Shoals-area home sales continue to increase in May

Sales: According to the Shoals Area Association of Realtors, May residential sales increased 12.63% year-over-year from 197 to 222 closed transactions. Following seasonal trends, sales decreased 18.7% from April. Sales are now up 22.8% 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 May declined 52.1% year-over-year from 505 to 242 listings. Months of supply declined from 2.6 to 1.1, reflecting a market where sellers generally have elevated bargaining power.

Pricing: The area’s median sales price in May was $167,450, an increase of 8.1% from one year ago and a decrease of 9% 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 38 days on the market (DOM), 38 days faster than May 2020.

Forecast: May sales were 32 units, or 12.5%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 254 sales for the month, while actual sales were 222 units. ACRE forecast a total of 1090 sales in the area year-to-date, while there were 1052 actual sales through May, a difference of 3.47%.

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  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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