Sales: According to the Etowah-Cherokee Association of Realtors, September residential sales in the Gadsden area increased 19.8% year-over-year from 91 to 109 closed transactions. Sales decreased 4.4% from August, and are up 8.6% 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 September decreased 49.6% year-over-year from 421 to 212 listings. Months of supply dropped from 4.6 to 1.9, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The area’s median sales price in September was $174,900, an increase of 25.9% from one year ago and an increase of 4.3% from August. 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 September averaged 73 days on market, 8 days faster than September 2019.
Forecast: September sales were 26 units, or 31.3%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 83 sales for the month, while actual sales were 109 units. ACRE forecast a total of 748 residential sales in the area year-to-date, while there were 787 actual sales through September, a difference of 5.2%.
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 September 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.