Sales: According to the Shoals Area Association of Realtors, May residential sales decreased 4.8% year-over-year from 207 to 197 closed transactions. Following seasonal trends, sales increased 10.7% from April. Sales are now up 7.5% year-to-date, but are likely to moderate due to the economic impact of the COVID-19 pandemic. 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 May declined 40.2% year-over-year from 845 to 505 listings. Months of supply declined from 4.1 to 2.6, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The area’s median sales price in May was $154,900, an increase of 21% from one year ago and an increase of 3.5% 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 76 days on the market (DOM), 4 days faster than May 2019.
Forecast: May sales were 25 units, or 11.3%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 222 sales for the month, while actual sales were 197 units. ACRE forecast a total of 918 residential sales in the area year-to-date, while there were 857 actual sales through May, a difference of 6.6%.
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.
Editor’s Note: All information in this article reflects data provided to the Alabama Center for Real Estate for the time period May 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.