Gadsden area home sales rise in August 2020

Sales: According to the Etowah-Cherokee Association of Realtors, August residential sales in the Gadsden area increased 18.8% year-over-year from 96 to 114 closed transactions. Sales increased 22.6% from July, and are up 6.9% 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 August decreased 47.1% year-over-year from 395 to 209 listings. Months of supply dropped from 4.1 to 1.8, reflecting a market where sellers generally have elevated bargaining power.

Pricing: The area’s median sales price in August was $167,750, an increase of 8.4% from one year ago and an increase of 4.9% 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 100 days on market, 3 days slower than August 2019.

Forecast: August sales were 24 units, or 26.7%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 90 sales for the month, while actual sales were 114 units. ACRE forecast a total of 665 residential sales in the area year-to-date, while there were 678 actual sales through August, a difference of 2%.

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 August 1 – 31, 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. 

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