Sales: According to the Northeast Alabama Association of Realtors, August residential sales in the Gadsden area increased 11.7% year-over-year from 103 to 115 closed transactions. Following seasonal trends, sales increased 12.8% from July. Sales are now up 2.5% 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: August listings (220) increased 1.4% from July and increased 18.3% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.9 months, down from 2.1 months in July and up from 1.9 months in August 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 August was $184,900, an increase of 5.7% from one year ago and an increase of 3.9% from July. 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 August averaged 29 days on market, 4 days slower than August 2021.
Forecast: August sales were 2 units, or 1.4%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 117 sales for the month, while actual sales were 115 units. ACRE forecast a total of 823 sales in the area year-to-date, while there were 774 actual sales through August, a difference of 5.9%.
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.