Sales: According to the Northeast Alabama Association of Realtors, April residential sales in the Gadsden area increased 15.1% year-over-year from 73 to 84 closed transactions. Following seasonal trends, sales decreased 4.5% from March. Sales are now down 13.6% 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: April listings (202) increased 8.0% from March and increased 45.3% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.4 months, up from 2.1 months in March and up from 1.9 months in April 2022. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The area’s median sales price in April was $165,000, a decrease of 11.3% from one year ago and a decrease of 14.1% from March. 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 April averaged 46 days on market, 24 days slower than April 2022.
Forecast: April sales were 2 units, or 2.9%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 82 sales for the month, while actual sales were 84 units. ACRE forecast a total of 292 sales in the area year-to-date, while there were 299 actual sales through April, a difference of 2.5%.
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.
