According to the Shoals Area Association of Realtors, September residential sales decreased 15.5% year-over-year from 194 to 164 closed transactions. Sales decreased 22.6% from August. Sales are down 12.2% 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: September listings (370) increased 3.6% from August and decreased 4.6% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.3 months, up from 1.7 months in August and up from 2.0 months in September 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 September was $226,300, an increase of 10.5% from one year ago and an increase of 3.7% from August. 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 September averaged 25 days on the market (DOM), 0 days slower than September 2022.
Forecast: September sales were 10 units, or 5.8%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 174 sales for the month, while actual sales were 164 units. ACRE forecasted a total of 1,648 sales in the area year-to-date, while there were 1,463 actual sales through September, a difference of 11.2%.
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.
