Sales: According to the Northeast Alabama Association of Realtors, March residential sales in the Gadsden area decreased 13.7% year-over-year from 102 to 88 closed transactions. Following seasonal trends, sales increased 39.7% from February. Sales are now down 21.3% 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: March listings (187) decreased 4.1% from February and increased 64.0% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.1 months, down from 3.1 months in February and up from 1.1 months in March 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 March was $190,500, an increase of 3.0% from one year ago and an increase of 15.5% from February. 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 March averaged 55 days on market, 21 days slower than March 2022.
Forecast: March sales were 3 units, or 3.4%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 85 sales for the month, while actual sales were 88 units. ACRE forecast a total of 210 sales in the area year-to-date, while there were 215 actual sales through March, a difference of 2.3%.
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.
