Sales: According to the Northeast Alabama Association of Realtors, January residential sales in the Gadsden area decreased 26.4% year-over-year from 87 to 64 closed transactions. Following seasonal trends, sales decreased 20.0% from December. Sales are now down 26.4% 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: January listings (214) increased 10.9% from December and increased 91.1% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.3 months, up from 2.4 months in December and up from 1.3 months in January 2022. 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 January was $192,000, an increase of 32.4% from one year ago and an increase of 9.0% from December. 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 January averaged 58 days on market, 22 days slower than January 2022.
Forecast: January sales were 10 units, or 18.0%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 54 sales for the month, while actual sales were 64 units. ACRE forecast a total of 54 sales in the area year-to-date, while there were 64 actual sales through January, a difference of 18.0%.
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.
