Sales: According to the Etowah-Cherokee Association of Realtors, June residential sales in the Gadsden area decreased 5.6% year-over-year from 89 to 84 closed transactions. Following seasonal trends, sales increased 1.2% from May. Sales are up 7.1% year-to-date. 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 but to a greater degree, total homes listed for sale in June decreased 35.5% year-over-year from 400 to 258 listings. Months of supply dropped from 4.5 to 3.1, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The area’s median sales price in June was $144,400, an increase of 15.2% from one year ago and an increase of 4% 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.
Homes sold in June averaged 86 days on market, 14 days faster than June 2019.
Forecast: June sales were 14 units, or 14.3%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 98 sales for the month, while actual sales were 84 units. ACRE forecast a total of 491 residential sales in the area year-to-date, while there were 471 actual sales through June, a difference of 4.1%.
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 June 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.