Sales: According to the Shoals Area Association of Realtors, July residential sales decreased 9.8% year-over-year from 234 to 211 closed transactions. Following seasonal trends, sales decreased 6.2% from June. Sales are down 8.8% 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: July listings (364) decreased 1.4% from June and increased 9.3% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.7 months, up from 1.6 months in June and up from 1.4 in 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 $205,000, an increase of 19.9% from one year ago and a decrease of 6.4% 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 20 days on the market (DOM), 27 days faster than July 2021.
Forecast: July sales were 18 units, or 8.0%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 229 sales for the month, while actual sales were 211 units. ACRE forecast a total of 1,472 sales in the area year-to-date, while there were 1,425 actual sales through July, a difference of 3.2%.