Sales: According to the Northeast Alabama Association of Realtors, July residential sales in the Gadsden area increased 17.2% year-over-year from 87 to 102 closed transactions. Going against seasonal trends, sales remain unchanged from June. Sales are now down 1.1% 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: July listings (217) increased 16.0% from June and increased 18.6% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.1 months, up from 1.8 months in June and equal to July 2021. The equilibrium point where buyers and sellers have roughly equal bargaining power is 4-5 months of supply.
Pricing: The area’s median sales price in July was $178,000, an increase of 7.9% from one year ago and a decrease of 9.9% from June. 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 July averaged 23 days on market, 34 days faster than July 2021.
Forecast: July sales were 4 units, or 3.5%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 106 sales for the month, while actual sales were 102 units. ACRE forecast a total of 706 sales in the area year-to-date, while there were 659 actual sales through July, a difference of 6.7%.
Click here to view the entire monthly report.
The Gadsden Residential Monthly Report is developed in conjunction with the Northeast Alabama Association of Realtors to better serve area consumers.