Sales: According to the Etowah-Cherokee Association of Realtors, April residential sales in the Gadsden area decreased 10.8%% year-over-year from 84 to 73 closed transactions. Going against seasonal trends, sales decreased 20.4% from March. Sales are now up 18.2% year-to-date, but are likely to moderate amid the growing economic impact 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: Following regional trends, total homes listed for sale in April decreased 25.3% year-over-year from 400 to 299 listings. Months of supply dropped from 4.8 to 4.0, reflecting a seller’s market in the area.
Pricing: The area’s median sales price in April was $150,925, an increase of 4.7% from one year ago and an increase of 9.4% from the prior month. 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 April averaged 94 days on market, 16 days faster than April 2019.
Forecast: April sales were 12 units, or 14.1%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 85 sales for the month, while actual sales were 73 units. ACRE forecast a total of 299 residential sales in the area year-to-date, while there were 304 actual sales through April, a difference of 1.7%.
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.
Editor’s Note: All information in this article reflects data provided to the Alabama Center for Real Estate for the time period April 1 – 30, 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.