First quarter residential sales in Alabama grew 2.4 percent year-over-year. During this same period, existing home sales nationwide fell 3.0 percent.
The Alabama Center for Real Estate identified the top five most improved markets in Alabama during the first quarter of 2018, based on year-over-year residential sales data.
1. Lee County – This area had the largest year-over-year increase in total residential sales in Alabama during the first quarter of 2018. There were 464 total sales in the area, an increase of 19 percent from one year ago when 390 units were sold during the first quarter of 2017. First quarter sales were 50.6 percent above the five-year quarterly average (2013-2017) of 308 closed transactions. First quarter sales were 15.4 percent above ACRE’s forecast of 402 sales for the area. ACRE forecasts 645 total sales in Lee County during the second quarter, 599 during the third quarter, and 389 during the fourth quarter.
2. Shoals Area – The second-highest percentage increase in Alabama in total sales volume during the first quarter of 2018 came from the Shoals area where the 415 residential units sold were 14.6 percent above first quarter 2017 results. Total sales were 24.4 percent above the 5-year quarterly average of 334 closed transactions. First quarter sales were 13.7 percent above ACRE’s forecast of 365 sales for the area. ACRE forecasts 460 total sales in the Shoals area during the second quarter, 471 during the third quarter, and 392 during the fourth quarter.
3. Cullman County – This area was Alabama’s third most improved market during the first quarter of 2018. The 186 units sold were 14.1 percent above first quarter 2017 results. Total sales were 24.5 percent above the 5-year quarterly average of 149 closed transactions. First quarter sales were 15.5 percent below ACRE’s forecast of 220 sales for the area. ACRE forecasts 277 total sales in Cullman County during the second quarter of 2018, 290 during the third quarter, and 224 during the fourth quarter.
4. Athens Area – The Athens area reported 379 residential sales during the first quarter of 2018, an increase of 9.9 percent from the 345 units sold during the first quarter of 2017. Total sales were 58.2 percent above the 5-year average of 240 closed transactions. First quarter sales were 2.1 percent below ACRE’s forecast of 387 sales for the area. ACRE forecasts 516 total sales in the Athens area during the second quarter of 2018, 553 during the third quarter, and 475 during the fourth quarter.
5. Huntsville Area – The Huntsville area reported 1,524 residential sales during the first quarter of 2018, an increase of 8.1 percent from the 1,410 units sold during the first quarter of 2017. Total sales were 30.6 percent above the 5-year average of 1,167 closed transactions. First quarter sales were 4.1 percent above ACRE’s forecast of 1,464 sales for the area. ACRE forecasts 2,005 total sales in the Huntsville area during the second quarter of 2018, 2,050 during the third quarter, and 1,693 during the fourth quarter.
