ALABAMA REAL ESTATE JOURNAL

Shoals area home sales rise in September 2020

Sales: According to the Shoals Area Association of Realtors, September residential sales increased 33.9% year-over-year from 192 to 257 closed transactions. Sales increased 12.7% from August, and are now up 17.7% 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 September declined 48.5% year-over-year from 749 to 386 listings. Months of supply declined from 3.9 to 1.5, reflecting a market where sellers generally have elevated bargaining power.

Pricing: The area’s median sales price in September was $179,000, an increase of 2.6% from one year ago and an increase of 2.4% 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 55 days on the market (DOM), 33 days faster than September 2019.

Forecast: September sales were 54 units, or 26.6%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 203 sales for the month, while actual sales were 257 units. ACRE forecast a total of 1,796 residential sales in the area year-to-date, while there were 1,859 actual sales through September, a difference of 3.5%.

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  September 1 – 30, 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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