Gadsden-area days on market hits record low in May

Sales: According to the Etowah-Cherokee Association of Realtors, May residential sales in the Gadsden area increased 16.8% year-over-year from 83 to 97 closed transactions. Breaking seasonal trends, sales increased 14.1% from April. Sales are now up 11.3% 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 seasonal trends, total homes listed for sale in May decreased 55.5% year-over-year from 263 to 117 listings. Months of supply dropped from 3.2 to 1.2, a record low and reflecting a market where sellers generally have elevated bargaining power.

Pricing: The area’s median sales price in May was $180,000, an increase of 29.6% from one year ago and an increase of 25.4% from April. 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 May averaged 42 days on market, a record low and 58 days faster than May 2020.

Forecast: May sales were 11 units, or 10.3%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 108 sales for the month, while actual sales were 97 units. ACRE forecast a total of 482 sales in the area year-to-date, while there were 432 actual sales through May, a difference of 10.4%.

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

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