According to the Shoals Area Association of Realtors, November residential sales increased 44.5% year-over-year from 119 to 172 closed transactions. Sales increased 3.0% from October. Two more resources to review: Quarterly Report and Annual Report.
For all of the Shoals Area’s housing data, click here.
Inventory: November listings (713) increased 3.2% from October and increased 67.0% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.1 months, which is constant at 4.1 months in October and up from 3.6 months in November 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 November was $252,250, an increase of 14.7% from one year ago and an increase of 3.4% from October. 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 November averaged 46 days on the market (DOM), 20 days slower than November 2023.
Forecast: November sales were 40 units, or 30.5%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 132 sales for the month, while actual sales were also 172 units. ACRE forecasted a total of 1,741 home sales year-to-date, while there were 1,761 actual sales through November, 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.
