According to the Shoals Area Association of Realtors, July residential sales decreased 0.6% year-over-year from 168 to 167 closed transactions. Sales decreased 6.7% from June. Two more resources to review: Quarterly Report and Annual Report.
For all of the Shoals Area’s housing data, click here.
Inventory: July listings (590) increased 5.0% from June and increased 69.5% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.5 months, up from 3.1 months in June and up from 2.1 months in July 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 July was $245,000, an increase of 4.3% from one year ago and a decrease of 2.0% from June. 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 July averaged 36 days on the market (DOM), 9 days slower than July 2023.
Forecast: July sales were 21 units below, or 11.2% below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 188 sales for the month, while actual sales were also 167 units. ACRE forecasted a total of 1,114 home sales year-to-date, while there were 1,055 actual sales through July, a difference of 5.3%.
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.
