Editor’s Note: All information in this article reflects data provided to the Alabama Center for Real Estate for the time period February 1 – 29, 2020. Thus, the performance represented is historical and should not be used as an indicator of future results, particularly considering the upcoming impact of COVID-19 on the housing market.
ACRE is posting coronavirus updates and commentary on the WIN, on our media platform exploRE and on our LinkedIn page.
Sales: According to the Shoals Area Association of Realtors, February residential sales increased 2.6% year-over-year from 153 to 157 closed transactions. Following seasonal trends, sales increased 23.6% from January. Sales are now up 8.8% year-to-date, but the Spring buying season is likely to be impacted by COVID-19. Two more resources to review: Quarterly Report and Annual Report.
For all of the Shoals Area’s housing data, click here.
Inventory: Total homes listed for sale in February declined 25.6% year-over-year from 823 to 612 listings. The market currently has 3.9 months of supply, down from 5.4 in February 2019, reflecting a continued buyer’s market in the area.
Pricing: The area’s median sales price in February was $147,000, an increase of 5% from one year ago and an increase of 5.1% from the prior month. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a local real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood. The average number of days on the market (DOM) for homes sold during February was 66 days, 28 days less than one year ago.
Forecast: February sales were three units, or 1.9%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 160 sales for the month, while actual sales were 157 units. ACRE forecast a total of 291 residential sales in the area year-to-date, while there were 284 actual sales through February, a difference of 2.4%.
Click here to view the entire monthly report.
The Shoals Area Residential Monthly Report is developed in conjunction with the Shoals Area Association of Realtors.