Small Market Update: Quarter 4
In the fourth quarter of 2018, the Cherokee County residential market saw variations amongst its real estate statistics. Total units sold fell 2 units, or 3.6 percent from the fourth quarter of 2017. Moreover, median sales price also saw a slight decline, with prices dropping from $120,725 to $116,850, a 3.2 percent decrease. However, both average sales price and days on market saw positive changes. Cherokee County’s average sales price saw a strong increase of 9.6 percent, rising from $132,529 to $145,248. Furthermore, days on markets saw an improvement of 36 days, or 18.2 percent compared to last year. Lastly, total homes listed also declined 19.3 percent from last years total of 206, while months of supply totaled 9.5 months, a 16.9 percent decrease from last year’s total of 11.5.
Covington County’s fourth quarter total sales decreased 11.1 percent from last year, declining from 81 units to 72 units. However, Covington’s total sales were 14.3 percent above the 5-year average of 63 units sold. The median sales price in Covington increased 14.8 percent from last year, increasing from $88,136 to $101,167. Furthermore, Covington’s average sales price increased substantially as well. The fourth quarter average sales price increased 13.8 percent from last year, consisting of an improvement from $107,936 to $122,874. Residential real estate in Covington County sold 74 days faster compared to last year. Lastly, Covington’s months of supply increased from last years 10.9 months, but still improved 2.6 percent from the 5-year average of 14.1 months of supply.
Jackson County had a very solid fourth quarter of 2018. Five out of their 6 real estate indicators saw an improvement compared to last year. Total sales increased 11.3 percent, increasing from 62 to 69 transactions from last year. Average sales price saw a small increase, improving from $139,148 to $143,860, a 3.4 percent increase. Homes sold 36 days faster compared to last year, with days on market decreasing 28.2 percent from 129 days last year. Similarly, total homes listed declined 14.3 percent from 193 units to 166 units and months of supply decline 23 percent to 7.3 months. Lastly, median sales price was the only indicator to struggle in Jackson County in the fourth quarter. The median sales price slightly decline from $123,150 to $119,167, a 3.2 percent decrease.
The fourth quarter of 2018 had its ups and downs for Monroe County. Total sales decreased 3 units, dropping from 24 to 27 units sold. However, fourth quarter sales were 16.5 percent above the 5-year average of 21 sales. Months of supply saw significant improvements for Monroe County in the fourth quarter. Months of supply declined 34.6 percent, dropping from 17.0 months to 11.1 months. Moreover, the months of supply was 56 percent below the 3-year quarterly average and 56.3 percent below the 5-year quarterly average.
Talladega County had a satisfactory fourth quarter when you look at their indicators. Total sales were up 12.7 percent, increasing from 102 units to 115 units. Sales were also 18.3 percent above the 5-year average of 97 transactions. Median sales price saw an increase of 12.5 percent, improving from $133,750 to $150,467. Moreover, the median sales price was also 15.3 percent above the 5-year average of $130,465. Average sales price also saw a significant increase from last year, improving from $145,741 to $174,150, a 19.5 percent increase. Lastly, months of supply decreased 13.3 percent year-over-year, going from 10.0 months to 8.7 months. Moreover, the fourth quarter months of supply is 32.0 percent below the 3-year quarterly average and 38.5 percent below the 5-year quarterly average.
Walker County fourth quarter total sales increased 12.1 percent from last year, improving from 227 units to 254 units sold. Furthermore, Walker County’s total sales were 60.2 percent above the 5-year average of 159 sales. Median sales price also saw strong increases, with a 9.6 percent improvement from last year. Prices increased from $131,630 to $144,267. Similarly, the average sales price increased 3.2 percent, improving from $180,120 to $185,935. Walker County homes also sold 25 days faster compared to last year, with days on market declining from 173 days to 148 days, a 14.7 percent change. Lastly, months of supply for the fourth quarter totaled 7.2 months, which is a 29.3 percent decrease from the 10.2 months of supply last year. The 7.2 months of supply was also 43.8 percent below the 3-year average and 46.4 percent below the 5-year average.
CCIM 4Q19/1Q20 CRE Insights Report