According to the Shoals Area Association of Realtors, January residential sales decreased 22.4% year-over-year from 107 to 83 closed transactions. Sales decreased 27.2% from December. Two more resources to review: Quarterly Report and Annual Report.
For all of the Shoals Area’s housing data, click here.
Inventory: January listings (388) decreased 6.1% from December and increased 9.9% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.7 months, up from 3.6 months in December and up from 3.3 months in January 2023. 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 January was $230,000, an increase of 12.1% from one year ago and an increase of 10.8% from December. 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 January averaged 43 days on the market (DOM), 1 day faster than January 2023.
Forecast: January sales were 18 units, or 17.8%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 101 sales for the month, while actual sales were 83 units.
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.
