Dear AAR Board of Directors,

            I hope this letter finds you well and having a great summer. I am writing to provide you several updates, reminders, and a save the date for our next meeting of the 2023 AAR Board of Directors on Tuesday, August 29, 2023, at 10:00 am at the Alabama Association of REALTORS® Building at 522 Washington Avenue, Montgomery, AL. Sign-in will begin at 9:30 am.

The purpose of the meeting will be to pass the 2024 budget; consider a 5% ($11) increase in dues to keep up with record inflation; consider governance proposals; discuss economic trends affecting our members’ businesses; environmental scanning of legal challenges; update the board on pending Association projects; get feedback on future Association business; and conduct other Association business. More information will be published closer to time. The resource page for the 2023 Board of Directors can be found here.

Please let us know if you are unable to attend the Board of Directors meeting. This meeting is for the 2023 AAR Board of Directors. Space and overflow seating is limited. Parking will be available in the Association’s parking lot at 502 Washington Avenue. The attire for the meeting is business casual. We will have lunch following the meeting for the AAR Directors in attendance.

Several other Association updates can be found below:

• AAR Elections: The deadline for AAR elections is fast approaching on August 1! There are several opportunities to serve on the Alabama Association of REALTORS® (AAR) Board of Directors, Executive Committee, as Regional Vice President, or on the National Association of REALTORS® (NAR) Board of Directors. To be considered, please submit your application to the Credentials and Elections Committee by August 1, 2023, at 5:00 pm. You can find more information on AAR’s website here.
• AAR Awards: Nominations for AAR’s highest honors are now open. The deadline for nominations is September 1, 2023. You can find more information on AAR’s website here.
• AAR Annual Conference: Please do not miss out on the opportunity to attend AAR’s Annual Conference taking place at the Gulf State Lodge in Gulf Shores on October 17-19, 2023. You can review more information about the conference, schedule, and speakers here.
  • REALTORS® Foundation Cornhole Tournament: We hope you will join us for an exciting cornhole tournament on the beach raising money for the REALTOR® Foundation. So far, we have 23 registered teams ready to compete in this fun and charitable event. This will be a fun, competitive event for a great cause. Some teams have gone all out, creating uniforms, creative team names, and are looking for every edge to win the tournament! If you prefer to watch and support without playing, spectator tickets are also available. More information here.

• Legislature: The 2023 Regular Legislative Session ended in June. The legislative session wrap on real estate related bills can be found here.
• Redistricting Litigation: Every ten years following the completion of the U.S. Census, every state must redraw its political maps based on population changes. The majority political party frequently controls the process, and the minority political party frequently challenges the maps in federal court. In 2021, Alabama’s congressional maps were challenged in federal court and the US Supreme Court ruled in June 2023 that the maps must be redrawn. As a result, the legislature returned for a special legislative session to redraw the congressional maps in July. A court hearing has been set for August 14 to review whether Alabama has followed the Court’s instructions. The federal court may appoint a special master to draw the maps.
• 2024 Elections: The Presidential primary election is fast approaching. The qualifying deadline for candidates is expected to be in November. The primary election date is March 5, 2024. 11 appellate judicial seats will be up including five candidates for the Alabama Supreme Court, and all congressional seats will be on the ballot. 

• Legal: In case you missed it, please be sure you review the recent legal bulletin regarding the 40 Year Right to List Agreements and Wholesaling here. It contains valuable information that can benefit you and your business.
• Legal Forms: A big thank you to all of you who participated in the legal forms survey this summer! It is great to see the usage of AAR Statewide Forms growing consistently each year. We truly value the ongoing feedback we receive from you. The Legal Forms Task Force is hard at work making revisions for 2024. We appreciate your continued support!  

• June brought a notable turnaround in Alabama’s real estate market as home sales activity increased after nine consecutive months of declining sales. This positive shift suggests that buyers are gradually adjusting to higher mortgage rates. Notably the median sales price and total sales volume have maintained stability for the past two months and this trend is forecasted to continue through July. The full report is here.
  • Total Sales were 6,577 (+1.9% month over month; -26.9% year over year)
  • Average sales price is $225,102 (-2.7% month over month; -11% year over year)
  • Median sales price is $226,216 (-.7% month over month; -11.7% year over year)
  • Total sales volume is $1.5 billion (-34.8% year over year)
  • Months of supply is 2.7 (+50% year over year)

Please make sure to stay updated by following Real Estate Alabama each week for more information or visit our Newsroom on the AAR website. If you have any questions, comments, or suggestions before the meeting, please reach out to me, CEO Jeremy Walker, or Melissa Williams.

Thank you for your leadership, support, and service on the Board!

Warm regards,

RaJane C. Johnson
2023 President
Alabama Association of REALTORS®