sales Price Average

177,900 135,000 77,501 56,000 187,000 118,500 100,000 63,500 142,500 125,000 118,290

Last Month November '16

189,450 190,375 130,000 139,900 158,000 161,545

232,900 118,450 142,900 137,950 84,500 225,000 130,500 133,000 152,700 100,000 145,790

172,500 141,250 117,500 166,450 135,000 115,000 144,400 71,000 148,625 147,500 135,923

% Difference

Last Year September-16

-0.50% 4.53% 5.38% 5.61% 7.75% 4.31%

175,000 172,000 130,100 140,000 158,000 155,020

% Difference

7.71% 15.70% 5.30% 5.54% 7.75% 8.70%

YTD December '16

YTD December '15

% Difference

183,396 181,498 131,798 143,688 161,408 160,358

175,658 171,383 123,958 135,892 156,879 152,754

4.40% 5.90% 6.32% 5.74% 2.89% 4.98%

0.47% 7.22% -13.93% 6.74% 29.17% -6.67% -10.00% -8.27% 1.32% 30.00% 1.14%

208,200 119,900 129,900 137,500 125,000 189,500 124,000 116,100 132,750 96,750 137,960

12.39% 5.92% -5.31% 7.09% -12.68% 10.82% -5.28% 5.08% 16.55% 34.37% 6.88%

217,402 121,063 129,904 141,600 101,827 204,567 126,842 125,204 146,306 118,975 143,369

209,584 105,692 130,708 138,229 97,840 182,509 118,349 121,014 140,266 114,650 135,884

3.73% 14.54% -0.62% 2.44% 4.08% 12.09% 7.18% 3.46% 4.31% 3.77% 5.51%

3.13% -4.42% -34.04% -66.36% 38.52% 3.04% -30.75% -10.56% -4.12% -15.25% -12.97%

175,900 93,500 84,000 110,200 250,000 120,800 67,000 70,000 138,500 77,900 118,780

1.14% 44.39% -7.74% -49.18% -25.20% -1.90% 49.25% -9.29% 2.89% 60.46% -0.41%

171,739 128,925 101,379 105,817 237,611 121,117 103,424 74,875 138,085 129,013 131,198

157,820 107,746 86,424 107,571 247,688 110,304 81,423 82,013 122,283 109,817 121,309

8.82% 19.66% 17.30% -1.63% -4.07% 9.80% 27.02% -8.70% 12.92% 17.48% 8.15%

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Statewide Average Sales Price

Current Month December '16

165,448

Last Month November '16

172,479

AVERAGE SELLING PRICE

% Difference -4.08%

Last Year September-16

158,643

% Difference 4.29%

YTD* December '16

166,309

YTD * December '15

159,145

% Difference 4.50%

ASSOCIATION Metro Markets Birmingham

Current Month December '16

224,860

Huntsville- Madison County

216,097

Mobile

160,135

Montgomery

164,297

Tuscaloosa Average Sales Price Average

203,031 193,684

Midsize Markets Baldwin Calhoun County Cullman Dothan Gadsden Lee County Decatur-Morgan County Muscle Shoals Phenix City Wiregrass

Average Sales Price Average

293,495 147,925 135,896 156,141 120,002 246,823 134,639 134,488 161,540 140,134 167,108

Rural Markets Athens- Limestone County Cherokee County Covington Jackson County Lake Martin Marshall County Monroe County Selma Talladega County Walker County

Average Sales Price Average

202,488 161,200 104,435 102,475 269,072 152,029 120,465 71,450 146,060 167,016 149,669

Last Month November '16

225,906 211,813 150,559 163,878 199,291 190,289

281,116 132,028 153,280 147,875 111,045 240,831 156,518 158,429 161,302 115,757 165,818

191,864 155,400 140,570 180,875 265,996 149,930 160,125 81,371 163,674 212,541 170,235

