December home sales in the Gadsden area up from one year ago

Sales: According to the Etowah-Cherokee Association of Realtors, December residential sales in the Gadsden area increased 20.5% year-over-year from 78 to 94 closed transactions. Sales increased 8.1% from November, and are up 14.1% 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 December decreased 50.8% year-over-year from 356 to 175 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 December was $170,950, an increase of 44% from one year ago and an increase of 6.9% from November. 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 December averaged 64 days on market, 26 days faster than December 2019.

Forecast: December sales were 29 units, or 44.6%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 65 sales for the month, while actual sales were 94 units. ACRE forecast a total of 954 residential sales in the area year-to-date, while there were 1,074 actual sales through December, a difference of 12.6%.

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 December 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.