Nationwide, total residential sales during the first quarter of 2018 decreased 3 percent year-over-year. In Alabama, however, total residential sales incresed 2.4 percent during this same period. Lee County had the largest percentage increase in total sales, with 390 closed transactions during the first quarter of 2017 and 464 during the first quarter of 2018.
Inventory shortages continued apply pressure to residential markets during the first quarter of 2018. The average number of homes listed for nationwide decreased 8 percent year-over-year, while in Alabama inventory decreased 12 percent. While inventory decreased in 13 of Alabama’s markets, there were year-over-year inventory gains in the Dothan area (2 percent), the Cullman area (3 percent), the Wiregrass region (5 percent), Baldwin County (9 percent), and Lee County (11 percent).
Given the inventory shortages in a majority of Alabama’s residential markets, it is not surprising to see year-over-year growth in median sales price. The median sales price nationwide increased 6 percent from the first quarter of 2017, while it increased 7 percent statewide.
Compared to the first quarter of 2017, the average number of days on the market decreased in 16 of 18 residential markets.
There were an average of 3.4 months of housing supply across the nation during the first quarter of 2018, down 5 percent from 3.7 months of supply one year ago. In Alabama there were 5.9 months of housing supply during the first quarter of 2018, down 13 percent from the 6.8 months of supply one year ago.