According to the Shoals Area Association of Realtors, October residential sales increased 8.2% year-over-year from 147 to 159 closed transactions. Sales decreased 3.1% from September. Sales are down 18.4% 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: October listings (413) increased 11.6% from September and decreased 5.7% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.6 months, up from 2.3 months in September and down from 3.0 months in October 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 October was $199,000, a decrease of 5.24% from one year ago and a decrease of 12.1% from September. 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 October averaged 33 days on the market (DOM), 7 days slower than October 2022.
Forecast: October sales were 17 units, or 13.9%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 124 sales for the month, while actual sales were 107 units. ACRE forecasted a total of 1,780 sales in the area year-to-date, while there were 1,622 actual sales through October, a difference of 8.9%.
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.
