Sales: According to the Shoals Area Association of Realtors, August residential sales increased 9.6% year-over-year from 208 to 228 closed transactions. Sales decreased 9.5% from July, and are now up 15.4% 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 August declined 52% year-over-year from 804 to 386 listings. Months of supply declined from 3.9 to 1.7, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The area’s median sales price in August was $174,850, an increase of 26% from one year ago and an increase of 11.7% from July. 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 August averaged 62 days on the market (DOM), 4 days faster than August 2019.
Forecast: August sales were 2 units, or 0.9%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 230 sales for the month, while actual sales were 228 units. ACRE forecast a total of 1,593 residential sales in the area year-to-date, while there were 1,602 actual sales through August, a difference of 0.6%.
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 August 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.