Sales: According to the Northeast Alabama Association of Realtors, February residential sales in the Gadsden area decreased 25.0% year-over-year from 84 to 63 closed transactions. Following seasonal trends, sales decreased 1.6% from January. Sales are now down 25.7% 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: February listings (195) decreased 8.9% from January and increased 95.0% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.1 months, down from 3.3 months in January and up from 1.2 months in February 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 February was $165,000, a decrease of 11.3% from one year ago and a decrease of 14.1% from January. 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 February averaged 49 days on market, 10 days slower than February 2022.
Forecast: February sales were 8 units, or 11.1%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 71 sales for the month, while actual sales were 63 units. ACRE forecast a total of 71 sales in the area year-to-date, while there were 63 actual sales through February, a difference of 1.5%.
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.
