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.
Sales: According to the Etowah-Cherokee Association of Realtors, February residential sales in the Gadsden area increased 44.6% year-over-year from 56 to 81 closed transactions. Following seasonal trends, sales increased 41.1% from January. Sales are now up 35.3% year-to-date, but are likely to moderate amid growing uncertainty surrounding the spread of COVID-19. Two more resources to review: Quarterly Report and Annual Report.
For all of the Gadsden area’s housing data, click here.
Inventory: Total homes listed for sale in February decreased 22.4% year-over-year from 407 to 316 listings. Months of supply dropped from 7.3 to 6.9, reflecting a continued seller’s market in the area.
Pricing: The area’s median sales price in February was $119,000, a decrease of 5.6% from one year ago and a decrease of 17.9% from the prior month. Median sales price is down 0.4% year-to-date. This indicator can fluctuate from month to month and neighborhood to neighborhood because of the sample size of the data and seasonal buying patterns. Homes sold in February averaged 93 days on market, 25 days faster than February 2019.
Forecast: February sales were 10 units, or 14.1%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 71 sales for the month, while actual sales were 81 units. ACRE forecast a total of 131 residential sales in the area year-to-date, while there were 138 actual sales through February, a difference of 5.3%.
Click here to view the entire monthly report.
The Gadsden Residential Monthly Report is developed in conjunction with the Etowah-Cherokee Association of Realtors to better serve area consumers.