Sales: According to the Shoals Area Association of Realtors, February residential sales decreased 2.0% year-over-year from 151 to 148 closed transactions. Sales decreased 38.3% from January. Sales are down 12.7% 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: February listings (438) increased 21.1% from January and increased 89.6% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.0 months, down from 3.3 months in January and up from 1.5 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 $210,000, an increase of 12.9% from one year ago and an increase of 2.3% 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 26 days on the market (DOM), 4 days faster than February 2022.
Forecast: February sales were 5 units, or 3.2%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 153 sales for the month, while actual sales were 148 units. ACRE forecast a total of 277 sales in the area year-to-date, while there were 255 actual sales through February, a difference of 8.0%.
Click here to view the entire monthly report.
The Shoals Area Residential Monthly Report is developed in conjunction with the Shoals Area Association of Realtors to better serve area consumers.
