Markets With the Most Sales Growth in January 2020
Topics: Residential Real Estate
The Alabama Center for Real Estate created the following rankings based on year-over-year (Y/Y) growth in total residential sales during January 2020.
United States: 11.6%
Wiregrass Region: Total residential sales in the Wiregrass region increased 124.4% year-over-year from 45 to 101 closed transactions in the month of January. The January median sales price increased 14.4% from $118,000 to $135,000. Dollar Volume made a significant increase of 162.92% from $6.1 million to $16.1 million. Following statewide trends, units listed for sale decreased 32.3% from 611 residential listings one year ago to 426 in January 2020. Additionally, the average days on market (DOM) decreased by 32.3%, going from 117 to 84. Lastly, months of supply decreased 68.9% during the same period going from 9.1 to 4.2 months, reflecting a market where sellers typically have elevated bargaining power.
Cullman Area: The Cullman area experienced an increase of 97.1% year-over-year in total sales in January, increasing from 35 to 69 closed transactions. The January median sales price increased 22.8% from $129,500 in January 2019 to $159,000 in January 2020. Dollar volume increased 166.9%, rising from $4.7 million to $12.7 million. The Cullman area saw a 13.6% decrease in residential listings, going from 463 to 400 units. The average days on market (DOM) saw a decrease, as it dropped 3.6% from 139 to 134. Months of supply in Cullman area decreased 56.2% during the same period, going from 13.2 months to 5.8 months. This shift indicates a seller’s market in the Cullman area.
Calhoun County: Total residential sales in the Calhoun County area increased 50.6% year-over-year from 87 to 131 closed transactions. The January median sales price decreased 2.5% from $139,900 in January 2019 to $136,350 in January 2020. Dollar Volume saw an increase of 51.2% from $13.2 million to $19.9 million. Residential listings in Calhoun County decreased 8.6% from 662 to 605. Calhoun County had an decrease in average days on market (DOM) of 47.9% from 96 to 50. The months of supply declined, falling 39.3% (Y/Y) from 7.6 to 4.6 months, reflecting a seller’s market.
Mobile Area: Residential sales in the Mobile area increased 33.9% year-over-year from 233 to 312 closed transactions. The Mobile area’s median sales price increased 4.8%, increasing from $145,000 in January 2019 to $151,900 in January 2020. Dollar volume increased 50.7%, seeing gains from $37.9 million to $57.2 million. The Mobile area saw a 14.4% decrease in inventory from 1,394 listings one year ago to 1,194 currently. The area’s average number of days on market (DOM) decreased 7% from 71 to 66 days. In addition, the months of supply in the Mobile area decreased by 37% going from 6 to 3.8 months, indicating a market where sellers typically have higher bargaining power.
Baldwin County: Baldwin County experienced a 28.0% increase year-over-year in total sales in January, rising from 357 to 457 closed transactions. The January median sales price increased 4.0%, from $250,000 in January 2019 to $260,000 in January 2020. Baldwin County experienced an increase in dollar volume of 35.8%, rising from $110.3 million to $149.8 million. The area’s residential listings inventory decreased 9.2% from 2,836 homes listed last year to 2,576 currently. Properties are also selling faster than one year ago as average days on market (DOM) dropped 1.1% going from 92 to 91 days. Lasty, months of supply decreased 29.0% during the same period going from 7.9 months to 5.6 months, creating a market where sellers typically have higher bargaining power.