Sales: According to the Northeast Alabama Association of Realtors, May residential sales in the Gadsden area decreased 11.9% year-over-year from 109 to 96 closed transactions. Following seasonal trends, sales decreased 14.3% from April. Sales are now down 13.2% 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: May listings (186) decreased 7.9% from April and increased 10.1% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.9 months, down from 2.4 months in April and up from 1.6 months in May 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 May was $193,250, a decrease of 11.9% from one year ago and an increase of 14.3% from April. 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 May averaged 41 days on market, 10 days slower than May 2022.
Forecast: May sales were 8 units, or 9.4%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 96 sales for the month, while actual sales were 88 units. ACRE forecast a total of 380 sales in the area year-to-date, while there were 395 actual sales through May, a difference of 4.1%.
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.