% Difference

Last Year September-16

-0.46% 2.02% 6.36% 0.26% 1.88% 1.78%

209,005 200,675 149,490 157,775 197,961 182,981

% Difference

7.59% 7.69% 7.12% 4.13% 2.56% 5.85%

YTD December '16

YTD December '15

% Difference

222,387 205,632 154,252 160,417 196,646 187,867

213,194 196,906 143,164 153,881 185,803 178,590

4.31% 4.43% 7.74% 4.25% 5.84% 5.19%

4.40% 12.04% -11.34% 5.59% 8.07% 2.49% -13.98% -15.11% 0.15% 21.06% 0.78%

268,756 132,904 141,312 146,291 131,607 224,927 140,593 128,922 156,707 117,749 158,977

9.21% 11.30% -3.83% 6.73% -8.82% 9.73% -4.23% 4.32% 3.08% 19.01% 5.11%

267,304 134,558 155,790 158,374 121,727 230,033 142,591 146,316 159,115 135,523 165,133

257,778 124,091 155,703 152,464 115,986 207,350 133,110 142,674 150,830 134,505 157,449

3.70% 8.44% 0.06% 3.88% 4.95% 10.94% 7.12% 2.55% 5.49% 0.76% 4.88%

5.54% 3.73% -25.71% -43.34% 1.16% 1.40% -24.77% -12.19% -10.76% -21.42% -12.08%

193,150 91,500 105,340 133,400 370,522 126,979 94,750 79,259 129,794 136,698 146,139

4.83% 76.17% -0.86% -23.18% -27.38% 19.73% 27.14% -9.85% 12.53% 22.18% 2.42%

190,570 147,928 113,193 131,703 315,258 149,697 105,432 84,546 148,829 179,901 156,706

178,223 129,622 97,209 135,414 338,827 139,351 94,382 94,601 138,870 164,697 151,120

6.93% 14.12% 16.44% -2.74% -6.96% 7.42% 11.71% -10.63% 7.17% 9.23% 3.70%

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AVERAGE DAYS on the MARKET

Statewide

Current Month December '16

Last Month November '16

% Difference

Last Year December '15

% Difference

Average Days Home * On Market

148

127

16.96%

142.1

4.31%

*The % Difference in the Average Days on Market may appear to at variance due to numbers beyond the decimal created when all markets are averaged.

YTD* December '16

142.4

YTD * December '15

149.8

% Difference -4.95%

ASSOCIATION Metro Markets Birmingham

Current Month December '16

68

Huntsville- Madison County

77

Mobile

83

Montgomery

103

Tuscaloosa Average DOM Average

89 84.0

Midsize Markets Baldwin Calhoun County Cullman Dothan Gadsden Lee County Decatur-Morgan County Muscle Shoals Phenix City Wiregrass

