Second quarter residential sales in Alabama grew 10.4 percent year-over-year. During the same period, existing home sales nationwide fell 3 percent.
The Alabama Center for Real Estate identified the top five most improved markets in Alabama during the second quarter of 2018 based on year-over-year residential sales data.
1. Dothan – This area had the largest year-over-year increase in total residential sales in Alabama during the second quarter of 2018. There were 450 total sales in the area, an increase of 29.7 percent from one year ago when 347 units were sold during the second quarter of 2017. Second quarter sales were 36.7 percent above the five-year quarterly average (2013-2017) of 329 closed transactions. Second quarter sales were 14.21 percent above ACRE’s forecast of 394 sales for the area. ACRE forecasts 392 total sales during the third quarter and 327 during the fourth quarter.
2. Lee County – The second-highest percentage increase in Alabama in total sales volume during the second quarter of 2018 came from Lee County where the 707 residential units sold were 26 percent above the 561 transactions one year ago. Total sales were 35 percent above the 5-year quarterly average of 524 closed transactions. Second quarter sales were 9.6 percent above ACRE’s forecast of 645 sales for the area. ACRE forecasts 599 total sales in Lee County during the third quarter and 389 during the fourth quarter.
3. Gadsden – This area was Alabama’s third most improved market during the second quarter of 2018. The 278 units sold were 23 percent above second quarter 2017 results. Total sales were also 23 percent above the 5-year quarterly average of 226 closed transactions. Second quarter sales were 3.4 percent above ACRE’s forecast of 269 sales for the area. ACRE forecasts 247 total sales in the Gadsden during the third quarter of 2018 and 198 during the fourth quarter.
4. Athens – The Athens area reported 521 residential sales during the second quarter of 2018, an increase of 21.4 percent from the 429 units sold during the second quarter of 2017. Total sales were 61.1 percent above the 5-year average of 323 closed transactions. Second quarter sales were 1 percent above ACRE’s forecast of 516 sales for the area. ACRE forecasts 553 total sales during the third quarter and 475 during the fourth quarter.
5. Wiregrass Region – The Wiregrass region reported 329 residential sales during the second quarter of 2018, an increase of 19.6 percent from the 275 units sold during the second quarter of 2017. Total sales were 38.1 percent above the 5-year average of 238 closed transactions. Second quarter sales were 11.9 percent above ACRE’s forecast of 294 sales for the area. ACRE forecasts 284 residential sales in the Wiregrass region during the third quarter and 233 during the fourth quarter.
