Gadsden-area home sales increase year-over-year in March

Sales: According to the Etowah-Cherokee Association of Realtors, March residential sales in the Gadsden area increased 23.7% year-over-year from 93 to 115 closed transactions. Following seasonal trends, sales increased 66.7% from February. Sales are now up 8.2% 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 March decreased 55% year-over-year from 309 to 139 listings. Months of supply dropped from 3.2 to 1.2, reflecting a market where sellers generally have elevated bargaining power.

Pricing: The area’s median sales price in March was $160,000, an increase of 16% from one year ago and an increase of 6.7% from February. 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 March averaged 52 days on market, 23 days faster than March 2020.

Forecast: March sales were 13 units, or 12.5%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 102 sales for the month, while actual sales were 115 units. ACRE forecast a total of 266 sales in the area year-to-date, while there were 250 actual sales through March, a difference of 6.1%.

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 March 1 – 31, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.

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