Sales: According to the Etowah-Cherokee Association of Realtors, October residential sales in the Gadsden area increased 49.3% year-over-year from 71 to 106 closed transactions. Sales decreased 2.8% from September, and are up 12.2% 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 October decreased 46.7% year-over-year from 403 to 215 listings. Months of supply dropped from 5.7 to 2.0, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The area’s median sales price in October was $152,500, an increase of 7.8% from one year ago and a decrease of 12.8% from September. 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 October averaged 67 days on market, 24 days faster than October 2019.
Forecast: October sales were 29 units, or 37.7%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 77 sales for the month, while actual sales were 106 units. ACRE forecast a total of 825 residential sales in the area year-to-date, while there were 893 actual sales through October, a difference of 8.2%.
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 October 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.