Sales: According to the Northeast Alabama Association of Realtors, October residential sales in the Gadsden area decreased 20.6% year-over-year from 102 to 81 closed transactions. Following seasonal trends, sales decreased 8.0% from September. Sales are now down 2.0% 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: October listings (260) increased 14.0% from September and increased 51.2% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.2 months, up from 2.6 months in September and up from 1.7 months in October 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 October was $215,000, an increase of 23.4% from one year ago and an increase of 21.2% from September. 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 October averaged 40 days on market, 7 days slower than October 2021.
Forecast: October sales were 22 units, or 21.7%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 103 sales for the month, while actual sales were 81 units. ACRE forecast a total of 1,036 sales in the area year-to-date, while there were 943 actual sales through October, a difference of 9.0%.
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.
