Shoals-area median home sales price hits record high in March

Sales: According to the Shoals Area Association of Realtors, March residential sales decreased 39.8% year-over-year from 254 to 153 closed transactions. Sales increased 3.4% from February. Sales are down 25.3% 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: March listings (307) decreased 29.9% from February and increased 41.5% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.0 months, down from 3.0 months in February and up from 0.9 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 $225,000, a record high and an increase of 18.1% from one year ago and an increase of 7.1% 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 39 days on the market (DOM), 12 days faster than March 2022. 

Forecast: March sales were 35 units, or 18.7%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 188 sales for the month, while actual sales were 153 units. ACRE forecast a total of 465 sales in the area year-to-date, while there were 408 actual sales through March, a difference of 12.3%.   

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.