Marshall County residential sales increase in May from one year ago

Sales: According to the Marshall County Board of Realtors, May residential sales increased 10.5% year-over-year from 76 to 84 closed transactions. Following seasonal trends, sales increased 18.3% from April. Sales are up 5.1% year to date, but are likely to moderate in the months ahead due to the growing economic impact of COVID-19. Two more resources to review: Quarterly Report and Annual Report.

For all of Marshall County’s housing data, click here.

Inventory: Mirroring regional trends, total homes listed for sale in May declined 32.9% year-over-year from 383 to 257 listings. Months of supply dropped from 5.0 to 3.1, reflecting a  market where sellers generally have elevated bargaining power.

Pricing: The area’s median sales price in May was $197,500, an increase of 43.6% from one year ago and an increase of 31.7% from April. 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.

Homes sold in May averaged 81 days on the market (DOM), 7 days faster than May 2019.

Forecast: May sales were five units, or 5.6%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 89 sales for the month, while actual sales were 84 units. ACRE forecast a total of 371 residential sales in the area year-to-date, while there were 370 actual sales through May, a difference of 0.3%.

Click here to view the entire monthly report.

The Marshall County Residential Monthly Report is developed in conjunction with the Marshall County Board 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 May 1 – 31, 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.