Sales: According to the Shoals Area Association of Realtors, November residential sales increased 10.3% year-over-year from 184 to 203 closed transactions. Sales decreased 18.2% from October, 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 November declined 56% year-over-year from 756 to 333 listings. Months of supply declined from 4.1 to 1.6, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The area’s median sales price in November was $170,000, an increase of 22.4% from one year ago and a decrease of 2.6% from October. 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 November averaged 43 days on the market (DOM), 21 days faster than November 2019.
Forecast: November sales were 31 units, or 18%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 172 sales for the month, while actual sales were 203 units. ACRE forecast a total of 2,163 residential sales in the area year-to-date, while there were 2,310 actual sales through November, a difference of 6.8%.
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 November 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.