Average DOM Average

158 134 111 130 152 82 120 111 161 175 133.4

Rural Markets

Athens- Limestone County

76

Cherokee County

138

Covington

217

Jackson County

282

Lake Martin

193

Marshall County

115

Monroe County

205

Selma

387

Talladega County

179

Walker County

159

Average DOM Average

195

Last Month November '16

78 74 84 106 77 83.8

157 104 178 149 128 91 82 78 122 157 124.6

88 14 228 184 193 116 192 242 129 199 140

% Difference

Last Year December '15

-12.82%

77

4.05%

92

-1.19%

104

-2.83%

123

15.58%

96

0.24%

98.4

% Difference

-11.69% -16.30% -20.19% -16.26% -7.29% -14.63%

YTD December '16

YTD December '15

% Difference

72

76

-4.62%

90

94

-3.91%

94

102

-8.08%

116

125

-7.32%

86

98

-12.22%

91.7

99.0

-7.39%

0.64% 28.85% -37.64% -12.75% 18.75% -9.89% 46.34% 42.31% 31.97% 11.46% 7.06%

156 128 131 171 165 159 112 90 136 148 139.6

1.28% 4.69% -15.27% -23.98% -7.88% -48.43% 7.14% 23.33% 18.38% 18.24% -4.44%

157 134 146 148 155 123 107 100 137 162 136.8

158 130 156 160 156 162 123 116 128 170 145.9

-0.68% 2.62% -5.84% -7.54% -1.01% -24.28% -12.76% -14.21% 7.05% -4.72% -6.24%

-13.64%

108

-29.63%

92

885.71%

188

-26.60%

190

-4.82%

197

10.15%

223

53.26%

74

281.08%

140

0.00%

211

-8.53%

177

-0.86%

125

-8.00%

124

6.77%

186

10.22%

205

59.92%

259

49.42%

265

38.76%

144

24.31%

136

-20.10%

172

-7.56%

181

39.55%

166

17.25%

173

101

-9.45%

214

-11.03%

199

12.16%

147

-4.43%

203

-12.55%

129

-3.82%

232

-11.40%

257

3.15%

142

-4.12%

169

7.35%

179

-3.22%

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TOTAL HOMES LISTED

Statewide

Total Homes Listed

Current Month December '16

26,003

Last Month November '16

29,964

% Difference -13.22%

Last Year December '15

28,850

% Difference -9.87%

**Inv./Sales Ratio of Dec '16

6.4

ASSOCIATION

Metro Markets Birmingham HuntsvilleMadison Co. Mobile

Montgomery

Tuscaloosa Subtotal

Current Month Current Month

6,190 2,371 1,873 2,093 1,008 13,535

Last Month November '16

6,494 2,498 1,961 2,280 1,118 14,351

% Difference

-4.68% -5.08% -4.49% -8.20% -9.84% -5.69%

Last Year December '15

6,677 2,680 2,148 2,434 1,128 15,067

Midsize Markets Baldwin

Calhoun County

Cullman Dothan Gadsden Lee County Decatur-Morgan Co.

Muscle Shoals Phenix City Wiregrass

Subtotal

2,519 949 466 1,018 600 423 673 950 567 695 8,860

2,692 986 502 1,102 630 436 706 990 594 733 9,371

-6.43% -3.75% -7.17% -7.62% -4.76% -2.98% -4.67% -4.04% -4.55% -5.18% -5.45%

2,721 1,077 535 1,092 696 588 773 988 640 792 9,902

Rural Markets

AthensLimestone Co.

638

Cherokee County

240

Covington

269

Jackson County

185

Lake Martin

334

Marshall County

495

686

-7.00%

664

254

-5.51%

248

2,662

-89.89%

277

202

-8.42%

205

400

-16.50%

342

533

-7.13%

538

Monroe County

144

Selma

173

Talladega County

414

154

-6.49%

284

190

-8.95%

143

422

-1.90%

485

Walker County Subtotal

716 3,608

739 6,242

-3.11% -42.20%

695 3,881

NOTE : This representation is based in whole or in part on data supplied by the reporting boards/associations of REALTORS? or their Multiple Listing Service. Alabama Center for Real Estate - University of Alabama does not guarantee and is in no way responsible for its accuracy. Any market data maintained by the Center does not necessarily include information on listings not published at the request of the seller, listings of brokers who are not members of a local board/association or MLS, unlisted properties, rental properties, etc.

The statistics included in this report reflect the residential sales of houses, condominiums, and townhomes.

Numbers in red indicate negative numbers. (Note: A negative number in the Average Days on Market indicates an improvement.)

Historical Monthly Housing Statistics are available on the web at Alabama Center for Real Estate's homepage: acre.cba.ua.edu

% Difference

-7.29% -11.53% -12.80% -14.01% -10.64% -10.17%

-7.42% -11.88% -12.90% -6.78% -13.79% -28.06% -12.94% -3.85% -11.41% -12.25% -10.52%

-3.92% -3.23% -2.89% -9.76% -2.34% -7.99% -49.30% 20.98% -14.64% 3.02% -7.03%

**Inv./Sales Ratio

5.8 4.8 6.3 6.8 5.5 5.8

5.4 9.3 8.2 11.1 9.7 3.4 6.2 7.4 7.3 8.2 6.8

4.9 20.0 11.2 18.5 8.6 7.7 14.4 17.3 14.3 13.8 9.5

Available online: acre.culverhouse.ua.edu

Report Compliments of: ACRE Corporate Cabinet

?ACRE 2015 Page 8 of 8

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