According to the Shoals Area Association of Realtors, February residential sales decreased 14.2% year-over-year from 148 to 127 closed transactions. Sales increased 53.0% from January. Two more resources to review: Quarterly Report and Annual Report.
For all of the Shoals Area’s housing data, click here.
Inventory: February listings (436) increased 12.4% from January and decreased 0.5% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.4 months, down from 4.7 months in January and up from 3.0 months in February 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 February was $200,000, a decrease of 4.8% from one year ago and a decrease of 13.0% from January. 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 February averaged 46 days on the market (DOM), 20 days slower than February 2023.
Forecast: February sales were 35 units, or 21.6%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 162 sales for the month, while actual sales were 127 units. ACRE forecasted a total of 263 home sales year-to-date, while there were 210 actual sales through February, a difference of 20.2%.
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.
