Shoals area home sales continue to grow in July 2020

Sales: According to the Shoals Area Association of Realtors, July residential sales increased 30.6% year-over-year from 193 to 252 closed transactions. Sales decreased 4.9% from June, and are now up 16.4% 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 July declined 45.5% year-over-year from 817 to 445 listings. Months of supply declined from 4.2 to 1.8, reflecting a market where sellers generally have elevated bargaining power.

Pricing: The area’s median sales price in July was $156,500, an increase of 15.9% from one year ago and a decrease of 6.9% from June. 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 July averaged 58 days on the market (DOM), 3 days faster than July 2019.

Forecast: July sales were 30 units, or 13.5%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 222 sales for the month, while actual sales were 252 units. ACRE forecast a total of 1,363 residential sales in the area year-to-date, while there were 1,374 actual sales through July, a difference of 0.8%.

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  July 1 – 31, 2020. Thus, the performance represented is historical and should not be used as an indicator of future results, particularly considering the impact of COVID-19 on the housing market. 

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