Shoals-area home sales down 21% year-over-year in May

Sales: According to the Shoals Area Association of Realtors, May residential sales decreased 21.4% year-over-year from 234 to 184 closed transactions. Sales increased 26.9% from April. Sales are down 25.5% 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: May listings (317) increased 2.9% from April and increased 5.0% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.7 months, down from 2.1 months in April and up from 1.3 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 $207,500, a decrease of 2.1% from one year ago and a decrease of 3.5% 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 38 days on the market (DOM), 17 days slower than May 2022. 

Forecast: May sales were 23 units, or 10.9%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 207 sales for the month, while actual sales were 184 units. ACRE forecast a total of 862 sales in the area year-to-date, while there were 737 actual sales through May, a difference of 14.5%.   

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.