According to the Shoals Area Association of Realtors, October residential sales increased 5.0% year-over-year from 159 to 167 closed transactions. Sales decreased 3.5% from September. Two more resources to review: Quarterly Report and Annual Report.
For all of the Shoals Area’s housing data, click here.
Inventory: October listings (691) increased 0.9% from September and increased 67.3% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.1 months, up from 4.0 months in September and up from 2.6 months in October 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 October was $244,000, an increase of 22.6% from one year ago and a decrease of 1.1% 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 34 days on the market (DOM), 1 day slower than October 2023.
Forecast: October sales were 27 units, or 19.0%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 140 sales for the month, while actual sales were also 167 units. ACRE forecasted a total of 1,609 home sales year-to-date, while there were 1,589 actual sales through October, a difference of 1.2%.
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.
