Small Market Update: Fourth Quarter 2019
Topics: Residential Real Estate
In the fourth quarter of 2019, total residential sales in Cherokee County remained the same as one year ago (53 closed transactions). However, sales were 22.1% above the 5-year average of 43. Median sales price increased significantly and properties in the area sold faster than during the fourth quarter of 2018. Median sales price increased 25.3% year-over-year to $146,458 and increased 23.6% from the 5-Yr Avg of $118,475. Quarter 4 average sales price rose from $145,248 one year ago to $156,631 this quarter, a 7.8% increase. Days on market saw an improvement of 13.5% with an average decrease of 21 days spent on the market per unit. Similar to other markets in north Alabama, Cherokee County’s residential units listed for sale decreased 9.2% this quarter when compared to last year’s total of 150 homes listed for sale. The inventory-to-sales ratio decreased this quarter coming to 8.7 months of supply compared to last year’s Quarter 4 total of 9.5. Current results are 53.3% below the 5-year average of 18.6. An additional resource is the Cherokee County Annual Report.
Covington County’s fourth quarter total sales decreased 8.3% from last year, falling from 72 to 66 closed transactions. Additionally, total sales in the area were 0.9% below the 5-year average of 67 units sold. The median sales price in the area increased 23.5% from last year, rising from $101,167 to $124,937. Furthermore, Covington’s average sales price increased as well this quarter. The fourth quarter average sales price increased 14.2% from last year, rising from $122,874 to $140,345. Residential real estate in Covington County sold 16 days slower compared to last year, an increase of 12.0%. Lastly, Covington’s months of supply decreased from last year’s 13.8 months to 12.0 months currently, which is 11.4% below the 5-year average of 13.6 months. For more information on Covington County see their Annual Report.
The number of homes sold during the fourth quarter decreased 7.2% from last year, falling from 69 to 64 sales. Total sales were 22.1% above the 5-year average of 52 sales. Median sales price increased 4.8% to $124,900 when compared to last year’s quarter 4 median price of $119,167. The average sales price in Jackson during the fourth quarter of 2019 was 165,784, a 15.2% increase from the fourth quarter of 2018’s average sales price of $143,860. The average number of days on the market (DOM) during the fourth quarter was 91 days. This was 2 days below last year’s average and 47 days below the 5-year average. Mirroring trends seen in other north Alabama markets, residential units listed for sale in the fourth quarter of 2019 decreased by 16.1% y/y, falling from 166 to 139 units listed for sale. Finally, months of supply also decreased from 7.3 months last year to 6.5 months in this quarter. An additional resource for Jackson County: Annual Report.
Total fourth quarter residential sales in Monroe County increased 12.5% y/y, rising from 24 to 27 units sold. Fourth quarter sales were higher than the 5-year average of 23 closed transactions. Median sales price raised an impressive 68.5% from $60,500 last year to $101,963 this year. Months of supply saw significant decreases for Monroe County in the fourth quarter, dropping 26.6% from 27.2 months to 20.0 months. The months of supply was 17.2 below the 5-year average of 24.1 months of supply. Days on market, however, was 3.6% above the 5 year average of 152 days.An additional resource for Monroe County: Annual Report.
Total fourth quarter residential sales in Talladega County rose from 115 last year to 124 this year. 2019 quarter 4 sales were also 20.4% above the 5-year average of 103 transactions. Median sales price saw a slight decrease this quarter falling 1.0% from last year’s $150,467 to this year’s $149,022. Average sales saw a slight increase this quarter, rising 3.8% from last year's average of $174,150 to 180,709 this year. This quarter’s totals are 17.2% above the 5-year average of $154,229. Residential properties in the area are selling much faster than one year ago. Average DOM declined 48.9% from 123 days one year ago to 63 days currently. Months of supply decreased 1.0% year over year, falling from 8.7 months to 8.6 months, signaling a buyer’s market in the area. Moreover, the fourth quarter months of supply is 30,8% below 5-year quarterly average of 12.4. Another resource for Talladega County: Annual Report.