Shoals-area home sales up 0.5% year-over-year in May

According to the Shoals Area Association of Realtors, May residential sales increased 0.5% year-over-year from 184 to 185 closed transactions. Sales increased 23.3% from April. Two more resources to review: Quarterly Report and Annual Report.   

For all of the Shoals Area’s housing data, click here. 

Inventory: May listings (524) increased 9.4% from April and increased 65.3% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.8 months, down from 3.2 months in April and up from 1.7 months in May 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 May was $235,000, an increase of 13.3% from one year ago and a decrease of 1.7% 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 40 days on the market (DOM), 2 days slower than May 2023.  

Forecast: May sales were 17 units, or 10.4%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 168 sales for the month, while actual sales were 185 units. ACRE forecasted a total of 747 home sales year-to-date, while there were 709 actual sales through May, a difference of 5.1%.       

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.