Sales: According to the Shoals Area Association of Realtors, June residential sales increased 39.5% year-over-year from 190 to 265 closed transactions. Going against seasonal trends, and likely a result of pent-up demand due to COVID-19, sales increased 34.5% from May. Sales are now up 13.7% year-to-date. 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 June declined 46.1% year-over-year from 840 to 453 listings. Months of supply declined from 4.4 to 1.7, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The area’s median sales price in June was $168,000, an increase of 24% from one year ago and an increase of 8.5% from May. 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 67 days on the market (DOM), 2 days faster than June 2019.
Forecast: June sales were 42 units, or 18.9%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 223 sales for the month, while actual sales were 265 units. ACRE forecast a total of 1,141 residential sales in the area year-to-date, while there were 1,122 actual sales through June, a difference of 1.7%.
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 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.